renting indevidual rooms

[Brad Pietrzak]

I just had a buddy advise me to house havk i agree with it. Ive been looking for duplexes for a while now have a few in mind for my va loan. He also said when you get one try and rent each indevidual room out if you can to get more money so your start in real estate investing goes alittle smoother. How would i go about renting each room exept mine in the duplex work? Legally. Can i do it on both sides? Im really curious about the legalitys of it?

[Natalie Schanne]

Brad Pietrzak Daria B. -
If you want to rent individual rooms, create a rental agreement for that room with joint and several liability for common area damage. Mine is 4 pages.

I rent rooms and try to get 1 year leases. I charge +50/mo more for 6 mo or +$100/mo more for month to month. I offer basic furnishings.

To move in, I require upfront first month's rent 799/mo + $100 utilities + 799 security deposit.

Anyone who can't come up with $1700 isn't a tenant I want. The tenants usually show the house and interview the next tenant/roommate.

I get $3000/mo by dividing it instead of $2000 for the whole house. This way is slightly more work because each tenant moves out every 6-18 months, instead of a family staying for 5+ years. Overall there's always monthly cash flow covering the mortgage.