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Is this irresponsible or a good move?

My DH and I bought a very small house in a less than desirable neighborhood when we were first married because it was one of the few things available and to save money. We had an unplanned surprise when my son was born and we were stuck in this tiny house. We've had it on the market for a while now but it hasn't sold yet. I'm still in school so we can't afford to pay for two homes. We planned on renting a bigger place if we sold until I graduate and find work. My husband's boss owns several townhouses in a great area that never come up for rent and one will be available next month-she said we could rent that from her. Also, we have a person interested in renting, not buying our house. But I'm afraid of what would happen if our renter missed a month of rent or something. I don't want to miss the townhouse opportunity but I would hate to rent it while dealing with a renter or our own. Should we stay put or not?

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Anonymous

Asked by Anonymous at 11:37 PM on Jul. 22, 2009 in Money & Work

Answers (3)
  • Don't do business with friends or relatives. A boss would fall under that too. We got burned badly doing that a long time ago. Renters are unriliable at times. You also have to keep a close eye on your home. Nobody treats your stuff the way you treat your stuff. Plus if a repair comes up on the rental you are required by law in most places to fix it in a short order time frame usually. Thats a lot to deal with. I would say rethink it.
    GrnEyedGrandma

    Answer by GrnEyedGrandma at 11:45 PM on Jul. 22, 2009

  • I think I would go for renting. You can do a credit check and demand a big enough deposit to cover a month's payment. Check the renting laws in your state so you know what the rules are for evicting a tenant for non-payment.
    gdiamante

    Answer by gdiamante at 11:46 PM on Jul. 22, 2009

  • If you do - I would get a written contract drawn up with your renter - a lease of sorts.
    RutterMama

    Answer by RutterMama at 12:45 PM on Jul. 23, 2009

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