Re: Living with tenants - Landlord Forum thread 322078

Re: Living with tenants by jannie (IL) on July 30, 2014 @16:09

I think Been there done that comments were very clear and realistic. I don't know why OP would want to add another roommate unless they were in desperate need of money.
I'm not a "tax person" however, if it were me I would have been calling this money either "other income" or "rent income" on my state and federal tax return. It seems like income to me - it's consistent, the other person is paying something to get a roof over their head.
Good luck. And, OP has been very lucky to have had a good situation.

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Re: Living with tenants by Ko1990 (West Virginia) on July 31, 2014 @15:41	[ Reply ]

Thank you all for the suggestions. I will most definitely consult a lawyer. The people who I will be renting to are all long time friends. Well educated, drug-free, clean, kind, easy to be around. I would not rent out any room in my house to a stranger. Renting out to another person will mean my entire mortgage + utilities are covered. One of them was my roommate in college. The other hangs out at my house all the time as it is.

Re: Living with tenants by anonymous on July 31, 2014 @22:17	[ Reply ]

Good friends get "lucky" and bring home boyfriends/girlfriends. Friends cook bacon at 1 AM. Friends leave dirty clothes around. It is very important that you compile a list of "House Rules" and have each sign it. They need lockable doors. They require notices posted on the door to their bedroom for lease/house rule notices and for room inspections. They may get a hot plate and microwave and cook in their rooms. This would be a home insurance issue. What else--parking, oil stains, loud music, lights off time, visitors, visitors sleeping over, etc.