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Old 01-02-2011, 02:37 PM
 
20 posts, read 81,286 times
Reputation: 26

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Room to let: A win-win or disaster waiting to happen?

Hubby just rec'd layoff notice after 17 yrs w/co.
Everything's up in the air, but need to make decision.

Have VERY nice 4/2/2 pool home in very desired Palm Harbor neighborhood.
Spare back bedroom has private entrance.

Now, acquaintance (my age) says her 17yo son looking for 1x place to stay for few months/yr. Quiet shy kid who works nights at Walmart, w/in walking distance to our home.

Do I pull trigger & rent to him?
If so, how much for 1 bedroom 1 bath, kitchen & pool privileges?
Lease needed - what to put in?
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Old 01-02-2011, 02:47 PM
 
17,802 posts, read 22,472,967 times
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Sorry about the layoff notice. I would think $450-500 would be fair.

Just a suggestion, you might want to look at renting to an older person who has a full time job.

Can you even rent legally to a minor? Think about how some kids act when the first time they're away from mom and dad when they go away to college. Unless you knew the kid really well and the parents(and you said she was an acquaintance) I wouldn't do it.

Why not post on Craig's list and also look to see what others are asking for rent in the area?
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Old 01-02-2011, 02:54 PM
 
18,511 posts, read 12,130,981 times
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$450 or more is steep. I would say $300 to 350. Just watch out who you rent to.
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Old 01-02-2011, 03:31 PM
 
Location: Tampa
1,236 posts, read 4,251,705 times
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When my husband was laid off, we looked for ways to make some money to ease our financial burden. We meet someone who suggested posting on craigslist. She said to check to see what others are charging for our area and for similar offers such as a pool. We too have a pool, they would share the bathroom with my kids, but they would have their own room. Is it furnished, unfurnished, etc. We also live in a desirable neighbhor in New Tampa. The woman we met thought that we could ask $500. Having pets might have been an issue for us since some people are allergic. We decided it wasn't worth the risk to expose our kids to potential harm. Hope this helps.
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Old 01-03-2011, 07:47 AM
 
20 posts, read 81,286 times
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Thanks for the advise and the sympathy on the lay-off. His job isn't being eliminated, he's just being replaced with someone younger after 17 yrs (true but that's another topic)

Good advise on the price, thought $425 was fair given it's a pretty sweet deal.

Room is nice sz w/private full bath & private entrance. Again he could use pool & the kitchen but mom says he eats out alot. I will NOT cook for him. Just furnished it with complete IKEA set but would probably rent unfurnished since he has own furniture. His only request is internet since he plays video games. He has no car so parking not an issue.

Hesitant to Craigslist. I'm home all day & use a wheelchair. I do know this kid's mom (mgr of local grocery store) and she's pretty no-nonsense. Thought I could do month to month & send back if didn't work out.

So here's my plan & questions:
Set up interview with him & mom at home, see if it's a "fit"
If so, go over our rules. No smoking, pets, stay-overs.
For other rules i.e cleaning, cooking & noise, anyone know of a sample lease agreement I could follow?

Thanks, D

Last edited by sillygal2me; 01-03-2011 at 07:48 AM.. Reason: typo
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Old 01-03-2011, 09:00 AM
 
463 posts, read 958,854 times
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I would recommend to have lease drawn up, to explicitly state what tenant can and can't do. Also since he's minor you would have to have his parent to co-sign the agreement. I would look to the Florida's landlords/renter's rules or government regulatory agency to make sure the contract is compatible with laws and is valid.
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Old 01-03-2011, 11:46 AM
 
17,802 posts, read 22,472,967 times
Reputation: 36140
Quote:
Originally Posted by sillygal2me View Post
Thanks for the advise and the sympathy on the lay-off. His job isn't being eliminated, he's just being replaced with someone younger after 17 yrs (true but that's another topic)

Good advise on the price, thought $425 was fair given it's a pretty sweet deal.

Room is nice sz w/private full bath & private entrance. Again he could use pool & the kitchen but mom says he eats out alot. I will NOT cook for him. Just furnished it with complete IKEA set but would probably rent unfurnished since he has own furniture. His only request is internet since he plays video games. He has no car so parking not an issue.

Hesitant to Craigslist. I'm home all day & use a wheelchair. I do know this kid's mom (mgr of local grocery store) and she's pretty no-nonsense. Thought I could do month to month & send back if didn't work out.

So here's my plan & questions:
Set up interview with him & mom at home, see if it's a "fit"
If so, go over our rules. No smoking, pets, stay-overs.
For other rules i.e cleaning, cooking & noise, anyone know of a sample lease agreement I could follow?

Thanks, D

I would be concerned that a 17yr old who works at Walmart and doesn't have a car isn't going to have a handle on what things cost.

Eating out(even fast food) isn't cheap, he can't be making more than minimum wage at Walmart. I would be concerned he may be shocked to see how much of his income is going to rent and eating. And if he even has enough income.

It sounds exciting to a 17yr old to live on their own, but then reality sets in.

If he decides eating out is too much and needs to go to Publix will your husband be willing to drive him? It doesn't sound like you want to end up being his parents(and I don't blame you).

I know you said your hesitant to use Craig's List but if you interview people and get references you would feel more comfortable.

IMO, I would rather have someone at least 25yrs old with a job and a car.

I would also go with a month to month rental agreement.
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