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Updated over 11 years ago,
Need Some Direction - Subleasing Question
I just recently bought a duplex and have signed my first lease with a tenant. This is my first property, so I'm pretty new to all this.
She is a great tenant who can more than afford the rent on her own. She signed a 1 year lease with me for the unit.
She would now like to bring in a roommate on a month to month basis who would pay her an amount that they agree on per month to live there. She is willing to continue to take all responsibility for the property, paying rent, with no changes to the lease. I would collect the full rent from her alone. The idea of brining in the roommate for her would be so she can save money and pay of some loans from school. She can more than afford the property on her own like I said.
She will collect rent from the roommate at her own discretion and the roommate's time there will also be agreed upon by them.
I think I am okay with this. I am still doing a background check, credit check, reviewing previous tenancy, etc, on the new roommate.
The question I have is how do I work this out logistically and contractually? Do I sign a new lease? Do I just let her move in? Do I add her to the current renter's lease as some sort of dependent? How do I do this in a way to protect myself and to keep control in the future in the event something goes sour? I obviously don't want this to become a norm for either of them, so they think they can just bring in whoever they want whenever they want to live there, like boyfriends etc...
Any direction you guys can give on this would be very helpful.
By the way, I'm paying $660 a month, mortgage, taxes, and insurance and I'm renting one unit for $850. I live in the other unit. I'm making a net $190 a month and have a free place to live to boot!!! I think there might be something to this real estate thing.