Landlord

[Russell]

This has quickly become my least favorite job, last summer I bought a house in “inner” city NW (not totally inner city, but by today’s standards it is) and since then I have had a revolving door of roommates. I currently have 1 room rented to a really good friend which has worked out great and have rented another room to 3 different people. I have had a bad luck with renting the one room over the last 8 months, each of the 3 times people have left it has been because of finding work somewhere else. My question is what is common practice when taking in a new roommate, do most people ask for first month’s rent, deposit and last month’s rent? Should last month’s rent be cash or a post dated cheque?

[Stonewall]

Re: Landlord

All deposits for renting need to be cashed by you and held in a separate account. Any interest earned on that money is then returned to the renter when they leave (it is usually 0% interest though). Remember you are running a business when renting out your place.

[tm.88]

Re: Landlord

Take what the rent is worth as a damage deposit and take last months rent. This is to be held in trust by you (if you just renting one home, larger projects it would be held in trust by your lawyer most likely) you should fill out a contract as to who the interest if any goes to. And just go from there.
I was contacted yesterday by a individual on Shawnessy who is thinking about listing his rental place due to the same problem of keeping people in.

[Russell]

Re: Landlord

If I had my way I would only be renting to my buddy but I have 1 year left of school so I will have to put up with it for 8 more months.