New Realtor as well as first time home buyer

[Mark Towey]

Hello everyone, this is my first post on the bigger pockets forum and I’m excited to get started. I have a question regarding myself about to be a first time home buyer and renting out the other bedroom or bedrooms to tenants, which will be friends of mine. I am wondering how I should go about charging them rent and what kind of lease I should set them up on? What is also the common items I should include in their rent, like utilities or cable? Should I have them sign some kind of paper work or documents outlining the terms? I am still in the beginning process of buying my first home and navigating real estate as a new realtor so if anyone has advice for me regarding this tenant rental situation, I would greatly appreciate it!

[Conner Olsen]

Quote from @Mark Towey:

Hello everyone, this is my first post on the bigger pockets forum and I’m excited to get started. I have a question regarding myself about to be a first time home buyer and renting out the other bedroom or bedrooms to tenants, which will be friends of mine. I am wondering how I should go about charging them rent and what kind of lease I should set them up on? What is also the common items I should include in their rent, like utilities or cable? Should I have them sign some kind of paper work or documents outlining the terms? I am still in the beginning process of buying my first home and navigating real estate as a new realtor so if anyone has advice for me regarding this tenant rental situation, I would greatly appreciate it!

It's best to keep a flat rate for utilities and not have the awkard 'venmo me $X' conversation. Get them to set up automatic bill pay as well so you and they don't have to think about payment. You should absolutely have them sign a lease. Apartments.com and BP are great spots for the lease.