I followed Max's advice about a year ago, using his questionnaire for new roommates, lease template, etc. It's been a great year, I made a lot of money with roommates. Thanks Max!
Hi,I had been renting my rooms for a few years.Because lacking of experience and no one to ask,also I was always feeling bad for others and try my best to help and I was end up living in a horrible situation. Untill now after I had been through alot of troubles I a still choosing the wrong one and I have end up giving him a notices to let him go.I will watching your video again to follow your advice cause my English not very well ...oh maybe because of this reason and so compassionately to help others that why I end up my self in the dark room crying for so long!!Thank u for talking your time to reading my messages. Good luck to everyone, be safe and God bless.😇💕
Rent only to Hispanic people. Only the people who speak your language. Don't let other people yell at you or ordering you anything. Call police if you have to
@@mbec9314 That's funny, call police... My first roommate called the police on ME (after she caught me recording her telling someone on the telephone that she was going to lie to the police and say I had admitted to stealing her money) because she lost $200 and thought I must have stolen it (since I had a motive: she had recently decided and told me she wasn't going to pay any more rent). So, she attacked me for recording her. Then she called the police to say I had attacked Her. They came, looked over the situation, and arrested her.
Great video. I've rented out my extra rooms for 5 years. I've deafinitely had a couple that I should NOT have rented to. I currently have a room empty so I want to make sure I vet properly and have a solid agreement in place this time. You would think I'd be an expert after 5 years lol. The first two were friends of mine who ended up not paying and taking advantage of me until I finally gave them the boot. So there's definitely something to picking the right roommate. I also did start out with one initially. Good advice.
BEST video out there! Thank you so much! I all of a sudden saw my self in a situation that roommates are needed and you gave me a step by step, and gave us the forms. I was so worried about doing that and you took some of my anxiety's away! thank you again.
I disagree with "Be a friend". This is primarily a business relationship. Too many tenants will take advantage of you if they think they're your friend. I would replace that with "be friendly, but not a friend" until you know that the tenant can be a friend and keep that separate from the business aspect of your relationship. That's pretty rare. Keep in mind there's a reason the sayings "don't mix friends and business" and "don't mix family and business" exist for a reason. The saving grace with you being the landlord is you can revoke the relationship and keep the business because there is a signed agreement.
I disagree with your argument, it really is better to be a friend. Respect goes a long ways. I've been training workers at my job for the last 20 years and tried having roommates in my house after my divorce last year. I dont have to act "the boss," it's obvious who they pay their money to. I never need to pull rank. If I need to criticize a behavior or action, I do it friendly and tactfully. I have 4 roommates and we manage just fine. Just set expectations high with a super clean house when a new roommate moves in and get existing roommates involved. We all say that this is the way we keep the house at all times
Great information.Thank you. I am a first-time landlord for a roommate. I have rented out my second floor for 35-years. My current tenant has been with me for over 30-years. I have a couple moving in shortly to rent a room from me. I asked them a lot of questions. Still, this is different than renting out an apartment. They will sign a rental agreement tomorrow. They are Free Staters who left California and moved to NH as part of the Libertarian Free State Project.
Thank you Max! Im going to check out your templates. Im an "Infj" lol. Introvert, with outgoing tendencies, have to say, thoughtful with people in my home. I have a cute house on riverfront wooded acreage..as an older woman with an artists studio out back, Im here but busy 18 hrs a day plus out caring for property, my present- first "roomate" has had the fully fitted house to themselves, plus I go out of town 2-3 X a mo. for 3-4 days aat, helping kids w new grandbabies so hes had it made, but does nada damn thing to maintain things...I didnt use the basics: documents or deposits, when allowing family member to take the space, easier since it was overwhelming (but needed) thinking of attempting the lodger thing... Im ready to do it right; learned a thing or two. Trying to get my space back to try again is proving difficult while there are health safety and other violations happening. Well thanks again. Good job, good head on your shoulders and a good heart. Well done :)
Thank you! It's important to always document everything! It's to protect landlord and tenant. Sounds like your place would be a good place for a weekend off the grid for me! 👍
I wouldn't rent out a room with furniture unless necessary.and then not expensive end table,lamp,bed,because people now a days,leave when no one is home,& take tour furniture with you.however if they need a furnished room,I will have them leave a sperate security fee for what it cost me,this covers damages as well.lets face it, can't keep replacing items when they leave.it s expensive..
The most surprising thing is it turns out I actually like having a bunch of roommates. It reminds me of growing up in a full house. And it's easy to get along when these valued houseguests are paying my mortgage and utilities.
Thank you for posting! What state are you in? I am assuming that the documents on your site you suggest downloading apply to only the state that you are currently living in as rental agreements very from state to state. I am in California.
Hi Marc! You'll want to make sure to edit the rental agreement as you see fit. The one you can use as a model from my website is a standard form that I have personally used for houses in California and Texas. You can access them and take a look at maxmymoney.org/rentyourroom. Enjoy!
I have used Craigslist to find all my roomies. Click on the pinned comment and you can have access to the roommate & lease agreement I've used for years with success.
Good video, and a good place to continue my research. My question centers around the taxes and how to best go about accounting for the revenue. I have been the tenant in shared houses in the past and saw some that had an LLC, some had a Sole proprietorship, and some just used a schedule C on taxes. (Washington state has no income tax.) This might be state specific, but which is better? I've gotten several different bits of advice, between sole proprietor and schedule C.
Maybe you can reach out to your previous landlord and ask them why they did it a certain way? Perhaps you can reach out to your CPA? This is very state specific question that would be best answered by someone who lives in your state.
