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Updated almost 2 years ago, 01/14/2023

User Stats

31
Posts
6
Votes
Nkechi Jarvis
6
Votes |
31
Posts

New MTR tenant and help with setting up lease and move in.

Nkechi Jarvis
Posted

Hello BP Community!

I am new to landlording here, I just received my first request from a traveling nurse for housing  through Furnished Finders- the request is for a fully furnished house, utilities included for month to month lease up to 3 months. I hope to set up the lease through Keycheck - I signed up with Keycheck through Furnished Finders, for background check, signing lease agreement (for additional cost through keycheck), and rent collection by stripe on Keycheck platform.  

How do I include an addendum regarding the allowable amount for utility cost after which the tenant has to pay the balance? I would like the tenant to get renter's insurance - is it possible for MTR to obtain renter's insurance? If so, any suggestions of insurance companies that issue renter's insurance for MTR? What should I do if the tenant declines to obtain the renter's insurance? What additional Landlord insurance can I get to cover my LLC as the home owner's insurance will not cover rental? The lease will be between my LLC and the tenant, even though I own the property under my personal name.

Can I contact the nurse's staffing agency or employer for a reference? Some people say they skip this as they feel the nurse has already passed all background checks before approval by their employer.

How do I deal with inventory/furniture in the property as I have heard how STR/MTR renters walk off with items used to furnish the house when they leave at the end of their lease?

I plan to ask for one month rent and one month refundable deposit, even though when I checked on Furnished Finders to see how other landlords advertised their rentals, the amount of most refundable deposits appear to be less than the monthly rent.  Is this the case for month to month lease? What if the renter requests to terminate their lease before the end of lease term for any reason, should this be included in the lease?

What else do I need to cover on the lease agreement to protect myself and my property? Any other useful tips are welcome!

Thanks in advance for your suggestions!

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