Has anyone bought a place and had a friend move in, making you their landlord?

Marlin: Has anyone bought a place and had a friend move in, making you their landlord?
I am planning on buying a 2 BR apartment and renting one of them to one of my close friends. Has anyone had experience with this? How has it worked out?

Answers and Views:

Answer by ronidl76
My own sister moved out on me when I bought my house and agreed to have her live with me and pay me rent. I was stuck with all the bills.

Answer by Stevie B
I did the same thing – but just remember – you have to treat him as you would treat anyone else in a business relationship & make sure that he knows that as well…..I would require him to sign a lease, with set rent payments – defined late fees, etc, etc, etc….

It is one of the best ways to test the strength of a true friendship – make sure he sees that you are doing him a favor, but that it is also a business for you as well…..If everyone goes into it with all eyes open & no punches pulled – it can often be a very rewarding experience. However, it also has the potential to ruin a perfectly good friendship….

Hope that helps….

Answer by I’m My Son’s Mom
yes…and you may or may not be friends when it is all over…this will depend on if you treat this as a business or a friendship.
keep everything about the renting strictly professional. get a signed rental agreement by both of you (you landlord – her renter), make sure you do a walk through of the bedroom and/or baths and note any damages (before she moves in and when she moves out). make sure you charge her a deposit equal to at least one months rent, so if she skips or has damages…you have the money (and put the money in a savings so that it is there when needed)…if she leaves in the future and all is well, you can refund the deposit.
make sure it is clear about pets, and overnight visitors and parties etc etc…
if you need forms – go to your local book store…there are two books —one called Tenants Rights and one called Lanlord Rights -both put out by NOLO…in the back are all the forms you will ever need…tear them out and make copies…and you should be good to go.

good luck to the both of you.

Answer by CMR2006
This can work out great, but it could also backfire on your friendship. If you want to do this, have your friend fill out a rental agreement just like you would for anyone else. In the agreement be sure to outline what is included in the rent (kitchen privelages, etc) and what is not (1/2 the electric bill, etc).

The best way to maintain your friendship and have a decent roomate is to make sure that all parties know exactly what is expected of them. What happens if/when your friend moves out on their own? Are you going to re-rent? How would you go about this? What are the expectations going to be for your ne roomate? What ever these answers are is what you should be telling your friend….

Best of luck. This could be one of the best ventures you get into, but it could just as easily be one of the worst if there are mistaken impressions or expectations….