Would you rent your house to a famous athlete?

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EverydayWallSt
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Joined: Thu Jun 18, 2020 2:29 pm

Re: Would you rent your house to a famous athlete?

Post by EverydayWallSt »

I’ve rented a couple properties to the adult kids of celebrities. It’s actually worked out in both cases for me - they were both a bit more picky about maintenance issues than I was used to, but everything was handled through the family office or money manager. So all payments were on time, large security deposit was fine, fine with rent increases after initial term, etc. One tenant paid the rent every month using his dad’s Amex, and the other via wire transfer from their trust. I was worried when one had their lawyer review a simple lease, but it turned out to be no issue.
Church Lady
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Re: Would you rent your house to a famous athlete?

Post by Church Lady »

pivoprussia wrote: Tue Jun 16, 2020 3:13 pm We have our house listed for sale. We would prefer to sell but if it does not sell we are open to the possibility of renting.

Our agent just informed us a famous athlete is interested in renting our house.

My concern is the individual is young and single. More than likely would have parties at the house.
A family could also cause damage but clearly the concern is greater here.

Would you rent it to them?
If so, what provisions would you include in the contract to safeguard your property?

Thanks.
No. I would just sell the house. Thanks to Uncle Jerome, this is a great time to sell a house.

I don't care how great your tenant is, they will wear your house down. And you may lose the tax advantage of selling your own residence. And a history of rental can make your house hard to sell later. And you'll be the bad guy dragging down neighborhood property values by renting. (Maybe you don't care about this).

Good luck!
He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity.
aristotelian
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Re: Would you rent your house to a famous athlete?

Post by aristotelian »

I have no idea if athletes are actually more prone to bad behavior or if the ones we see in the media are the bad ones. Many are outstanding high character people and you would be passing up a great opportunity for both a good tenant and a story to tell at cocktail parties. Evaluate on a case by case basis. You can probably tell a lot from their social media presence and perhaps a background check. Maybe insist on a face to face meeting and see if you get a bad feeling.
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Cam894
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Re: Would you rent your house to a famous athlete?

Post by Cam894 »

inbox788 wrote: Thu Jun 18, 2020 2:33 pm
Cam894 wrote: Tue Jun 16, 2020 8:33 pmThis sounds like something different. But on a related note. If you are ever asked to rent your house as a movie set. Make sure they will cover utilities. The equipment will rack up the power bill like you wouldn't believe. Not that the house will even be able to power all of the lighting fixtures they will bring in.

Learned this from a professor in college who worked on film sets. I ended up in a different sector of the industry but can speak for the validity.
How much power can they use? A 100 or 200 amp is what (Watt)? 11-22kW/hour? or 500kW/day? That's $100/day tops, no? Might be simpler (and profitable) to build it into the daily rental rate than try to compute the actual usage.

Same applies if the rental will be short term instead of requiring the renter to sign up for utilities. I've heard of folks running extraordinary AC or heating bills when they weren't paying for it. And nowadays, even water is becoming a non-negligible amount. Thankfully trash and sewage hasn't gotten out of hand yet.

Power, heat, water. Fixing the lawn when they park the generator on it.

Just don’t get caught holding the bag :D
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Petrocelli
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Re: Would you rent your house to a famous athlete?

Post by Petrocelli »

Absolutely.

As a landlord, I will tell you this: you are far more likely to have a problem with a poor tenant than a rich tenant.
Petrocelli (not the real Rico, but just a fan)
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