Best ways to rent out rooms

Inexperience Property mangers often rent out rooms in the same way they rent out houses. This is actually a terrible model to follow because of the shared area such as kitchen and living room.

The best way to rent out rooms is equivalent to following the same model as renting out a hotel suite!

If you are living in the same house sharing entrance or kitchen, you do not need to follow the Ontario Renter's Tribunal and can actually regulate anything you want so as long as it is in writing and agreed upon.

Thus, by renting out rooms like renting a hotel suite, you can safe guard the common area and charge fees for excessive damage or dirtiness. Etiquettely speaking, common areas need to be as clean as they were before the tenant used it.

To safe guard such issues, you, the landlord, need to collect their Credit Card just like hotel manager. When damages, excessive cleaning or use of items that isn't theirs, you are entitled to charge them.

If they do not have a credit card, do not rent to them.

Secondly, make sure you do not rent to cheap tenants. Some tenants, like customers, believe they are Gods because they pay the rent. But, obviously, they are not and the rent really is not that much. One thing to prevent cheap tenants is to check their payment method. Do they pay in cash or cheque? If they pay in cash it is becuase they are too cheap to buy cheques.

Third, make sure you get 12 post dated cheques. If they can't do that, then they are too anal and will be a pain to deal with when a real issue occurs.

Fourth, only accept tenants that are fair and reasonable. It is not worth your time to have tenants that are demanding and sneaky. Some tenants, like customers, will try to get away with as much as possible. If they see they could get items for free or abuse items such as hydro and utilities, they will be difficult to address real issues and are too self-absorbed to have a mutually benefitting business relationship.

Fifth, better to wait for the right tenant, then to settle for less. Sometimes, landlords see that having the rental unit empty cost them a month's rent, so landlords want to quickly rent out. But, trust me, getting a wrong tenant could cost you more than month's rent and may be a lifetime of psychological therapy.

If you are going to rent out rooms, better to wait for good tenants, the deal with bad tenants living in your house next to your own bedroom!

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