Dave Ramsey says: Tips on renting to people members

Dear Dave: I have cousins who are thinking about moving back to Connecticut from Virginia. They’ll be renting for a while, and I have an unoccupied rental house. Do you think renting to people is a bad idea?

— Katherine

Dear Katherine: Renting to people can work out merely fine, as long as there are clearly understood rules and boundaries in place in front of time. Both parties should grasp there should be a landlord and tenant relationship with regards to all aspects of the rental agreement.

Tenants have the right to expect a landlord to make needed repairs promptly, pay the taxes and insurance on a property on time, and do all the other stuff a landlord should do as outlined in the rental agreement. As a landlord, you have the right to expect the rent to be paid fresh or on time and for the tenant to respect the property and guidelines in the rental agreement. A landlord further has the right to evict a tenant over fair, legal process if they violate the terms of the agreement.

When it comes to these company dealings, you’re dressed in the landlord cap, and they’re dressed in the renter’s cap. At Thanksgiving, Christmas and other people events, the caps come off and you’re family. But you don’t get to play the cousin card as a way to keep from paying rent, and you don’t get to play that game to avoid your duties as a landlord.

Phrases like, “Well, I merely thought because you’re my cousin” have no place in these situations. Make plans to have a full-blown, in-depth conversation about every aspect of the rental agreement and relationship ahead of anything is signed. If you don’t, there’s a chance someone will develop a sense of entitlement about something.

And that’s no fantastic in any type of relationship!

— Dave

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