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Updated almost 6 years ago,
Lease for House Hacker vs Traditional Landlord
Hi BP!
TLDR: Looking for tips/suggestions/thoughts on tenant leases for a house hack (live-in) landlord vs a traditional (non-live-in) landlord.
Full Post: I am a soon-to-be house-hacker (closing on a 4 bed this November, will live in 1 room and rent out 3). I am working on the draft lease template that I will use for my 3 tenant-roommates. Are there any differences in the language, clauses, etc. that I should consider? (To save time, I am already aware of my state laws, standard clauses, etc.) I am more so looking for anything one might not have to think of with a standard lease, considering that I am 1) living there myself and 2) the house is being rented per room to each individual, rather than the whole house to a group of individuals.
Just as one example: the "Right of Entry"/"Notice of Entry" clause. How do I word this considering that I live in the house 24/7 - do I specify that "entry" will refer to their individual room within the house? Just one example of some of the discrepancies I am hoping to resolve between standard vs house-hack lease. Any thoughts/tips/suggestions would be appreciated!
Thank you!