REDDIT real estate investor leery of creepy agents want to lease his property
Posted by John Reed on
A REDDIT real estate investing group member asked this:
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Anything to be weary of when leasing to two real estate agents?Renting my house to this agent couple. They mentioned they wanna buy it after but I was like hell no. This is a prime asset which is never gonna be let go.
Is there anything to beware of with leasing a home in general vs condos etc?
Edit: Canada, not usa. Edit’: the lease is for 2 years and they wanna occupy in 6 months.
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Reed answer: I think you mean leery of. Yes.
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There was a famous case where a landlord rejected a tenant because he was a lawyer. He sued for discrimination. The court found that it is not against law to refuse to rent to lawyers.
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I rented to a lawyer once and a group of law students on another occasion. Both violated the lease. I terminated the first one. The law students graduated and decided to practice on me.
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Never again.
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Are agents the same? I never rented to one But I did agree to sell to one. He weasled out of closing by getting the lender to reject him and invoking the mortgage contingency clause.
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Familarity breeds contempt. And that includes lawyers’ and agents’ familiarity with real estate law causing them to be contemptuous of that law.
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Your instincts were good. Heed them. I do not know exactly what problem might have occurred. But I have a general rule: If you see something unusual in a real estate setting, demand a satisfactory explanation. If you do not get one promptly, eject. In this case, eject the prospective tenants.
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There are many things to beware of on home and condo leasing.
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I do not understand why you would sign a two-year lease. Month-to-month is all tenants respect if that. Tw year leases bind the landlord on rent raises. But tenants move out whenever they feel like it. Also, if you want a two-year lease, why consider a six month tenant.
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I do not know if they planned to use high pressure to force you to sell. But something is up. If you cannot learn what, eject them. And a general policy of not renting to lawyers or agents is arguably a good idea always.
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