How can I rent out my mother-in-law suite?

[Andrew1972]

In my area you would get $2000/month and professional in that unit.

My advice is charge more than less unless you do a refugee or something for good will.

The more you (over)charge typically you filter undesirable tenants. Look closer at line of work etc and pull credit report to figure out the financial picture. I co-owned a four family place and lived in unit at age 23 and jumped rent from $1000-$1700 on tenants and got way better people in terms of paying on time and steady jobs (state government workers).

 

[Dave Hess]

The more you (over)charge typically you filter undesirable tenants. Look closer at line of work etc and pull credit report to figure out the financial picture. I co-owned a four family place and lived in unit at age 23 and jumped rent from $1000-$1700 on tenants and got way better people in terms of paying on time and steady jobs (state government workers).

Thats the advice Wolf gives in many of his rental posts.

 

[Nick1994]

I'd hire a property management company, pay them a percentage, and forget about everything else. They get to handle the mess.

 

[JustinH]

Couple things I see, I owned a few duplexes in New York over the years and would rent the units out.

May not be a legal to rent unit if you have no seperate HVAC controls, electric etc?

My duplexes had seperate electric meters, only thing shared was water meter.

Also if its not a legal unit, how will the tenet get post mail? Another thing to consider...

You will need different homeowner insurance as well, and they will exclude the tenet's property from any claims.

May be worth it to do it as airBNB, but may not for long term tenet.

 

[skyactiv]

Lots of major hospitals near me. I assumed a travel nurse is one that goes to patients homes for Hospice.
There is a load center in the suite. I'll contact the post office about the mail address, suite B??

 

[PimTac]

Lots of major hospitals near me. I assumed a travel nurse is one that goes to patients homes for Hospice.
There is a load center in the suite. I'll contact the post office about the mail address, suite B??

Or a ½ after yours.

 

[wag123]

I was a landlord once upon a time. Never again!
Airbnb is an outstanding idea. You can choose to have someone in-there when you want, not in-there when you don't want, they cull the undesirables, they insure for damage, they pay up-front (daily if you desire), and you don't have to go through an eviction process to get rid of a bad tenant (you can just kick them out at any time if they cause any trouble).

 

[eljefino]

Get on your towns facebook page, it will be full of gossip.

There will be people who desperately want something in your school district. Avoid them-- they're deadbeats who got kicked out of their last place, or a spouse who can't get along with their other spouse.

There will be 50-year old women with multiple cats who can't find a place that takes cats. These are the tenants you want, because deep down they know it'll be hard to move somewhere else with their fur babies and they better follow your rules.

 

[nomas]

Lots of major hospitals near me. I assumed a travel nurse is one that goes to patients homes for Hospice.

Traveling Nurses work on contract at Hospitals that are short on staff . They usually make major bucks .

 

[wag123]

Traveling Nurses work on contract at Hospitals that are short on staff . They usually make major bucks .

And they are major Airbnb users.

 

[Hall]

I assumed a travel nurse is one that goes to patients homes for Hospice.

Nope, the "travel" part refers to they have to work "X" miles from their home base. This is an unofficial policy of many nursing contract agencies. A travel nurse from a city such as Columbus will work in a hospital in Lexington, Atlanta, Los Angeles, etc, not in Zanesville or Marion.

And they are major Airbnb users.

75% of my Mom's guests are travel nurses.

 

[Dave Hess]

Nope, the "travel" part refers to they have to work "X" miles from their home base. This is an unofficial policy of many nursing contract agencies. A travel nurse from a city such as Columbus will work in a hospital in Lexington, Atlanta, Los Angeles, etc, not in Zanesville or Marion.


75% of my Mom's guests are travel nurses.

How long do these travel nurses stay at your mom’s rental ?

 

[earlyre]

Nope, the "travel" part refers to they have to work "X" miles from their home base. This is an unofficial policy of many nursing contract agencies. A travel nurse from a city such as Columbus will work in a hospital in Lexington, Atlanta, Los Angeles, etc, not in Zanesville or Marion.


75% of my Mom's guests are travel nurses.

yeah... my Neighbor here outside of Lima(~100mi NW of Cols), was for many years a traveling nurse working at...Ohio Health...ummm...the one on Olentangy, in the Curve on 315 just north of campus.... Riverside! (thanks Google!)
she would be in Columbus 4 days a week. had an apartment down there. (pre- air bnb days)

Funnily Enough, she was doing that the 2.5 years I lived in Columbus, and for 1.5 of those, Riverside was my nearest Hospital, and depending on where her apt was, she very likely could have shopped the Meijer where i was working, then come home on the weekend to the house next door to my parents.

she left that job a couple years ago, now full time work from home...something to do with insurance i think....

 

[RhondaHonda]

Put it in Airbnb service or get in touch with some local hospital administration to see about putting your place on a list for travel nurses. My wife’s cousin is a travel nurse and rents places for 12 week shifts, typically. You’d have to furnish it but that would pay for itself quickly with the rates you can charge. With travel nurses you only have 4 to 5 tenants a year that work 60+ hours a week so they aren’t going to destroy the place. I’ve considered doing the same with my MIL apartment or even my basement but haven’t done so.

 

[aquariuscsm]

AirBnb

^^This.

 

[Andrew1972]

I was a landlord once upon a time. Never again!
Airbnb is an outstanding idea. You can choose to have someone in-there when you want, not in-there when you don't want, they cull the undesirables, they insure for damage, they pay up-front (daily if you desire), and you don't have to go through an eviction process to get rid of a bad tenant (you can just kick them out at any time if they cause any trouble).

AirBnb is a ton of work for owner side compared to monthly rents. If you have the time and patience to let variety of folks into your home it works.

 

[zzyzzx]

Only do AirBnb if you want your neighbors to hate you.

 

[Hall]

AirBnb is a ton of work for owner

How many AirBnbs do you run ?

 

[Hall]

How long do these travel nurses stay at your mom’s rental ?

Most are 2-3 day stays. These are the traveling nurses who tend to live in the state but drive to the assignment, then drive home. Occasionally she'll have some that have a 30-day assignment (still working 3 x 12 days) and will book it for the whole time and come and go as they please.

 

[ARCOgraphite]

I just moved into my new home. It has a walkout basement with a portion having a one bedroom mother-in-law suite/apartment.

''''''

My property tax and insurance is $1238 per month. It'd be nice to have the rent pay for it.

Wow that is crazy high! I am complaining (to myself) at $530- month!

A new regional High School almost tripled the property tax. That kind of garbage town managment should be "illegal"