Posted by David Krulac on May 22, 2005 at 15:08:10:
I wouldn’t do it. I hate pools and have filled in pools on several occasions. I don’t want the maintenance, I don’t want the liability, and in Pa a pool is a 3 month thing.
Tenant and Pool - Posted by English Jan / FL
Posted by English Jan / FL on May 22, 2005 at 07:28:38:
Hi
I have a Tenant ONLY (No lease option) who is wanting to pay for an Inground swimming pool (15K),no cost to me. “Gift” to me.
They want me to keep the rent stable for “X” time.
What do you all see as “problems”, joys ,liability etc.
I will have insurance increases and tax increases as it changes the property value and liability.
And YES I will have an attorney draw up a contract.
many thanks
English Jan FL
Re: Tenant and Pool - Posted by dealmaker
Posted by dealmaker on May 22, 2005 at 21:23:01:
NFW. Tell the tenant that ANY CONSTRUCTION will immediately terminate their lease. That’s like saying they want to start organizing Russian Roulette games in your living room, but don’t worry, they’ll put plastic on the rugs so you won’t be bothered.
YOU are the responsible one if anyone, them included, gets injured or killed.
BTW, if your attorney says he can draft a document that will cover you; fire him too!
dealmaker
Re: Tenant and Pool - Posted by jimmy
Posted by jimmy on May 22, 2005 at 08:44:17:
I’ll put my disbelief aside for the moment.
you need to have veto authority on the pool design and construction. make sure the pool is attractive, well-constructed, blends in with the landscaping, etc.
what kind of pool can you buy these days for 15K, anyway. the cheapest one I have heard about lately was almost 40K.
Bottom Line: You must ive with the pool long after the tenant is gone. so make sure it is a pool you can tolerate.
make sure the new lease makes the tenant responsible for pool maintenance. I would require a professional pool service, and make tenant pay for it. I would make tenant responsible for any major problems which might arise with the pool during their tenancy. So if the pool heater/filtration/whatever must be replaced, the tenant must pay for it.
Finally, you need to carry some general liability insurance, if you are not already. The GL needs to cover the pool.
Re: Tenant and Pool - Posted by English Jan / FL
Posted by English Jan / FL on May 22, 2005 at 11:30:05:
My Disbelief also! In 20 years never had a tenant want to do this.
New Construction other side of the road and the tenant asked them! Tenant Negotiated a “deal” and Tenant came to see me Friday evening about it.
I have this amazing conundrum … but need to be covered.
I appreciate your answer. All Ideas gladly accepted.
EJ