Are you thinking of renting your home and your not sure how to go about it? So what do you do? You talk with friends and family and the perfect thing happens.... wait for it wait for it... someone you know wants to rent your house!! Perfect.......or not so much...
Before deciding whether or not to rent to friends or family, please ask yourself a couple of questions.
What happens if they don't pay the rent? Going to a friend and asking them for money that they owe you will forever change your relationship, from a friendship to a debtor and payee relationship.
Are you really okay with evicting your BFF's? The definition of the term "eviction" is " the removal of a tenant from rental property by the landlord". Believe me this process is not a glorious process instead, it is a very hard process and to make it that much more complicated imagine evicting the people you care about!
In a wonderful perfect world your family and friends would never be late on rent, never damage the property, or never ever allow their precious dog "Fido" to "mark" his territory all over your beautiful white carpet.... but what if it isn't a perfect situation??? Are you ready to not only charge for rent, but also charge late and property damage fees?