Remember how positive I was about our experience with renting to a friend? Well, the old proverb proved to be true after all.
Our tenant friend told us last week that he will need to move out before his lease is up. He’s in nursing school and would like to devote more time to study and less time to work. We shouldn’t worry; he will do us a favor by staying until January 1st.
Grrrr. Thanks—but no thanks.
So, let me recap for you. We have one vacant unit that is rent ready November 1 (later than expected), and now an impending vacancy after a 3-month occupancy. If I don’t get these units occupied ASAP, I could be footing the mortgage with $0 cash flow for a couple of months. No. no. no….
It makes me anxious.
So, I told our tenant friend that we would start marketing the property immediately. He seems flexible enough to move mid-month if I find a tenant with the desire to, but he would need a couple of weeks’ notice to move his things.
Oh, and we have to prep the apartment of course. Remember those custom colors he requested for his living room? What a mistake!
Needless to say, we won’t be renting to friends again. I’ve found that I can’t be blunt or forthright about how this is not acceptable. I’m so friendly that I will most likely refund him part of his security deposit, which of course would be out of the question for the average tenant.
Where is that silver lining you ask?
It could have been a lot worse. He did give us ample notice, and he has taken care of the place. I don’t think I would say that it worked out to our benefit though. Even though we were able to gain cash flow earlier than we would have, we reorganized our work schedule to get that unit rent-ready first. That was probably a mistake—along with buying custom paint.
Commence face palm:
- Know where your palms are.
- Take your palm and move them towards your face. (Speed of contact varies from situation)
- Take 10 seconds to breathe and recuperate your thoughts.
- Slowly slide your palms down your face.
- Give evil glare.
Totally agree with this one. I had a relative ask to rent one of our high end homes as they were going through foreclosure. I did not do it.
No kidding.
I had an aunt who lost her home to foreclosure last year, a home that has been in our family for 30 years. It took every ounce of discipline for me to resist buying it. 1, because I know they wouldn’t want to move and 2, because I was leery of emotional purchases…
If I got burned by renting to a friend, I would allow myself to be burned alive by family. I just know it.
Thanks for commenting, Alex!
Rule #2, NEVER BREAK RULE #1.
Rule #3?
Tell me now so I can run out, break it, then complain. 😛
Rule#2 never deviate from your paint colors. Trust me. ALL tenants watch HGTV and they all want to paint. Let them hang pictures instead.
They don’t all have good taste, or the ability to do a good job, or even finish. You will spend time energy and money re painting, hiring painters, matching colors, storing paint. We have spent lots of money learning this rule. Plus your walls will have 30 coats of paint over the years.
Pick a neutral wall color in eggshell /satin and regular white semi gloss. Buy these colors in 5 gallon buckets, which are cheaper.
This will make apartment turn over SO much easier. 😉
Great suggestion!
The tenant that we allowed to paint actually spilled a bright green all over the place… lesson learned the hard way. Luckily, I took Kevin’s advice on paint color, sheen and supplier.
I seriously underestimated the time it took to paint (and overestimated my ability to operate a paint gun). We look forward to only having to touch-up or do a once-over during the next vacancy.
I think I have carpal tunnel as a result of this past week. Fun Fun 🙂
Don’t mention spray gun to Terron! Ever! 🙂
Well, now I’m just curious.
After an hour of trying to get the thing to work, I gave up and spent another 45 playing clean-up. I’m not sure if I should try again after having a personal 1-on-1 tutorial or if I should give it up forever and start doing wrist work outs.
I can’t decide which I hate more, painting or paint guns.
Please, tell me which to hate more. lol