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If you wind up actually buying a house ( weren't you recently posting that you will be living in a dorm this summer???) and then doing this, be prepared for the beating you will get from everyone who replies to the inevitable future post about the bad tenant who has either 1) stolen from you or, 2) damaged your house or, 3) parties all night or 4) is incompatible with you or 5) overuses your utilities 6) wants out of the arrangement and you don't want to give back the deposit......
What you're missing is that those income guidelines are not for people renting rooms.
And, those in college towns might not even have strict income requirements on apartments. My son's LL didn't require me to co-sign, and he's living in a popular location with reasonable rent--and he had no income at the time.
Perhaps you've figured out a brilliant strategy, but there are some professional LLs that have decades of experience that seem to disagree with this type of approach, so you might want to research it further before entering into something you'll regret.
there are some professional LLs that have decades of experience that seem to disagree with this type of approach,
They seem to approach my idea from a point-of-view of marketing to many potential tenants. I understand why they don't want to drive away applicants for multiple vacancies and/or lose rental income. However, I will have just one vacancy - which I don't need to fill if no one wants it.
They seem to approach my idea from a point-of-view of marketing to many potential tenants. I understand why they don't want to drive away applicants for multiple vacancies and/or lose rental income. However, I will have just one vacancy - which I don't need to fill if no one wants it.
You don't want to take our knowledge of how to find mulitiple good tenants and adapt that to getting one good tenant?
I will have one vacancy next month. And I will be looking for one good tenant. And doing what everyone suggests is how I will do it.
If you can't get that, all I can say then is...you can't reason with unreasonable people.
I live in a college town and I don't know anyone who would be desperate enough for that kind of arrangement. Who is going to hand over that much money to some random person unless they have a very shady background themselves?
I will have an extra room in my place to rent out. (I have no LL experience). A little rental income would be nice to save for a rainy day, but not mandatory. I'm just looking for a renter who will follow the basic rules and pay rent on time without excuses.
The rent will be $400 a month (includes utilities: W/S/G and Electricity, if reasonable usage). Also, no long-term lease: either party can terminate the rental agreement with 30-days notice. This is very good deal in my opinion when compared to similar places posted on Craigslist.
Then don't do it.
Your opinion is yours, but you're way off in your expectations.
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I will check the renter's recent Landlord references (required) and a basic criminal check. Also, I will ask UPFRONT for $400 refundable cleaning/damage deposit and three months' advance rent ($1200) as a security deposit - also refundable upon moving out without significant damages or owed rent/fees. So, someone moving-in on June 1st would need to pay $400 June rent + $400 cleaning deposit + $1200 security deposit = $2,000 US Dollars cashier's check from a local bank.
Are you going to provide recent LL references and a basic criminal check for yourself and to your prospective renters?
3 months advanced rent? Apparently you live in a state with no statutory limit, but there HAS to be some sort of reasonable limit.
What are you providing for all of that money and rent for a bedroom? Use of kitchen/common space/storage? Are you going to freak out when your stranger/danger roomie uses a pot/pan of yours, sits on your couch, hangs out in common space and watches your tv? Are you going to allow stranger/danger roomie free roam of the entire property, or will he/she be confined to his/her room? Are you going to label "mine" and "yours" and make sure roomie stays in his/her room that he/she rents for $400/month without run of the entire house and yard? Have you thought about that?
Or is there a kitchen/living space set up in that "room for rent"?
Are you allowed, legally, to rent out a room? The city I LL in, you need a boarding license to rent out a room in any type of a property.
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Rent will be continually due in advance (by the fifth of the month) - no exceptions and no using the security deposit. $50 late fee accepted by the tenth of the month (or next business day). Eviction process (if necessary) begins after the 10th of the month. All court fees will be deducted from the security deposit. Whatever is leftover from the $1600 cleaning/security deposit will be refunded after damages are recovered.
Rent is due in advance and by the 5th? What day of the month do you expect rent to be paid? And if you give a day of the month, why would you expect rent in advance?
You can't deduct court fees that you incur on your own and due to your own actions from a security deposit. That is NOT what security deposits are for.
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$1,600 refundable deposit is a lot to ask upfront, but I think it will attract a renter who will back-up (with cash) that they are responsible. Please share your feedback. Thank you.
You're not going to attract anyone who isn't nuts.
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Originally Posted by Sky-Blue
Lots of people can afford to live on their own. However, many are choosing to share housing so they can pay-off credit card debt/student loans or build savings to buy their own place. $400 with me (utilities covered) vs. $900 in a one-bedroom apartment (and pay full utilities). That's over $6,000 a year in savings for them.
And those who want to share, tend to do it with people they know, and go in it together, where all things are equal. Not where one owns and will have a stray hair up their hiney all day long about everything.
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Originally Posted by Sky-Blue
People are desperate to not waste too much money on rent.
People also don't want to rent a room from a LL who lives in the property they own and is an arse-hat.
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Originally Posted by Sky-Blue
I already knew that I can legally require any amount of deposit. Check the link: almost half of the states have no maximum security deposit.
So run it up and ask for a cleaning deposit too?
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I am looking for a renter who can stake a refundable deposit on his (or her) responsibility. Could be a recent college grad or even an underemployed/unemployed person with savings. I've read several thread on C-D saying people are turned away from renting due to not meeting income guidelines (but they are thrifty and wouldn't need 3x rent to survive IRL). A $1,600 deposit is a way to overcome that obstacle.
Sounds like you'd be better off living alone and finding another way to make a few extra bucks.
Last edited by Informed Info; 05-22-2013 at 10:49 PM..
Rent is due in advance and by the 5th? What day of the month do you expect rent to be paid? And if you give a day of the month, why would you expect rent in advance?
June rent is due on or before June 1st. There is a five day grace period before a late fee.
I will check the renter's recent Landlord references (required) and a basic criminal check. Also, I will ask UPFRONT for $400 refundable cleaning/damage deposit and three months' advance rent ($1200) as a security deposit - also refundable upon moving out without significant damages or owed rent/fees. So, someone moving-in on June 1st would need to pay $400 June rent + $400 cleaning deposit + $1200 security deposit = $2,000 US Dollars cashier's check from a local bank.
Since you have a separate cleaning/ damage deposit, the Security deposit is to ensure the rent is paid. No sane person would pay you for three months in advance for a MONTH TO MONTH rental. They would never be three months in arrears, because you would evict them first.
Why would you ask for people's opinions on this forum if you find fault with what everyone is saying?
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weren't you recently posting that you will be living in a dorm this summer???) and then doing this, be prepared for the beating you will get from everyone who replies to the inevitable future post 
about the bad tenant who has either 1) stolen from you or, 2) damaged your house or, 3) parties all night or 4) is incompatible with you or 5) overuses your utilities 6) wants out of the arrangement and you don't want to give back the deposit......
