I'll be renting out one of the levels in my condo a good friend of mine in about a week. He's still trying to find a place to buy so for now it'll only be for a month with a possibility of an extension for 6 months/1 year after that.
He's stayed over before and I trust and him what not and I've taken necessary security precautions to safeguard what valuables I have at my place just in case. I just want to make sure I get the correct documents signed up front. Also, what is the typical amount of a safety deposit? 1 month rent?
One more thing - we kind of discussed "common courtesy" rules (such as quiet time past 11:30pm on weekdays, generally notifying each other if we're having company, etc), but should these be in writing too?
Muscle said: One more thing - we kind of discussed "common courtesy" rules (such as quiet time past 11:30pm on weekdays, generally notifying each other if we're having company, etc), but should these be in writing too? Thanks!
All this formaility for what could be all of a month?
What's wrong with just letting a buddy crash in your condo until he finds a place of his own? If he wants to pay you for the trouble (or you want him to), he can 'help out with the expenses' rather than pay 'rent'.
TheRealRayCharles
Member
posted: Oct. 22, 2009 @ 1:34p
Glitch99 said: All this formaility for what could be all of a month?
What's wrong with just letting a buddy crash in your condo until he finds a place of his own? If he wants to pay you for the trouble (or you want him to), he can 'help out with the expenses' rather than pay 'rent'.
And what happens when a month turns into 3, turns into 6? It's better to be prepared than to lose a friendship over not having the balls to kick someone out (or have them hate you for having the balls to kick them out). This way it's all up front, his buddy would have to pay rent anywhere else he went, so it's a win-win, and everyone knows up front what the rules are.
Also, there are different levels of trust. I have friends that I would trust to move in with me and not sign anything, I also have friends that I would charge rent to and hide my valuables.
OP you are doing the right thing by getting him to agree to the terms up front, and making the situation comfortable for you (it is your home after all).
Muscle
Senior Member
posted: Oct. 22, 2009 @ 1:51p
Yea it's not like he's out on the street. His lease is just running up and he's still actively looking for a place to buy. We kicked around the idea of him renting from me for a while now. The "one month" thing is just a buffer in case he finds a place before the 8k credit runs out. If he doesn't, he would continue renting from me.
I just want to get everything in writing in case something goes south, however unlikely. I've learned it the hard way a few times before.
TheRealRayCharles said: And what happens when a month turns into 3, turns into 6? It's better to be prepared than to lose a friendship over not having the balls to kick someone out (or have them hate you for having the balls to kick them out). And how would evicting him as a tenant be any less damaging to the friendship than kicking him out? You'd need "the balls" to do either, with or without a formalized lease, given he's still a friend either way.
Levels are very delicate instruments. Make sure he doesn't damage the little yellow air bubbles.
TheRealRayCharles
Member
posted: Oct. 22, 2009 @ 2:08p
Glitch99 said: TheRealRayCharles said: And what happens when a month turns into 3, turns into 6? It's better to be prepared than to lose a friendship over not having the balls to kick someone out (or have them hate you for having the balls to kick them out). And how would evicting him as a tenant be any less damaging to the friendship than kicking him out? You'd need "the balls" to do either, with or without a formalized lease, given he's still a friend either way.
A) Expectations are clear. There is nothing ambiguous about what is expected from each person, the 'roommate' doesn't say "but I thought I could crash here!". So feelings don't get hurt when they are asked to leave for not meeting the expectations set forth.
B) If, despite the clear expectations, the roommate still exceeds hospitality you have a reasonable legal leg to stand on. No Lease: Ruined friendship Lease: Ruined friendship and monetary judgment for unpaid rent.
Should I draw you a venn diagram?
Muscle
Senior Member
posted: Oct. 22, 2009 @ 3:08p
Is http://www.mrlandlord.com still the recommended site to get your forms from?
Unless you want to risk losing him as a friend, I'd be more a friend than a landlord. Just make him pay $X a month and leave it at that. It's not like you're a landlord and giving him a place that would normally be rented out to a tenant.
You know him best so use your best judgment.
Muscle
Senior Member
posted: Oct. 22, 2009 @ 4:33p
Sigh .. can we leave the morals at the door please? Still have legitimate, unanswered questions. I need to move forward with getting the forms drawn up, so ... Is http://www.mrlandlord.com still the recommended site to get your forms from?
Muscle said: Not yet, I still need to get that document. He's not moving in until everything is signed and I have 1st months rent and deposit of course.
Is there a good place to download templates for these? And yes I will mention renters insurance if he doesn't have it already.Does your condo association allow you (legally) to sublet? If not, then a "lease" may not really mean much.
ilikebtmoney
Senior Member - 1K
posted: Oct. 23, 2009 @ 10:28a
Since he's your friend, don't permit problems to occur so get EVERYTHING in writing, and make sure there's a security deposit, renters insurance, etc. Make it fully legal and understood so there's no room for "friendly" arguments later.
That way.. as "a friend" you're letting him rent, at a fair price, where you wouldn't let anyone else. That's the friend part.
Muscle
Senior Member
posted: Oct. 23, 2009 @ 12:39p
Yes they allow subletting.
Xnarg
Senior Member - 5K
posted: Oct. 23, 2009 @ 12:41p
Find out if he likes to cuddle afterward.
Muscle
Senior Member
posted: Oct. 23, 2009 @ 1:44p
ilikebtmoney said: Since he's your friend, don't permit problems to occur so get EVERYTHING in writing, and make sure there's a security deposit, renters insurance, etc. Make it fully legal and understood so there's no room for "friendly" arguments later.
That way.. as "a friend" you're letting him rent, at a fair price, where you wouldn't let anyone else. That's the friend part.
I'm getting paid in cash monthly (don't want a paper trail). Would renter's insurance compromise this? And yes I'm getting everything else in writing.
LankyBiscuit23
Senior Member
posted: Oct. 26, 2009 @ 9:17a
I would usually agree with Renter's insurance but is this valid when renting a portion of your primary home. I was under the assumption that it voids your normal primary residence homeowners insurance since you're now declaring the property as a rental, or it would void his rental insurance since any incident to the home is under your personal policy. I'm no salesman or lawyer, just from what I've heard (I rent out rooms as well).
Edit: IRS claims a property as your primary if staying there 14 days or more, even if you do rent our portions of the home with the exception of it having its own facilities (kitchen, bath, etc).
Muscle
Senior Member
posted: Oct. 26, 2009 @ 9:37a
Thanks ... yea I assume renters insurance isn't really necessary because I have homeowners insurance and a condo insurance policy (covers some things that aren't covered by HOA or HomeOwners).
resistors10k
Thrifty Member
posted: Nov. 5, 2009 @ 9:52a
Might be a little late for the post? My mom has some distant friends staying at her house right now. Of course a few weeks turned into two months and I see no signs that they're moving anytime soon. Just be prepared for that.
And yes I would recommend getting everything in writing, even common courtesy stuff like "if you drink my beer, it should be replace within 24 hours, and don't drink my last one..."
BruteForce
Ancient Member
posted: Nov. 5, 2009 @ 10:47a
Muscle said: I'm getting paid in cash monthly (don't want a paper trail). Would renter's insurance compromise this? And yes I'm getting everything else in writing.
Can't have it both ways. If you want it done "under the table" then you don't want a signed contract/lease.
Muscle
Senior Member
posted: Nov. 26, 2009 @ 6:43p
Yea good point. The first month is about up and we're getting along great so we'll probably just keep doing things this way.
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