All Forum Posts by: Mark Towey

@Mark Towey

Here are some things to consider:

It's great to live with friends. When it comes to talking about the house rules and rent on time be a landlord. Treat it like a business from the beginning so they will take you seriously. You'll have less drama and be able to enjoy living together as friends.

How to charge rent? - set them up on automatic payments with an online rental property software. I use apartments.com. This allows them to upload proof of renter's insurance and set up automatic rent payments. 

Common items to include? - you can include utilities or not. Up to you. I would make tenants pay for them so they are incentivized to cut down on their utility use. 

Should I have them sign some kind of paper work or documents outlining the terms? - YES!! Get a lease. When there is something agreed to in writing it reduces the chance of "he said, she said", hurt feelings, misunderstandings, etc. All things that could ruin friendships. Leases, although it feels too formal to do with friends, are really important should their be any disagreements. 

In Colorado Springs, my clients and I often use leases for bedrooms with common shared areas (like bathrooms and family rooms).