Relocating 3 families

I am in the process of relocating my "family" to the Irvine area...we're actually three separate families.

My immediate family (myself, my wife and my son) plan on renting for a year to get to know the area better.  My sister-in-law and her son want to buy.  My in-laws want to buy.

I'd like to rent a place large enough to fit all of us for a few months to give the other families enough time to find and purchase houses...they'd then move out and we'd stay in the place for the remainder of the lease...but I'm wondering if that is a situation landlords would tolerate.

To complicate it further, we can't all sign the lease on the property because it would really be hard for the other families to qualify for a mortgage if they had to report a liability for the house I intend to rent (probably in the $7-10k/mo range).  My wife and I want to be the only people on the lease -- we just want the rest of the family to be able to live with us for the first month or two until they purchase or rent their own places.

If it matters, the places I'm considering are certainly large enough to accommodate us (3,500+ sq ft, 5 bed, 4.5 bath sort of places).

I know the it probably depends on the landlord but I was wondering if anyone on the forum may have an educated guess on whether this sort of thing could fly in this area.

Why would you tell them other people will be staying with u? I would just sign the lease and have them move in. The landlord won't know and if he asks say they are family that are visiting

Why don't you want to rent separately? I am sure you can find short term rental.

Do your in-laws plan to buy new or existing homes? if they plan to buy new homes from Irvine Company developments,  Irvine Company apartment offer flexible terms that can work out very well for Them. There are quite a few agents here on TI who may pick up this thread.

Good luck.

I called the Irvine Company rentals a 4 or 6 weeks ago and the person I spoke with wouldn't even quote prices for short term rentals.  They said the pricing was probably going to change soon and the pricing they had was "not competitive."

So, some of the issue is that we're currently under the impression that it will be expensive to have three families do short-term rentals.

I'm also interested in "treating" the family to something they'll probably never otherwise get the chance to do...the place I am hoping to rent isn't actually in Irvine, it's in Dana Point and it is on the ocean side of PCH.  The other families are going to struggle to find housing they like at a price point they can afford (young widowed mom and retirees)...I'm the one forcing the relocation out to this area so this would be one way I could assist them financially without them sqauwking about it too much.

We almost bought in Cariz during our first trip out here.  Then I started doing some diligence and we lost interest.  I don't think "new" is really going to be in our future as much as we would prefer to buy new.  I'm not interested in living on a superfund site, right next to a dump or highway and, I'd really like to live in a community that has solid diversity -- not dominated by any single racial group.  Which is one reason I really want to rent for a year because I feel like it may take me that long to understand the areas well enough to figure out what I think will work best for my family.

Thanks for your response.  I'm out in Irvine all next week so I'll do more diligence on the notion of short-term rentals, especially if this place at Dana Point doesn't work out.

qwerty said:

Why would you tell them other people will be staying with u? I would just sign the lease and have them move in. The landlord won't know and if he asks say they are family that are visiting

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Fair enough question.  I'm not entirely sure I will say anything about it.  It is entirely possible that the other families will never even live with us...they're not moving out right when we are and will likely be taking a few short trips over that period, so they may find their places and move straight into them for all I know.

But the answer to your question is that my family tends to be a "play by the rules" sort of group.  I think they would be uncomfortable if they felt we were doing something wrong.

Believe me, it really, really hurt when we had rented 'The Round House' in Laguna Beach and we had a mishap that resulted in a glass table falling apart and chipping the base of the one of the marble legs that held the glass up.  It was the sort of thing the landlord never would have noticed.  But I had to cop to it.  It was a pretty scary thing actually -- it was part of a matched set that included a custom bar and other furniture.  I nearly wet myself when I found out it was over $100k for the set.  Thankfully, the company that made it repaired it free of charge.

It was a tough week waiting to hear how bad the $ damage was going to be.

We'll see.  It is a compelling question.  The other families are certainly not going to live with us when we first rent and may never live with us at all so maybe we kick the can down the road and if that circumstance does present itself, we can deal with it then.

Thanks for your response!

We've rented out a property on a short term lease to a family who had their property undergone major repair before.  We advertised the property for 12 months lease but our agent was contacted by the insurance agent and they asked if we would consider renting it for 3 months at $2,500/m instead of the listed $2,000/m. 

You may want to consider hiring an agent for your unique situation.  The one who will pay the commission is the landlord anyway so no loss to you. 

Renting such a large home should come with the assumption that you may have a larger number of renters.

The landlord (and neighbors) may not like the situation because it can cause parking issues (I'm counting at least 4-6 cars).

As for who is on the lease, if you and your wife can afford the rent on your own (which I assume since you plan to pay for it 10 of the 12 months), no one else needs to be on it.

But, I don't remember the legalities of a lease agreement, and I think the landlord will want to know how many people are staying because if the neighbors complain, he will eventually find out and not sure how lease agreements work but could give him cause to terminate. If you explain the short term situation with your relatives, it will probably make the process more amenable to all parties.

Don't listen to qwertustin, he doesn't even adhere to HOA regulations... honesty is a good policy.

irvinehomeowner said:

Renting such a large home should come with the assumption that you may have a larger number of renters.

The landlord (and neighbors) may not like the situation because it can cause parking issues (I'm counting at least 4-6 cars).

As for who is on the lease, if you and your wife can afford the rent on your own (which I assume since you plan to pay for it 10 of the 12 months), no one else needs to be on it.

But, I don't remember the legalities of a lease agreement, and I think the landlord will want to know how many people are staying because if the neighbors complain, he will eventually find out and not sure how lease agreements work but could give him cause to terminate. If you explain the short term situation with your relatives, it will probably make the process more amenable to all parties.

Don't listen to qwertustin, he doesn't even adhere to HOA regulations... honesty is a good policy.

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All occupants above 18 have to sign the lease agreement.  If the "visitor" stays more than 3 weeks then he/she is considered a tenant and if she/he is not listed in the original lease agreement then they have to pay $300/person extra. 

That's what my PM put on the lease agreements.