Hi folks, I'm planning to rent out one of the bedrooms in my home to a friend. I'd be a first-time landlord, and I'm interested in any advice that others may have. I'm particularly interested in suggestions from folks that have been landlords. I'm looking for both general and specific suggestions, if you have any.

A couple of fairly standard things about my situation:
- I'm planning to have a lease agreement for the time that he's here.
- I own the home (no sub-leasing or whatever).

Thanks in advance for any thoughts that you've got.

5/31/2008 5:45:02 PM

I went and picked up a generic lease agreement from OfficeMax, or similar type store.
There is a section where you can fill in extra terms, and are well put together.

I have had 6 different TWWers live with me over the last 5 years in my 3 bed room place.

If you have more specific questions, feel free to ask.

5/31/2008 5:57:01 PM

What kinds of deposits did you ask for, if anything? First and last months' rents up-front, etc.?

5/31/2008 6:09:08 PM

first and last month's rent is pretty standard practice

although the last place i stayed at, the deposit was just a month's rent.

depends on how much you trust and how well you know this person, i'd say

5/31/2008 6:10:50 PM

I believe that in NC you aren't legally able to take more than one month rent as a security deposit.

I may be am wrong, I just have a property manager do all of the hard work.

[Edited on May 31, 2008 at 8:17 PM. Reason : V]

5/31/2008 8:11:46 PM

typically, security deposit is 1 months rent. you can not charge more than 2 months rent - it is illegal. i am a commercial real estate broker and the landlord of my house. i have had roommates for the past 3 years. i generate a standard lease, have them sign and notorize it and was done.

for the most part, it isn't an issue - you just have to be able to be the landlord and not their friend at times. it sucks when they are late, you don't want to be mean, but you can't let them walk over you and not charge a late fee (if they are habitually late, i had one behind 2 months rent at one point and had to say, if you aren't settled up in a week, i'm goin to charge you).

PM me with any questions. i can answer lease questions or landlord questions. i could even generate a lease for you pretty easily or e-mail you a blank one free.

5/31/2008 8:15:50 PM

^ That's interesting. One of the blank forms I found online (http://www.ilrg.com/forms/lease-res/us/nc) specifically references deposits for the first and last month up-front. This is why you shouldn't trust the Internet.

5/31/2008 8:31:01 PM

Who can afford two months rent up front? Don't be a dick, it's one room of your shitty house

5/31/2008 10:01:08 PM

^people that are likely to be able to afford paying you rent every month

5/31/2008 10:54:58 PM

^^ Was going off of what I read in what lease contracts that I could find on the Internet. Like I said, first time I've done something like this myself. No need for you to be a dick, I'm just asking for some advice, ok? Troll somewhere else.

[Edited on May 31, 2008 at 10:57 PM. Reason : ^^]

5/31/2008 10:57:02 PM

If you can't afford 2 months rent, you are living hand-to-mouth, and I wouldn't want to rent to you anyway.

5/31/2008 11:01:58 PM

I charge one month as security deposit.

5/31/2008 11:03:40 PM

Don't rent to friends is my advice...

5/31/2008 11:58:23 PM

Quote :

"If you can't afford 2 months rent, you are living hand-to-mouth, and I wouldn't want to rent to you anyway."

6/1/2008 12:18:25 AM

Be upfront with the pet issue. If you know the dog is trained and won't tear up the walls/carpet/doors when it wants out then you're good, otherwise its probably better to have a pet deposit/no pet policy.

Utility allowances are important as well as the whole cable/internet thing.

If they don't pay for cable in their room, they shouldn't have access. PERIOD. I've had roommates that didn't want to pay but had no problems sitting down and watching my paid digital cable when I wasn't around. Some were friends, some weren't.

6/1/2008 12:36:28 AM

Quote :

"Don't rent to friends is my advice..."

I am the exact opposite. I preffer to rent to people that I know.
That way I know what I am getting into. Of the 6 people who have lived with, I have known 4 of them before hand.

6/1/2008 12:36:43 AM

Non-refundable pet deposit FTW.

6/1/2008 2:33:05 AM

Quote :

"Be upfront with the pet issue. If you know the dog is trained and won't tear up the walls/carpet/doors when it wants out then you're good, otherwise its probably better to have a pet deposit/no pet policy. Utility allowances are important as well as the whole cable/internet thing. If they don't pay for cable in their room, they shouldn't have access. PERIOD. I've had roommates that didn't want to pay but had no problems sitting down and watching my paid digital cable when I wasn't around. Some were friends, some weren't."

I had roomates like this, I used the parental controls to lock the tv lol

6/1/2008 9:30:10 AM

Thankfully there won't be issues with pets in this case. So it sounds like folks that are in a similar position here are doing a 1 month up-front + 1 month for security deposit sort of thing.

6/3/2008 8:39:19 AM

Quote :

"If you can't afford 2 months rent, you are living hand-to-mouth, and I wouldn't want to rent to you anyway."

6/3/2008 8:45:08 AM