My Mistakes

Being a live-in-landlord has been quite a learning experience with a harsh learning curve ($600 stolen, $1,000 in unpaid rent). I've made more mistakes along the way than I should have, mainly due to my undue trust in humanity. I know the decisions I would make & I like to think people are moral. Unfortunately not everyone is.

Mistake #1: No formal application process

My application process for all 3 tenants I have had/have has been informal. It's been communicating via email, having dinner, talking & getting to know each other. You can get along great with someone, but that doesn't mean that they pay their bills. My next tenant will have a credit check. I don't expect their score to be great (the nature of someone renting a room doesn't lend itself to having too high of an expectation) but I will make sure that there are no evictions. I will call previous landlords. I will verify employment & income.

Mistake #2: No Security Deposit with Tenant #1

I learned quickly from this one. When Alexis moved in, I told her she could work on paying a security deposit over a certain period of time. Well that never happened & she also didn't pay rent & bailed. Never, ever again is anyone moving in without paying a security deposit upfront. I do have security deposits from both of my current tenants.

Mistake #3: No Written Agreement

I know this is terrible & I really need a written lease with my current tenants. I don't know why I didn't do it when they moved in, and now I just feel dumb going back and asking them to sign one after they've lived here for 5 months (Barb) and 1.5 months (Cary).