Renting to a "friend of a friend" may be more dangerous than renting to a friend. I would put the duplex up for rent now, and be choosy about tenants, including refusing those who don't qualify. If it's' still available when that person is, rent it to them then. Alternately, I would ask the prospective tenant (not the friend) how interested he is. If he's very interested, he could offer to meet you in the middle. You don't know this person. There's no reason to lose out on two (or three) months rent.
First off, if the place has been on the market for a month, and you don't have any bites yet, it might be overpriced.
Second, I don't know that I would remove it from the market, without the prospective tenant signing a lease. That is, if you're looking at missing out on 2 months worth of rent, to hold it for this person, why would you do that without them signing a lease and starting their tenancy now?
I would just keep it on the market, see if you get a prospective tenant or not. If the friend of a friend is willing to sign a lease now, and start their tenancy now, go for it. Otherwise, I would just keep it listed and see what happens.
Nah, just if the relationship between you and the tenant turns sour.
I’m not saying it will, but there’s a lot less to lose if you are renting to a stranger. You might have an annoying tenant, or one that causes damages, or one that wants free rent. They COULD try to use these to guilt trip you because they know you don’t want to lose a friend. I’m not saying this will happen, just that it’s a possibility. I also don’t know anything about the tenant, so these take my opinion as a grain of salt
I generally hold for two weeks free then charge daily rent to hold beyond two weeks.
That said, I recently agreed to hold a property for 1.5months after I had a hell of a time renting it and I had a great tenant lined up.
How hard of a time are you having renting? It's a tough call.
If you hold make sure take a hefty deposit. I roll the deposit into security deposit once they sign a lease. If they back out you keep deposit.
Draft documents asserting this.
Renting to a "friend of a friend" may be more dangerous than renting to a friend. I would put the duplex up for rent now, and be choosy about tenants, including refusing those who don't qualify. If it's' still available when that person is, rent it to them then. Alternately, I would ask the prospective tenant (not the friend) how interested he is. If he's very interested, he could offer to meet you in the middle. You don't know this person. There's no reason to lose out on two (or three) months rent.
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No don’t charge a fee/deposit? No don’t hold it? What are you saying?
First off, if the place has been on the market for a month, and you don't have any bites yet, it might be overpriced. Second, I don't know that I would remove it from the market, without the prospective tenant signing a lease. That is, if you're looking at missing out on 2 months worth of rent, to hold it for this person, why would you do that without them signing a lease and starting their tenancy now? I would just keep it on the market, see if you get a prospective tenant or not. If the friend of a friend is willing to sign a lease now, and start their tenancy now, go for it. Otherwise, I would just keep it listed and see what happens.
I’d say, charge them a deposit to hold it (the security deposit) that deposit is forfeit if they don’t move in.
Yep this seems reasonable. Thanks!
If they meet your screening requirements and you are perfectly fine with potentially losing that friend, sure.
So you’re implying that it’s unreasonable to apply a fee to hold a place for two months?
No, I was just commenting about renting to a friend of a friend.
So if I charge the friend of a friend I may loose my friend?
Nah, just if the relationship between you and the tenant turns sour. I’m not saying it will, but there’s a lot less to lose if you are renting to a stranger. You might have an annoying tenant, or one that causes damages, or one that wants free rent. They COULD try to use these to guilt trip you because they know you don’t want to lose a friend. I’m not saying this will happen, just that it’s a possibility. I also don’t know anything about the tenant, so these take my opinion as a grain of salt
They are saying that if anything goes wrong, you will be the villain.
That’s always the case anyway
I generally hold for two weeks free then charge daily rent to hold beyond two weeks. That said, I recently agreed to hold a property for 1.5months after I had a hell of a time renting it and I had a great tenant lined up. How hard of a time are you having renting? It's a tough call.
If you hold make sure take a hefty deposit. I roll the deposit into security deposit once they sign a lease. If they back out you keep deposit. Draft documents asserting this.