All Forum Posts by: David Florist

Thanks everyone, these answers will truly help me make the right decision.

So i'm in a rather peculiar situation. 

Backstory:
I rented a room in my house to a friend (let's call him bob). Bob is a great friend of mine for over 20 years and decided to live with me to finish out his last semester in College. Bob has a low paying job and was going to pay for rent using money he was receiving for his schooling. Since he was only going to live here for a few months I had him sign a month-to-month rental agreement with a 60 day notice vacate. He signed and away we go.
Fast forward a couple months to the present. He received his school money and actually paid me for September and in advance for Octobers Rent. Mid September he received notice that he could no longer attend school for the semester and had to drop his classes (due to some political bull the school was pulling, not entirely Bobs fault). With 2 weeks left in September Bob comes to me and says he is going to move out at the end of September.

Question:
Bob has moved out entirely at this point, but has already paid for October and does not plan on moving back in. He is demanding his money back for what he paid for October. What should I do? Give him his money back? have him sign something and keep half/months rent for inconvenience? or keep the cash and move on? - There is nothing in the rental agreement that mentions penalties for moving out early.

Thoughts:
1. He is a dear friend and although very unintelligent with financials has actively chosen to screw me over putting me in a position where i cannot get another tenant for at least a month.
 2. He broke the rental agreement on more than one occasion and abused our friendship (to an extent) to move out early. 

Would this work better: "Tenant will be responsible for paying utility, cable, and internet charges split evenly between all occupants of the premises. The following will be paid by Landlord:_____."

I recently bought a 3bd 2bth house with a pool and will be having people I personally know living with me. We are all easy going and I don't think it will be an issue (I hope).

I have a few questions about leasing and proper division of utilities and common spaces.

Tenant number 1 and 2 will each be renting out a bedroom and sharing the rest of the house with any other occupants including myself (landlord).

1. Since I am living there, what can I put in the lease for "splitting" utility charges?

2. The premises has a pool, Should I include an attachment in the lease explaining pool regulations?

3. In the lease, do I need to have a clear division of space, utilities and usage?

4. can each of the tenants sign their own separate lease with similar terms?

5. Cable is not considered a utility, what can I put on the lease to have this split evenly with all tenants?

Thanks!

I just bought a 3 bed 2 bath house with a pool. I will be living in the house and renting out the other two bedrooms. One potential tenant is already asking about putting something in the lease for splitting the cable bill and utility charges. This is what I have in the lease for utilities. "Tenant will pay all utility charges, except for the following, which will be paid by Landlord: ______." Does this mean that by renting the space, the tenant is solely resposible for the utilities? or is it the landlords duty to have tenants help pay?

Can this be used as an alternative? "Landlord and tenant will pay all utility charges, except for the following, which will be paid by Landlord: ______."

I just purchased my first property and am going to have tenants living with me for my first year or so. I want to make sure I have all my legal ducks lined up when it's time for them to move in. 

I have a few questions in regards to this, if anyone can answer any of these it will really help me out; 
Do I need to provide a lease to my tenants? if so, do I need to be on the lease as a tenant?
Are there different statutes that take place if the landlord lives with their tenants?
Are there any tax differences when living with tenants?
What documentation should I receive from my tenants before they move in?
Any other advise would be helpful as well.

Thanks!

- David

Hello everyone,

I'm an all around newbie to Real Estate investing and becoming a landlord. I just purchased my first property with no background in Real Estate and investing. My goal is to purchase my second property by the time i'm 30. I am currently in my late 20's and want to start building my investments. I am really interested in becoming a great landlord and being part of a great community.

- David