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As a new homeowner, I recommend you table the idea of sharing your place with any stranger until you have lived in the place at least a year. First, you will want to fully enjoy the place as your own and decorate, etc. to your heart's delight without even thinking of another person. Second, new homeowners are hyper sensitive to any and every little thing relating to their property. Just accept that you will be too and you will overreact to any perception of "trespass" during your honeymoon period with the place. Buying a residence and moving to a new city is a major life event. Having been thru many major life events, it is a really best to ride the new wave solo (or with a spouse) and not add any more distractions.
I know you are just ruminating over this concept right now. I have given my input about your idea and hold fast to that, and I hold distain for posters who fail to respond to OP questions and go down other avenues. But having lived thru so many transitions in my life, I can't help but give the above input.
As a new homeowner, I recommend you table the idea of sharing your place with any stranger until you have lived in the place at least a year. First, you will want to fully enjoy the place as your own and decorate, etc. to your heart's delight without even thinking of another person. Second, new homeowners are hyper sensitive to any and every little thing relating to their property. Just accept that you will be too and you will overreact to any perception of "trespass" during your honeymoon period with the place. Buying a residence and moving to a new city is a major life event. Having been thru many major life events, it is a really best to ride the new wave solo (or with a spouse) and not add any more distractions.
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?
This (in bold) is the best point I've seen so far with a reasonable explanation as to why this is not a good plan. First, I wouldn't pay three months rent plus a separate deposit just to rent a room to begin with -- second, I certainly wouldn't do it on a month-to-month lease. You're not even guaranteeing that the person can live there for the three months of rent that they're paying upfront.
Your rent might be reasonable for the area, but a much better plan would be to charge more per month with less of a deposit, and actually verify income/employment.
Why would you ask for people's opinions on this forum if you find fault with what everyone is saying?
^That, right there^
The OP came on here asking for approval of his plan. When several posters (many of which are PROFESSIONAL LL's) poked holes in his great idea...he begins arguing.
Bottom line is: you can do what you want, but not many of us will be surprised when you are back on here in a few months complaining about (and trying to get advice about) the horrible person that moved in and took over your place. Be prepared to hear "We told you so" many times...
^
There is a difference between renting in "small town Montana" versus a large metro area.
Quote:
Originally Posted by thatswanlady
Your rent might be reasonable for the area, but a much better plan would be to charge more per month with less of a deposit, and actually verify income/employment.
I too think this is a crazy idea. One more question I don't believe anyone else has asked, how are you going to determine what are "reasonable" amounts of utility use? How are you going to prove it was your roommate's fault?
Renters who share utilities have to work through this aspect also.
You have used the term "Renter" in its correct form, finally! Someone who rents with/from you is either actively a roommate or a tenant. Renter typically refers to a generalization of persons who pay to reside in a location they do not have a legal interest in.
By indicating someone's relationship to you, s/he is your roommate or your tenant....not your renter. Just sayin'
Good LL's are good LL's...doesn't matter where you live.
Different market conditions can demand different rent amounts and different deposits (if legal).
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Someone who rents with/from you is either actively a roommate or a tenant. Renter typically refers to a generalization of persons who pay to reside in a location they do not have a legal interest in. 
