Advice for a possible...landlord?

[Melita Magic]

Yeah, something I never wanted to be in SL (or RL either come to that.)

To make ends meet I'm thinking o renting out some of my land. It doesn't sell for anything these days and since I have a half sim I wno't part with, even if I sold a lot of my land, I'd still be paying a full sim tier, because I'd want to keep the half sim plus a few other smaller, choice parcels.

In other words, dumping the land I don't like as much, won't affect tier. So, renting it out might be a better solution, in hopes I can get back on my feet at some later point. (sigh)

So is there any advice? Also some of you might know where my land is - some in Dallows, a half sim in Binneed, and some in the former teen grid (double prims.) There's nothing that can't go away on any of them, really. 

I don't want to uproot all my stuff if people will be flaky and not be a long term tenant, and yet, if at some point (probably not several months or so, earliest) I want to take back the land I don't want them to be crestfallen (I'd do it as transparently as possible.)

So, any thoughts on all this? What a mess, and bother, but that's life in today's economy.

Thanks in advance.

 

[Tamara Artis]

If you can, make many small homes and rent them out cheap for people who just need some privacy and place to rezz stuff or sneak out somewhere. I have one place like that and am paying rent just to support the sim, i think its like 30 or 50L weekly and every time I go there all homes are rented. 

[Amethyst Jetaime]

I would recommend you make your rentals residential not commercial since the commercial market is over saturated. 

I would not rent anything smaller than a 4096sqm and have larger lots of you think that you'll rent them.  That is actually the most popular size.  The larger your lots the fewer tenants you will have to deal with and the fewer headaches you will have as a result.

I would rent the land out without a house (you could have a prefab or so in stock to offer if they have no house of their own), but draw up a lease with building codes to prevent anyone from putting up a huge monster that goes right up to the property line.  You may want to consider specifying the general kind of house and landscaping they can put up to keep it looking like a community.  Probably a good idea to also specify how tall the house can be so it doesn't block the neighbors views and require a set back from the property line.  The size of the setback would depend on the lot size. 

If you have anything ugly or out of place from the style of your community on lots visible from yours I'd landscape the edges of your property to block those views by using trees hedges etc.  I've even seen some pretty cliff faces with waterfalls and plants that are designed for use on a property edge.  They are thin but on the side facing in they don't look it and the sides facing out are not objectionable IMO.  You may want to cut your lots so that you have narrow strips of land between them not included in the rentals to landscape for maximum privacy.

To encourage low turnover I'd charge rent by the month or if you do decide to go weekly offer a discount if they pay four weeks at one time.  You can have a provision that there will be no refunds of any rent, but if that seems harsh to you add that you may consider refunds in case of hardship if the tenant is a long term tenant in good standing but that would be at your sole discretion and only available if they contact you prior to abandoning the rental.

As far as taking it back in the future, it probably isn't going to be much of a problem as you will have some turnover anyway.  You can have a provision in your lease saying that you have a right to discontinue renting the lot upon 30 days notice to the tenant (if you charge by the month or a week or two if they pay weekly) and would refund any rent paid in advance past the effective date.  That gives them time to find a new place and move. 

[Malanya]

Amethyst basically summed it up and covered all concerns. I would make sure that you put in your rental agreement notecard all that is expected of them and terms of their rental. I always found that useful when someone said They didn't know and I would always have the copy of them IM they accepted my inventory being the notecard.

I found offering them a home that was furnished and low prim worked the best and then make the home mod so they could return any items or furniture they wanted to replace. Most of our tenants went with one of our homes (we used InVerse homes along with 2 other builders but her homes are beautiful and low prim for fully furnished) and it made it easier to rent for them they picked the house, we dropped it down and done.

[Melita Magic]

Thank you all. I appreciate the advice.

I have some of those thin mountains with waterfalls and plants on them, surrounding my property currently. Every once in a while someone would put up a big FOR SALE sign trying to lure in my visitors, or something visually obnoxious like a 50m tall glowing object right on the property line. One guy, thankfully moved since, kept somehow putting things over my property line (I think because the root prim was on his.) I mean, so far over that it was IN the house.

It's something to think about. What I worry about besides problem tenants would be the income making it worthwhile to be at people's beck and call 24/7. 

I'm unsure whether I'd go the route of tiny lots (which were pretty much what my changing rooms were only those were free), or large luxury lots. What do large luxury lots rent for anyway?

I have no idea what to charge people.

On the 30 day notice, 30 days is a looong time in SL, I would probably give two weeks notice but also a refund if the fault were mine.

[Ferawri Enzo]

Quit while you're ahead :matte-motes-big-grin: