In all of my years managing my own rental assets I had always avoided friends and family because of all the "bad" stories I had heard.? Once I reached a financial position where if a tenant did not pay the rent for "x" amount of time I could afford to evict them and find somebody else...my fears evaporated.
Not sure where you are financially, but be prepared for the following "common" experiences in regards to renting to loved ones--granted some family/friends would never do this, but expect it in the back of your mind:
1. They get REALLY comfortable and bend some?rules in the contract.? IE parties, etc.
2. They get even MORE comfortable and decide to not pay you the rent for a month, or two, until they "get back on their feet."? Or they will pay you constantly late?and never include a late fee because they don't think it applies to them since you guys are good buddies/related? (This happened to me this year with one tenant that didn't pay 2 months of rent, a friend+family?I have known for over 20 years!).
3. They don't want to "bother you" with problems on the property, and will let them ride out for years...until the problem is too bad to ignore, and it then ends up costing YOU tons more money to repair.? Logic in this?? You guys are pals, and they don't want to hassle your life.
In either of the 3 points prepare for sob stories that will break your heart, and tug at your emotions.
Best wishes from So-Cal and good luck
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