Quote: (12-18-2013 05:13 PM)CaptainChardonnay Wrote:
No one I rent to is on the lease. I don't know the law but my name is on the lease so they're on my property. But as BB already points out, yeah its very informal. These students are here to have a great time and study, they don't want drama. In the house we treat each other as family. Also, I don't hide to my tenants what I'm doing, they're fully aware of the money situation and how it works, I also make it pretty clear that I took out a loan to pay for everything and that I must pay it back. With my place, all they do is come, pay rent, live, and we go out and have fun occasionally taking trips. With other places, they must sign a lease, don't know who else they'll be living with, don't know what to expect, maybe buy then sell furniture, and at the end of it, they must find someone to take over the lease from them when they leave the country. With my place its less headache.
Don't get me wrong, I think your business model is great, but eventually you will want to get rid of a tenant, and discover he won't leave voluntarily. Even without a written lease, they get the same legal rights as any other renter.
So when that happens, make sure you go by the book. In my state in the US, you give 15 days notice to evict, then after that 15 days you file an eviction request in court, then two or three weeks later you show up to court and get a judgement. Yes, this means he gets a month or more of free rent, but that's how it goes.