Live-In Landlord

[Carson Sweezy]

I have been saving for my first home, and plan to buy this home in a college town. I would be renting out the additional rooms, likely to students. My thought is that the student's parents would likely be paying the rent, and are therefore more reliable to pay on time. Does anyone have any tips or words of caution for living with tenants. I am 21 years old, like plenty of college students, so age would not be an issue with them. 

[Aaron Montague]

@Carson Sweezy 

Search "student housing" here on BP.  TONS of info.

http://www.biggerpockets.com/forums/81/topics/1126...

That is a recent topic.

Remember this: You have to live with these people.  Before worrying about collecting rent, find a few college kids you can actually stand to live with.  You have to deal with them in your personal space every day.

Be upfront with your prospective tenants/roommates.  Tell them you are the owner and spell out your rules in the lease.  And yes, make their parents co-sign.