Renting out Rooms in rental property - students
Hi:
I just bought a rental property a while back and it is now vacant. My daughter is a college student and she asked me if she could rent a room in the 3 br house and find other students to rent the other two rooms. I know other people do this but this is one of my main sources of income and I am hesitant... Can anyone give me some advice here? Should I have individual lease agreements for each tenant, and should they be for one year? My daughter is responsible, she is 25, but still....? Thanks! Gayle
Most Popular Reply
I'm not involved in student rentals but one cool tip I've read is to get the students already in place ( in this case most likely your daughter) be involved in the interview process as a final filter. That made all sorts of sense to me because if the students don't get along from the start, you are gonna have a bad time trying to play peacemaker in that situation.