Quote:
Originally Posted by JARblue
Happy Saturday everyone 
Buddy of mine might need a place to stay for a few months 
Not really that interested, but the rental income might be nice 
He said 3 months max. So I'll be sure to draw up a contract agreement that specifies the terms. |
Quote:
Originally Posted by old guy
Jar, I understand the income aspect but, be prepared for an overstay and not be friends after it’s all over. Just saying
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I was once a portfolio property manager, where I oversaw the operations of both commercial and residential properties (for both multi- and single-family homes). If you do proceed with this, I would have an attorney draw up the contract, as if you are missing any elements, the contract could technically be null/void. In extreme cases, you could even be hit with practicing law without a license, if you are not a lawyer that is.
And as Old Guy stated, be prepared for a falling out, as friends that usually live together don't always part ways as such. Even with explicit boundaries, the tenant will have that mindset of "well I pay rent, so I have rights and can do this or that". I remember a time when I rented out a house to a college student, and subleasing was fine as long as each tenant was added to the lease contract. Well, she did exactly that with her "best friend", but then as time went on, the newer tenant would constantly have parties, have random people stay an extended period of time, and overall causes disturbances. I don't think they remained friends, but worse, both of them eventually got evicted.