Money Matters
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Advice for renting out a room
We have decided to rent out our guest room to a European medical student who will be in the US for two months working at a local hospital. We plan to sign a contract, collect rent and security deposit via Paypal and ask for proof of employment/reference.
Does anyone have a sample contract I can use? Any advice on how to background check this person from Craigslist? Any other advice in general?
Thanks
Re: Advice for renting out a room
I can't help you with a sample contract or background check. We have a long time friend of my husbands' living with us. But I will give you this advise on things you may want to add to contract
Most of these things are things I wish we would have done with our roommate, but he was there before I came into the picture so it was hard to change their arrangement, but I wish we would have had the above in place or at least a discussion about with him.
I own a duplex and rent out the other side. PM me your e-mail address and I would be happy to send you a blank copy of the rental contract I use. I'm not a lawyer, nor did I get it drawn up with a lawyer, but it will give you a basic gist of what to include.
Also, technical detail, but until the tenant moves in, you should call the security deposit a "holding deposit". As in, it is non refundable and you all get to keep it if the tenant does not move in (per his/her choice). Then it turns into the security deposit upon move-in. You'll want that all spelled out in writing, as well, upon receiving the holding deposit. Of course, if you decide not to rent to them after a background check, the deposit needs to be returned.
I always find my tenants on Craig's List, though they have all lived and worked in the US before they moved in. I typically verify employment, income, and speak to the previous landlord. I am also going to start doing a credit checks. However, some/most of that may not be easy to do for someone coming from another country.
As others said, establishing rules for the household is key, especially since they will be living in your home.
General FYI, landlord/tenant laws vary DRASTICALLY by state...often even by county. You would not even believe how drastically different it can be. However, you typically won't need to worry about that unless things go really bad and you potentially end up in an eviction situation.
Highly, highly doubt this would happen with the situation you are describing. But, if it does, in "tenant friendly" states, you'll probably want to hire a real estate attorney to do the eviction proceeding correctly. "Landlord friendly" states, you can probably do it yourself. Your county should have their eviction procedure rules/guidelines/forms available online.