Question about Landlording...

**zink** · 10-15-2009, 06:37 PM

Any advice would be much appreciated. I'm closing on a 3 bedroom 2 bathroom house very soon and am thinking about renting the other 2 rooms out. How are the terms of being a landlord in this situation different? Anybody who's had the experience, did you ever have trouble finding or keeping tenants? If so, how did you adjust your game plan?

**Greg** · 10-16-2009, 06:44 AM

In this situation you would be more of a roommate than a landlord. The rules are different in different locations so you need to start checking locally to find out what the rules are for running a boarding house.

**Dave Reynolds** · 09-07-2011, 05:20 PM

First, you should determine if that type of a rental situation is legal in your town/municipality. If you illegally rent out your house and end up with a problem tenant or tenants, you could be in for a very big headache when trying to get them out. It actually sounds more like you are looking for roommates if you are planning on sharing the living space with two other people, if that is the case, make sure you screen them thoroughly (employment, income, credit check, etc.) as you are going to have to not only depend on them for paying their rent on time but you'll also be living in close proximity with them. Whether or not this type of arrangement is going to work for you is going to depend a lot on your particular personality/disposition...if you're the kind of person that likes their space and privacy, you're probably going to find this situation unpleasant.

**Agent Campus** · 09-08-2011, 04:17 AM

You should have a contract prepared and some rules and regulations made before accepting some applicants for your 2 rooms. Usually, when I rent apartments, they usually give rules such as:

1. one month advance of payment and 2 months deposit
2. renting should be good for 6 months (or a year for other) - i guess this ensures that they will have earnings for that span of time
3. no smoking
4. no pets
5. electricity and water bill will be under your name