Advice needed from seasoned landlords

[flex]

I'm seriously contemplating renting my house to two of my sons.

I need advice on the language to use on the rental agreement. Any suggestions would be great appreciated. tia

[walterismydog]

This is fairly simple, but www.agreementtemplates.net/rental-agreement-template.html

There are a ton of them online for free, some complicated, some not. Just google "rental agreement template" Good luck!

[mkesweetie]

I think you're going to want to get state specific advice on this one, since what is and is not acceptable varies *widely* by state. Things to consider are security deposit, utilities, damages, renters insurance, yard work, and payments/late payments/late fees.

Some states let you charge a flat "Late Fee" and some say you can only charge up to X% of the monthly rent.

You should require your sons to obtain and provide proof of renters insurance prior to "moving in".

Remember first and foremost that this is a business relationship, because it can get hard when payments come in late, damage is done to your property, or things are left in a total state of disrepair. Be as specific as you possibly can about which party is responsible for what.

I've found www.ezlandlordforms.com to be pretty good for any specific forms, and even lease agreements, but you can't discount the value of an attorney to review/correct/create these documents.

Hopefully they'll live there for a long, long time and pay on time and keep your house in great shape but you want to make sure you're protecting yourself and you property for/from as much as possible!

[flex]

Thank you so much for the advice, ladies. It's sincerely appreciated.

I hope they're there for a long time too--at least until I move out of state. I trust them especially if repairs need to be made. DS#1 has been helping me with upgrades.