I recently took part in an NBC 5 News story by Grant Stinchfield. The story titled, “Super Bowl Rentals Could Become Brothels, Group Says” focuses on the possibility that leased homes could be used for illegal activity.
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With the Superbowl coming to town in 2011 and the hint of big money, some homeowners close to the stadium (and those not so close) are considering leasing their homes for the event. Grant raises a great point that anyone considering leasing their homes needs to exercise caution.
While this is true in any lease situation, these short-term leases represent a huge risk to the owner. If you are looking into a short-term lease consider the following:
Take a Lease Application. Most of us would never lease our home without one so why do it now?
Run a Background Check. Part of the lease application should be an authorization to do a background check including criminal and credit.
Put the Lease in Writing. While Texas Law recognizes a verbal lease for less than one year, it’s critical to get the details in writing. Contact a local real estate professional or an attorney to have the document drafted. You have to plan for holding-over or damage to the property. If you don’t, you may find yourself having to go through the eviction process and find damage that exceeds any profit made on the lease.
Remember the Golden Rule of Business. If it sounds to good to be true, it usually is.
The Superbowl will have a huge economic impact on the DFW Metroplex. If you decide to lease your home to cash-in on that impact, take steps to protect yourself and your property.
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