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My life experience is that when people are given a break, they do not respond by being grateful. Instead they see their benefactor as someone who is easy to take advantage of and they set out to take advantage as much as possible.
I rented to family with multiple evictions because..... I plead temporary insanity. The only saving grace was that there is a roommate on the lease with good credit. Instead of being grateful that I saved her butt from the streets (again x2), she badmouths the house and wants everything new and perfect. I told her the house is in good shape (I lived there 15 years) and the mechanicals are brand new. I refuse to put more into the house unless required by the lease or if I want to for sale purposes.
People who have taken advantage or feel they are entitled will never be grateful, they will continue to suck the life out of you.
Yep, almost 30 years of being a LL and have never leased a place to someone without security deposit, below market also! I have leased to people with bad credit, with pets, and to one felon in the past. And that felon was my worst tenant. But, I haven't had to evict anyone and have always collected rent. No one has ever trashed one of my places. But I do inspect regularly.
Still, I would not advise any landlord to do what I have done. Wish me well and let's hope when this ends my faith in mankind will not weaken as a result of this experience. I sure would love to hear some stories where this turned out ok. My DH finds this somewhat amusing; since its a condo the exterior is maintained by the HOA. And since, over the past 5 years I have been over this gal's various apartments several times, I know she keeps her home clean.
No one here has had a similar experience that turned out well?
Yep, almost 30 years of being a LL and have never leased a place to someone without security deposit, below market also! I have leased to people with bad credit, with pets, and to one felon in the past. And that felon was my worst tenant. But, I haven't had to evict anyone and have always collected rent. No one has ever trashed one of my places. But I do inspect regularly.
Still, I would not advise any landlord to do what I have done. Wish me well and let's hope when this ends my faith in mankind will not weaken as a result of this experience. I sure would love to hear some stories where this turned out ok. My DH finds this somewhat amusing; since its a condo the exterior is maintained by the HOA. And since, over the past 5 years I have been over this gal's various apartments several times, I know she keeps her home clean.
No one here has had a similar experience that turned out well?
Im really hoping you will prove us all wrong! maybe this lady will see what a gift you're giving her and will take care of your place and actually pay the rent.
Well . . . I was on the other side. I was a young college student and hit a patch of really bad luck, the least of which was my landlord getting jailed and the rental getting condemned (long story!) I had about $25 to my name that had to last six weeks.
An older landlord in my church who had lost his wife took a chance on me and my two roommates (who ended up having to go home when their financial aid didn't go through). The LL said I reminded him of his wife (!) . . . I was to clean out the inside, outside, fix walls, and paint. It had been trashed from 6 or so drunken male students. Ick. Even today I cringe.
But I did as agreed. And more. That house was sparkling and market-ready at the end of the semester. He gave me a bonus and served as a reference for the next two years. (:
I had some pretty solid references but he still took quite a chance. Maybe your gal will appreciate it and work just as hard.
I'll hope for the best for you. I just got hosed by some people I helped out of a jam and and it hurt. $3000+ of damage done to the house. Brought in their 2 cats and then pulled in a stray (which they had fixed and all the shots), but they couldn't pay rent because of blah, blah, blah.
I guess I must be getting soft; and maybe its time to get out of the landlord biz. I have leased a condo I own to someone in a desperate situation and a rent amount $400/mo below what I could get for the place and asked for no security deposit. It is someone I have known for 5+ years.... a single Mom with 2 geriatric dogs with bad credit and a felony from 6 years ago. I have seen her struggle for a really long time now, and I had the place available and wanted to just give her a chance to breathe and finish her last year of college. In return, she is supposed to be making the place cleaned and polished so I can sell it next Spring... Her rent simply covers my HOA fees, taxes and insurance. I approached her and made the offer to lease the place until next Spring when she is finished with her college.
Has any other Landlord done this and it turned out OK? All I read are the horror stories.
I've done something similar with a friend. I simply no longer do business, ANY business with friends or family. No cheap rent no loans. If I give something to a family member its a gift. I expect no compensation or money exchanged.
You're human. We all want to believe the good in everyone. Hopefully this lady is a good one.
OP if this doesn't turn out well, you still have the gratification of having done something good and given someone a second chance. If life has put you in a position to choose charity over business, kudos to you.
I loaned $2000 to a friend in a bind a few years ago thinking I probably wouldn't get paid back but knowing that receiving the $2000 was far more critical to his life at the time than losing it was to mine. Whadda ya know. Three years later I get a Western Union wire from the other side of the world for the $2000 plus interest. Faith in humanity restored.
If you are asking you already no it is a bad idea stop trying to justify it some how. I never understand people that no its a bad idea but will do what ever they can to talk themselves into it.
I guess I must be getting soft; and maybe its time to get out of the landlord biz. I have leased a condo I own to someone in a desperate situation and a rent amount $400/mo below what I could get for the place and asked for no security deposit. It is someone I have known for 5+ years.... a single Mom with 2 geriatric dogs with bad credit and a felony from 6 years ago. I have seen her struggle for a really long time now, and I had the place available and wanted to just give her a chance to breathe and finish her last year of college. In return, she is supposed to be making the place cleaned and polished so I can sell it next Spring... Her rent simply covers my HOA fees, taxes and insurance. I approached her and made the offer to lease the place until next Spring when she is finished with her college.
Has any other Landlord done this and it turned out OK? All I read are the horror stories.
maybe you have the one in a million that is a good one
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I have leased a condo I own to someone in a desperate situation and a rent amount $400/mo below what I could get for the place and asked for no security deposit. It is someone I have known for 5+ years.... a single Mom with 2 geriatric dogs with bad credit and a felony from 6 years ago. I have seen her struggle for a really long time now, and I had the place available and wanted to just give her a chance to breathe and finish her last year of college. In return, she is supposed to be making the place cleaned and polished so I can sell it next Spring... Her rent simply covers my HOA fees, taxes and insurance. I approached her and made the offer to lease the place until next Spring when she is finished with her college.
