13 House Rules for Keeping the Peace in your Buy to Rent Property
When you buy to rent homes, one model that can generates positive cashflow id the house share method. Renting rooms can be a better cashflow generator than renting the entire home.Management can be a little more involved so it is necessary to communicate expectations and set boundaries to minimize issues in the future.
In order to maintain a comfortable safe and secure environment for all tenants, instituting house rules can help set expectations and boundaries for your tenants.
Creating a document that outlines your expectations is key to keeping the peace and circumventing awkward conversations with tenants down the road.
Here are 13 rules that may help in keeping the peace and avoiding conflict
General Rules:
1. Rents are picked up on the 1st and 15th of each month depending upon your lease terms.
2. No pets of any kind are allowed in the home.
3. All tenants are responsible for maintaining a clean and respectful environment in their rooms and in all common areas.
4. There is no smoking in any part of the home. Smoking can be done outside on the front porch or any of the other decks.
5. Kitchen and bathroom duties are worked out among tenants.
6. Install a a whiteboard in a common area for communication purposes.
7. All rents include electric, and in order to maintain costs, please be respectful and shut off any lights or turn down room heaters when not in use. This will help keep operating costs down and maintain affordable rents for all.
8. Parking is in front of the home only. Rear parking is not permitted unless a prior arrangement is made with me.
9. Trash cans are located behind the rear fence, please use proper trash bags so that trash can be contained and removed easily.
10. Guests are permitted in the home, but are not allowed to stay in the home for any extended period of time (30 minutes) without tenant being present. This includes family members.
11. Overnight Guests are permitted for a maximum of 1 night but must reside in the room and not allowed to sleep in common areas.
12. Guests are the responsibility of the tenant who invited them and must be respectful of the house rules. Landlord has the right to ban any person(s) if they present an issue with the property or other tenants living within the home.
13. Entertaining a maximum of 2 guests per tenant is allowed as long as they are respectful of the property and other tenants within the home. Parties are not allowed.
