Author Topic: Buying a dryer to rent out to a tenant?  (Read 1271 times)

FrugalSaver

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Buying a dryer to rent out to a tenant?
« on: May 27, 2017, 11:06:14 AM »
I have a tenant that is moving temporarily for about 16 months and doesn't have a dryer.  One option is for them to buy one or rent one.

Another option would be for me to buy a functional one or a used one and rent it to them at a discount. 

Checking local rent a centers, it seems like they'd have to pay about $85-90 to rent one each month.  I could easily buy one for about $275 and rent it for $50-60 and pocket the difference AND later sell it back if that's what i wanted to do.

Any thoughts or experience doing this?

waltworks

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Re: Buying a dryer to rent out to a tenant?
« Reply #1 on: May 27, 2017, 11:15:22 AM »
Buy a dryer (is there a washer?) for the unit/house and advertise it as a feature going forward. Raise rent accordingly.

Otherwise let the tenant solve it on their own.

-W

nereo

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Re: Buying a dryer to rent out to a tenant?
« Reply #2 on: May 27, 2017, 11:35:48 AM »
Find a used dryer off Craigslist or Kijiji and (as walt said) raise rent accordingly.

Also - I do not understand how 16 months can be considered a 'temporary move'.  ARe you providing him/her a dryer for 16 months?

chasesfish

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Re: Buying a dryer to rent out to a tenant?
« Reply #3 on: May 27, 2017, 11:44:54 AM »
I agree with the others, just write into the lease as an included appliance and increase rent by the amount you want to charge.  A second "payment" or rental agreement for the washers just makes you like Aaron's Rents...not worth it.
« Last Edit: May 27, 2017, 12:29:54 PM by chasesfish »

cchrissyy

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Re: Buying a dryer to rent out to a tenant?
« Reply #4 on: May 27, 2017, 12:15:36 PM »
I'd tell the tenant this
rent is $x 
or rent is $x+50  with laundry machines included

then you go buy a washer and dryer.
from now on, your rental includes them and you price it accordingly.

Dicey

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Re: Buying a dryer to rent out to a tenant?
« Reply #5 on: May 27, 2017, 12:18:53 PM »
Time to lock this thread, all the right answers have been given ;-)