10-10-2016, 11:44 PM
quote:
Originally posted by EightFingers
After all the bad tenants that are out there, it's a wonder anyone is willing to rent at all. Makes it kind of difficult to follow the advice "Rent several places first before you buy.".
Hotel, Motel, bed and breakfast the like. It's a whole different ball game, I haven't gone there but heard plenty, it's an easy boot out. Vacation rentals are likely much the same. So, if you're thinking of letting for Vacationer's and or short termed to people who do need to rest at every different area to discover whether they want to buy property. Just make sure you've got a written contract.
I rented multiple 'Vacation' and or, verbal agreed 'short termed stay' places here; realtor and privet parities, from room to let, exchange for services, shared homes and whole house by the week, day and month, etc. Not one single person had a contract. One couple, in particular, who claimed to have become friends first, refused to provide a receipt. In all other cases a receipt wasn't needed and or had no problems doing so. But in this special circumstance, for our own personal reasons, that had nothing to do with the tendency or the couple who let to us, on that occupancy, who'd let at terms of week, 2 or a single month at a time, verbal short termed stay, the need occurred. Rather those "friends" reaction was fear.. That alone illustrated how they were the easiest target out there.
Every single person who let to us were risking whether we were losers who could have caused abundant problems for them.
All were playing a very dangerous game, just lucky, by my experience, as to the fact that, the odds are so stacked against you. Without a proper contract, those who risk it, cash in cash out, forget about the penalties the county may impose, that's nothing compared to the potential financial and property damages they've set them selves up for. I.E. even if you're letting without registering with the county, no contract in any condition under any term, 1 day, week or month.
Again, I wouldn't do this but, could make your worst case scenario become reality. [wink]
Every state that is a popular vacation spot has special conditions to preserve the owners rights when "vacationing" or short term freeloaders try to take over yet, without it in writing, signature by occupants, clients, vacationers 'friends and family' . this risk is; everything you've got. County penalties, even tax evasion (Unless you're a major player, repeat offender, and or several units), are nothing compared too; Everything.
On grid, off, on the books, above board, or under the table, off books, whatever's your fancy. I'm not going to offer just how it can be done in public, yet will warn: get your contract within your state's clause, statues or code of 'Vacation: Temporary let, occupancy or rental' jurisdiction, in writing. Whether you're reporting it or not, is minuscule in comparison to the potential liability in civil court. [wink]