College Student at Boulder Setting Lease Agreement While Living In House

[Arman Mokhlesi]

Hi Everybody,

I'm currently a Freshman at the University of Colorado Boulder and I am looking at closing on a house next week. I am planning on living in the house next year and renting out the other rooms (3 bed 2 bath). I was struggling with finding a lease agreement online that reflected that arrangement. I was wondering if anyone knows how I would draft this lease agreement and if anybody has any experience with living in the same house you are leasing. 
Thank You!

[Tim Delaney]

Congrats on the purchase! If you are a BP Pro member they may have a lease in their downloads for you. Otherwise search for "rent by the room" lease samples. I feel like I've heard a few podcasts lately with guests that have done this strategy, unfortunately I don't remember their names. But if you find those episodes reach out to the people. One other thought is ask your lawyer that you are using to close on the property - he/she may be able to give you a template of something they use. Or just pay an attorney for one - it could be well worth the onetime fee of a couple hundred dollars.

[Koren Lavi]

Hey @Arman Mokhlesi

Your agent should be able to give you a sample lease or find one from a fellow investor friendly agent. Also definitely do a good amount of research about rental laws in Colorado and make sure whatever lease you get a hold of is up to date with those laws. They change yearly so its important to do that!

[Max Ferguson]

Hey Arman,

Yep, ask your agent first. Finding a random one online is going to be more hassle than it is worth. Sure there is a very small chance that something will go wrong, but with the tightening rental laws spending a little on a proper lease is smart. There have been multiple revisions this YEAR alone for state regulations that most leases online will not have updates on. 

I think the easy button here is to buy the biggerpockets one, but double check if it is up to date on the most recent changes. For further reassurance, you could take their lease to a real estate lawyer and ask them to review it.

Lastly, If you have any friends in the property management space, maybe you could buy their leases as well.