Question for almostfreeof3 / anyone else

iVillage Member
Registered: 03-27-2003
Question for almostfreeof3 / anyone else
5
Fri, 04-30-2004 - 12:45am
We own several properties and one of them became vacant in January. It is a 3 br/2 ba single family house and we decided to do some upgrading to it. It is now ready to rent.

Our 17 y/o ds will be going to college locally and would like to rent it along with 2 of his friends. They say they will pay the requested rent as well as utilities and maintain the property. We currently have a service that mows and plows it.

My question (especially to almostfree since you rent a condo to your child) is how has/does such an arrangement work out for you? Do you charge your child rent, what about the roomates? How do you collect it if your child is the one who doesn't have it?

Honestly, I'm thinking of just renting it out to one of the many prospective tenants that have expressed interest in it but our son REALLY wants to rent it.

Any thoughts, anyone?

iVillage Member
Registered: 03-25-2003
Fri, 04-30-2004 - 9:41am

I would do it.

iVillage Member
Registered: 03-26-2003
Fri, 04-30-2004 - 7:52pm
The condos our children live in are also theirs. they are the primary owners, and our names are on the mtgs behind theirs, so that is quite an incentive to care for them. the way we work them paying "rent" is, we rent the two extra rooms for a said amount, and our kids pay the difference. now, i hate to even admit this, and i hate my dh is such a softy, but when the kids dont have it, he usually pays, HOWEVER, i dont think it has been very often they havent had it, and they do make up for it later, so they are not at all "sponging" off of us. we made it very clear there is no reason we "have" to put up with any dishonesty, misbehavior etc. if they are not responsible, they will be out just like anyone else. my son handles the rental solely on his own, and does quite a good job, i might add. i keep telling him, he needs to be a car salesman, or a politician!! LOL. yup, hes quite full of himself. my dd handles 3/4 of it, but sometimes depends on my dh to speak with prospective renters, as very often, it is parents looking for a room for their college student children. we have leases, and because we also still own our old house which we have an agency handling, we can bounce questions off of them. that rental has worked out very well, with little to no problems.

honestly, my ds1 wanted to rent our old house, but it would have been disasterous, as we knew his "friends" and told him flat out we wouldnt do it. he had to grow up a little and experience the real world to appreciate what we are doing for him.

the reasons our kids are the primary borrowers/owners is because we went through a lender who offers "kiddy condo" loans. they are fha and minimal downpmt, and interest, however, they have to be full time students, and need the parents to "guarantee" the mtg. we are full owners as the kids are, as we dont *just* guarantee the mtg.

i hope i helped. i would be glad to answer anything else you might want to know. renting to our own kids is pretty much a call you would have to make on your own, but whatever you decide, there must be ground rules, and our kids know, although their dad is a pushover.......mom is not!! LOL. good luck.

iVillage Member
Registered: 03-26-2003
Sat, 05-01-2004 - 10:15am
I agree with<<>>, as this is i think the "safest" way to handle it, as to not burn anyone else who lives there and living up to their own responsibilities, however, im not sure i agree with your first statement....<<>> we too, taught our son how to be responsible, but the boy didnt believe sh!t stinks, until he stuck his nose in it, if you know what i mean. one advantage we had was that he was/is 685 miles away, and we are not available to bail him out of anything for the most part. after he was in student housing for a year, and understood what it takes to be on ones own, did we even consider him as a tenant. there is no way i would have done it when he was 17, even though he was taught to be responsible. he was still very rebellous and irresponsible. sweetswah, i think, must think long and hard about this one, as she really needs to go with her "gut" as far as whether he is responsible enough to be trusted with such.
iVillage Member
Registered: 03-25-2003
Sat, 05-01-2004 - 2:09pm

Take this with a grain of salt...but I most likely would NOT rent to my dd if she shirked her responsibilities throughout her HS career.

iVillage Member
Registered: 03-26-2003
Sat, 05-01-2004 - 2:38pm
you got it baby!! we have one who was totally clueless, and one who turned to me when *she* was nine years old and said, "why dont the boys just play the game, mommy?? they can get so much more". i know it is my little miss echo, but she *got it*. ds1 especially just *knew* we were mean and out to get him, and he wasnt going to have it. he NOW gets it, and is *finally* playing his cards right. the goofball!!! LOL. i do have to say though, i think us not backing down, and insisting on respect, manners, yadah, yadah, is the key to why he is a pleasure as an adult.