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Never Ever Rent To Anyone You Know! |
You
think he'll be the perfect tenant; he thinks you'll be the perfect
landlord. It's a conflict of outlooks that can't be resolved without
lawyers or fisticuffs.
Remember, when you become a house owner, your outlook on life undergoes a
major change. Your friends who are still tenants probably haven't had the
benefit of experiencing that kind of landlord, and more than likely have
no idea what it's like to invest huge chunks of time and money in a
property.
My partner once lost not one but an entire group of college friends when
he evicted one for nonpayment of rent; suddenly he'd become "The Man" and
was no longer welcome at the poker games. I have a brother who can't see
me at family gatherings without eventually coming around to the subject of
how shabbily I treated HIS best friend by forcing him to pay late fees
every month. I have never, ever seen a situation like this work out to the
satisfaction of both parties. If you have, I'd like to hear about it.
On the bright side, since no one ever tells people that renting to friends
and relatives is a Very Bad Thing, there are an awful lot of buying
opportunities out there generated when owners realize they're never going
to see a dime out of Joe. Keep your eyes open for these situations; they
can become some of your best deals.
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