All Forum Posts by: Tim Hunte

Hi,

I rented out a room to two friends over the past 1.5 years and it all went well so I never had to really exercise evictions/late fees/ any other nasty things. However, I talked to my realtor who got started in real estate via room rentals and he shared that as a 'border income' situation you actually have more rights than a traditional landlord. You wont face discrimination lawsuits, and you can evict easier. However, finding good liability insurance will be difficult, call your current insurance company of find an experience insurance broker to learn more.

Also, you should contact your assessor office and tell them that you're renting out x% of your property (at least in Michigan you have to). At the very least call them and ask. Lastly, your lease will look more or less the same as normal but you need to name the address and unit number (ie 123 Main st, bedroom 1) and you need to define a common area. I did this in the lease that I had (1) of my friends sign.

Thanks much for your reply and insight.

Tim

@Tim Hunte Renting RoomsThanks for that insight much appreciated.