Im thinking of renting out our spare room. Any tips on how to find a good lodger and how much to charge etc?
Answers: I don't know about prices because I don't know what part of the world you're in however here are a few tips (my partner and I own more than one propery, we rent out a 4 bed house to 5 people):
- Go on the internet and register with these "flatshare" websites, a lot of them are free and you can get an idea of what the person is like (also the prices in your area) because there is a section for the tenants to fill in, describing what they are like/are looking for.
Many people will write a decent paragraph but some only write things like "need double room" "flat with students", i.e. they hardly give any info at all!!
I don't bother with the latter because imagine having to deal with them on a day to day basis!
- Tell prospective tenants that you'll need:
1) Proof of bank account (statement/letter from their bank). Tell them you don't need to see their transactions, just the top of the page where their name, address and account details are.
2) To see & photocopy their passport
3) A brief (can be verbal or email) reference from their employer. Get their company name and boss's name but ring up the company anonymously 1st, to check that "boss" is actually who the person claimed they were, not just the person's best friend masquerading as the boss!
- BE HONEST. When people have rented with/from me I say: "Look, this flat is to be kept very clean, If you are not the sort of person who cleans up after themselves every day then YOU won't be happy here because everyone else will be angry with you and I won't be happy because you are making them angry & disrespecting my flat."
Usually, if they're not tidy people, this makes them think again.
- Get one month's deposit immediately, for which you give them a receipt (to secure the room) then get 1 month's rent IN ADVANCE, BEFORE they move in.
GOOD LUCK!
Any questions just reply and I'll keep my eye on this question.
Use rightmove.co.uk to benchmark rental rates in your local area.
If you aren't too desparate for the cash now, I would start with placing a few adverts in the sorts of places you would be happy getting lodgers from (i.e. if you are a student, somewhere on campus, a local shop where you know the people). That way you can see what sort of interest there will be, and interview anyone promising.
You can get $350. to $500. per mo. Inc. utilities. Try to get someone who is at work a lot and not there much. Basically sleep there. With a good job. No drugs. Or you will be sorry.
Put your deal in writing.
I'm living in a rented room and the people I am staying with put their advertisement on Craigs list. They charge me $400 a month and they had me come down and meet them in person and told me that they would call me if they wanted me.
Think about all the cons and decide if you could still handle it. I know the money comes in handy but my friend rents out her room and its driving her mad!
The lodger eats her food, takes ages in the shower, leaves the lights on, makes lots of noise and is very untidy!!
Make sure you set firm boundaries and set out all extra charges clearly.
The price depends on where you live, the size of the room, facilities and the condition of the house.
My friend charges £70 per week for a double room, this includes usual bills except phone and food (well its not supposed to include food but she eats it anyway!)
The best advice I could give is to ask round and get friends to ask their friends if they know of anyone. At least if it is somebody you know of you have a better chance of them not being a complete lunatic!!
Good luck and I hope it works out for you x
Check-out craigslist.org for similar room rents and price accordingly. Price your rental 20% higher than comparables and reduce each week if no one responds. Generally speaking, the higher the rent you can charge, the better the prospective tenant.
Treat the room rental like any other landlord-tenant situation. Have the applicant complete an application, pay a security deposit, sign a rental agreement, etc. Make sure you have written rules about you policy on overnight guests, shared utilities, late payments, 30-day written move-out notice, quiet hours, guests/visitors, etc. (these rules will apply to you as well).
Have a screening company run the background check (criminal, rental, employment, credit, etc.). Also, in your interview with prospective tenants, make sure you have compatible lifestyle. Feel free to discriminate (if you're in the US, fair housing laws do not apply to roommate situations). Go with your gut instinct. If someone's story does not feel right or you get strange vibes, don't rent to them. It's much harder to get someone out.
House dispute beside Brother-in-law?
