Going to be a landlord - tips?

[Gizmo]

Hopefully for the short - mid term we are going to be having a friend staying as a lodger (official for council benefit etc).

I've already set up the basic agreement using a form one and we are setting him up a guest code in the alarm system too. The council will pay his rent straight to us so no worries and arguements about that!

Any tips? Never been a landlord before!

[Rhion]

Take photos for the condition of the property. Since you're renting to a friend, it shouldn't be a problem, but plan for the worst, hope for the best.

Check your local tax laws to see what you can write off as far as maintenance and improvements go. You may be able to improve the property and claim deductions.

[Gizmo]

Step one for me: Check the key you had cut actually works... glad I did that before I gave it to him as it doesn't - its been cut too deep! Doh! (Trip back to town on monday to sort that one out!)

I definitely will take photos before he moves in next week as a precaution.

As for write offs we are relatively boring in the UK. I can't get anything back as a write off but I don't have to declare and pay tax up to about ~£80 a week (£4250 a year) and we are charging less than that.

[csquared]

If I am interpreting that correctly, he is renting a room and not a house. So...

Rules that need to be agreed on:
Meals, food availability and food storage.
Use and cleanup of common area - Living room, kitchen, bathroom, etc.
Visiting hours for guests. Overnight guests?
Noise levels and hours.

[taxguykarl]

The three D's: Document...DOCUMENT! DOCUMENT!!!!

Take csquared's tips and get them in writing, signed by this tenant. Remember the lawyers' cliche: If it's not in writing, it didn't happen.

[PepperElf]

The three D's: Document...DOCUMENT! DOCUMENT!!!!

ya i was gonna say "document". also consider getting an actual lease / legal document. and bone up on what your local landlord/tenant laws are so that you don't end up shafted.... either from your tenant doing stupid stuff, or from you yourself making mistakes that end up costing you etc.

and since the tenant is renting a room in your home, you may want to investigate having key-locks on bedroom doors etc. (yours included)

this protects both you and the tenant. your tenant can then have privacy & security of personal belongings when not at home, and you yourself can ensure your own security when you're not at home too.

[Gizmo]

Thanks guys, I'll take it all on board. Yes, its a room in the house, not a separate residence.

Most of C-squareds list is done - overnight guests haven't been covered but the rest has been covered already - we will write it down too though when we sign the agreement formally.

As for locks it is a friend - a good friend - but I'll give that thought.

[Aethian]

As for locks it is a friend - a good friend - but I'll give that thought.

This is something you have to remember. Your taking a new hat with this friend. There is the friend hat and there is the landlord hat and you have to remember they are NOT the same hat.

[Gizmo]

This is something you have to remember. Your taking a new hat with this friend. There is the friend hat and there is the landlord hat and you have to remember they are NOT the same hat.

I do appreciate that. Thank you.

[Jay 2K Winger]

All the advice given so far is good.

My advice? Don't be like the Scumlord from Seraph's War Story, The Domicile of Despair.

[It's me]

It doesn't matter how good a friend you are...

Don't assume ANYTHING!

This person may find it perfectly acceptable to store dirty dishes under his bed. Maybe he likes to shower for two hours at a stretch. How are you going to keep food straight? What about having friends over? Overnight friends? In his bedroom? Sleeping on the couch? Who gets to decide what to watch on TV? Does he have a car? A bicycle that needs to live indoors? Does he practice the oboe at 3 am?

For homework on this topic I suggest watching Judge Judy

[Sapphire Silk]

This is something you have to remember. Your taking a new hat with this friend. There is the friend hat and there is the landlord hat and you have to remember they are NOT the same hat.

Quoted for Truth.

I lived with two good friends in college; we rented a house near campus. My friends were engaged, but when he started acting like and asshat and she dumped him (moving out literally in hours, when A. and I were at school or work), he turned into Total Jerkboy.

I had to buy a dishwasher because he would never wash a dish. He would spend literally 3 hours in our single bath house soaking in the tub. He left food all over the place, it turned into a pigsty.

The final straw for me was when he was unspeakably rude to my mother after I'd been hospitalized with a life threatening illness: he resented the fact she stayed with us for a week (sleeping on a love seat) to take care of me because I couldn't be left home alone. A. had technically moved out but was there all the time because his girlfriend was one of my housemates. So because he was there practically 24/7 anyway, I started charging him rent. He didn't like it (he was paying rent at his other place), but I told him if he didn't pay up he was no longer welcome in MY house (lease was in MY name alone). He knew the Landlord would back me up, so he coughed it up.

But on the flip side of the coin, my OTHER roommate at the time (who'd just moved in a month or two before) was a darling who ran errands to the grocery for Mom while I was sick, and was constantly checking on her to make sure she was OK, and that I was OK.

So, YMMV.

[EricKei]

Well, a written contract protects both you AND your friend. Maybe phrasing it to him that way could be a way to get him to accept it if he has resistance. Be sure to include wording to the effect of "<tenant> is responsible for X Y Z" (maintaining a clean house, keeping the lawn mowed (unless you do that), any utility bills he pays, etc) and "<landlord> is responsible for A B C" (regular maintenance, repairs if something breaks, changing the air filter in the Air Conditioning system (if applicable), any bills you pay, etc)

[sms001]

As for locks it is a friend - a good friend - but I'll give that thought.

And locks don't just protect you, they protect your friend's reputation as well. It saves them from wondering if you suspect them.
I'm VERY trusted at work, but if I need something from management's office, I take someone in there with me. That way if anything is ever lost/misplaced/stolen, they don't even have to consider me, which saves stress all around.

Also, look into any increased liability you may have on the property. Friend or no, here in the states accepting money automatically confers heightened responsibilities on the property owner.

[PepperElf]

oh and don't forget to look into the local laws to see if there's any taxes involved.