The Motley Fool Discussion Boards
Investing/Strategies / Owning Rental Property
|Subject: Re: The marital challenges of buying 1st rental||Date: 1/28/2013 1:03 PM|
|Author: foo1bar||Number: 4714 of 4814|
over the years we have pursued ALL of his professional dreams ... he has pointed out the money people have renting to the new troopers. (That is, ideally, our plan).
From this, I'm assuming he's a state trooper (or other law enforcement)
FWIW, if I were him, I'd be cautious about this.
This business can reflect on him professionally.
He needs to make sure that he and you follow the law or it will be headlines and bad for his department and bad for him.
For example, he probably can't run their name through the computer just because he's curious.
and when there's illegal activity, or suspicions of illegal activity, he needs to do what is legal AND what will look OK on the evening news. (Ex: if there's possibly something illegal, the two of you make sure that you don't enter the building illegally. And if there is something illegal going on, you probably can't look the other way - for example, some landlords might ignore/not inquire about TV cable hookup that looks illegal, but you probably shouldn't.)
Renting to other troopers (or other Law enforcement) is probably a good way to minimize those kinds of concerns. But it does limit your rental pool quite a bit. And if you advertise, or have someone contact you about the rental, I don't think it'd be good to say "I'm only renting to cops" - but that'd be a lot better than "I'm not renting to a lady on welfare with 3 kids" :)
A for-rent poster on the break-room bulletin board probably gets you a better class of renters. (I know it works well for teachers renting to other teachers.)
|Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|