Two years ago, my husband and I went within on the purchase of a large home beside his then-single brother. They split the down payment on a $660K home and respectively put in $30K. Then they split the mortgage & upkeep at a cost of roughly $3K respectively per month. Now, 2 years later, his twin is roughly to get married and move out. He have adopted the attitude that my husband and I owe him his down reward of $30K plus some of the money he paid contained by what he is now calling "rent" for the ultimate 2 years. Problem is, as I'm sure you know, the housing market is down and we own most likely lost our equity surrounded by the house. I told him it's not fair and that if we sold the house today, we would own no money and he had the sassiness to say to me "I won't allow you to do that". I'm really p.o.'ed right very soon and not sure how to handle this. I don't want to screw him over, but I don't come up with what he proposes is fair. Does anyone own any advice?!Answers: It's other tricky working with domestic.
Is the brother emotionally driven, or is he very analytical?
There are different tack to take near both.
If the brother is highly analytical, come straight to him and present the numbers.
The home is worth X
The loan is worth Y
Down payments be equal
Monthly payments were equal
Upkeeps costs be paid equally
x-y = Equity
Since 1/2 go in
And 1/2 be paid on the mortgage
And 1/2 be paid on upkeep by him
Then 1/2 of the Equity is what he should logically take...
Then you should get an independant appraiser and enjoy the home value checked. Then "buy him out." Give him his partially of the equity (either from your own pocket or througha HELOC on the home) and get him to sign a release to adjectives future claims on the home.
If he's emotionally driven, come at him side ways. Tell him your most modern horror stories, how bad the opportunity is with our brand new boss, etc. REflect on the economic slump and how's it affecting home values. Say that the home is undervalue so even if you sold the home, by paying him his 30k, you'd lose your 30k as well. Could he I don`t know work out a partial now and the rest when housing turns around, or conceivably some moeny everymonths until the house can be sold for a price near what you rewarded for it? Please?
Don't start the conversation about the home by chitchat about the home, only just have it drift in that gradually.
However you approach him, brand name sure you get to sign something stating that he's giving up adjectives future claim on the house. You don't want him coming rear legs in 5 years and saw, "wow, that house I helped you buy is worth 900k, I want my partially of that."
Your borther-in-law went within 1/2 of everything? And lived there next to your husband, then he is entitled to 1/2 of what the house is worth. If he is moving out and man taken off the creation, he gets 1/2 of the effectiveness of the house ...not what it is worth a few years ago.
If you are doing to a deed verbs (removing him) you need to hire a Real Estate Attorney and I am sure he can impart you better legal support.
Good luck!
I would consult with an attorney.
Maybe you can find a middle ground. See if you can engender a payment arrangement to recompense him the 30k, in exchange for him signing a quit claim work. So that in the adjectives if you decide to market the house, he'll have so enunciate in it because he signed the document. Tell him you WILL NOT repayment the payments because it was RENT and NO WHERE surrounded by AMERICA is there a place you can live RENT FREE. (except conceivably your parents house, and if you are over 18 you are pushing it.)
I wish you the best of luck because it is complex to resolve things like this amicably near family.
Ok, here is the problem beside your BIL's theory.
He is lawfully entitled to 50% of the equity in the event of a Dutch auction. If there is no equity, afterwards he is entitled to nothing, but he is still legitimately responsible for 50% of the taxes, the mortgage, etc...and you can STILL sue him and force him to pay those charges.WHO lives surrounded by the house is 100% irrelevent.
He does NOT get partly of the VALUE.
It is a matter of contractual necessity. Him signing a quit-claim deed removes him from the title but not the mortgage, and your BIL would be a fool to sign such a document...b/c he's still rightfully on the hook for the money.
Housing is an investment. You sometimes make money, you sometimes lose money.
The globe is in your husband's court.
Looking for a free website that posts foreclosures?
Any good ones out at hand?thanks.
Answers: afaik, none that are worth knowing roughly speaking
and plenty of the paid ones aren't impressively good any
why anyone would spend money to provide something of value for free is a puzzle.
you may start one though, if you desire.
Once they get up on the trellis or foreclosed it's too late. You hold to find the people who are surrounded by pre-forclosure. It should not be too hard to do surrounded by these times.