Good video. I currently have a roomate (I own my two bedroom house in the midwest) and with all the cost of living on the rise I'm trying to figure out how to start a conversation about raising rent. Good tenant been with me 1 year in and his lease expired in April 2022 and he currently pays $500 a month but utilities have gone up a little within the year and just trying to figure out if extra $50 a month is fair? What would you think and is it even worth it?
Questions I'd ask myself in your situation: 1. if I raised the rent $50 would the roommate move out? 2. Has this roommate given me any issues (late payment, loud music). I have found sometimes it's best to not raise the rent and sometimes it's a good idea.
@MaxMarvelous thankyou for the response. I showed my roomate the electric bill and how much it's gone up and he volunteered to pay extra $50 a month. Going forward I purchased an Emporia electric energy monitor so now I can monitor all the electricity. Reason why I'm doing this is because my roomate is an online gamer and his custom built computer is drawing over 230 watts and he's always on it after work, so add that computer usage to normal Ac / heat/ washer dryer use and my Kwh usage has been high. Now it's time to monitor and kill the small (phantom power) watts to help save on usage. When will you post more content?
Great tips. What are your thoughts on how much to charge? Where can I find comparable rates? Is a flat fee best or should we split utilities? Renting to a close friend who is more extroverted than me. He will be here about a year.
well, how much does a 1 bedroom apartment rent for in your area? I've always included utilities in the rent cost. I'd start there & then charge what you believe to be fair.
I want to rent out 2 rooms in my house but if people are not able to work or find jobs, pay their personal bills and things are closed . How would they be able to pay me rent? Right now we are all stress out. should i still advertise the rooms?
It really depends on a lot of things. Is the real estate market hot in your area? Do you verify income? Are these people you know or strangers? There are lots of people currently working from home. You can ask for 3 months of rent in the beginning.
I can’t tell you how helpful this video is, I had to share a bathroom & bedroom with a sister growing up who was a nightmare to share space with so I can really appreciate the need for boundaries. Thanks for the video!
I have only used craigslist with success. I've found out if you write out a detailed enough room ad & require a deposit you weed out the undesireable roommates.
Max Vincent i has a Craigslist add but the next day it was taken down because it was “flagged” with no warning of what it could of been violating. Not a good first experience
@@MaxMarvelous Do you run background and credit checks for the room? I am having a hard time filling my space and I am wondering if that's the reason. I do not feel comfortable having someone in my house without background checks.
Make sure your ad looks authentic & show actual pictures of the room. I have had my ads flagged before. Just make some edits & resubmit. You can email me and I'd be happy to take a look. max@maxmymoney.org
How much time do I have to give a roommate to move out if I'm evicting for not paying several payments? 30 day? 90 days? No contract or any paper agreement was established.
@Ms Tina My mom always taught me if you don’t have something nice to say then don’t say it. You could stand to write that one down. There are 2 content creators I really like who overuse the words “like” & “literally” so much it drives me nuts, so I don’t listen to their content anymore. But I don’t go comment on their videos and reprimand them like I’m their mommy. 😂
Says the person who has no profile pic! Audacity is definitely on sale this year. Folks are concerned about the wrong thing. He's providing information to help elevate one's personal financial stability....FOCUS
@@MaxMarvelous i rent apartment in Marbella and I decided to rent out one room . Actually i am not the land lord but i have long term contract from landlord . Can i still evict the person ?
I followed Max's advice about a year ago, using his questionnaire for new roommates, lease template, etc. It's been a great year, I made a lot of money with roommates. Thanks Max!
Cheers to you Derrick! What are the top few tips you have for someone new after doing it your first year?
Hi,I had been renting my rooms for a few years.Because lacking of experience and no one to ask,also I was always feeling bad for others and try my best to help and I was end up living in a horrible situation. Untill now after I had been through alot of troubles I a still choosing the wrong one and I have end up giving him a notices to let him go.I will watching your video again to follow your advice cause my English not very well ...oh maybe because of this reason and so compassionately to help others that why I end up my self in the dark room crying for so long!!Thank u for talking your time to reading my messages. Good luck to everyone, be safe and God bless.😇💕
Hi Celia, Enjoy the videos and resources. Let me know if I can help!
Rent only to Hispanic people. Only the people who speak your language. Don't let other people yell at you or ordering you anything. Call police if you have to
@@mbec9314 That's funny, call police... My first roommate called the police on ME (after she caught me recording her telling someone on the telephone that she was going to lie to the police and say I had admitted to stealing her money) because she lost $200 and thought I must have stolen it (since I had a motive: she had recently decided and told me she wasn't going to pay any more rent). So, she attacked me for recording her. Then she called the police to say I had attacked Her. They came, looked over the situation, and arrested her.
Great video. I've rented out my extra rooms for 5 years. I've deafinitely had a couple that I should NOT have rented to. I currently have a room empty so I want to make sure I vet properly and have a solid agreement in place this time. You would think I'd be an expert after 5 years lol. The first two were friends of mine who ended up not paying and taking advantage of me until I finally gave them the boot. So there's definitely something to picking the right roommate. I also did start out with one initially. Good advice.
Awesome! Yes, never have a couple! Vetting people is important.
I am renting for the first time and I think because I live in CALIFORNIA and the montly fee is $900. I am having a hart time to get people to rent.
@@sandrajauregui5295 do you find someone to rent
Download the sample lease agreement, roommate q's and roommate agreement at
maxmymoney.org/rentyourroom
I am planning to rent out rooms soon into the future, starting with just one is fantastic advice!!
awesome! yes, one to start.
Just don't forget to pay your renters tax too the IRS. A 1040 at H&R block can do them good each tax season. Good-luck.
that's right! Don't dodge the IRS. They will always find you.
Where are you located?
BEST video out there! Thank you so much! I all of a sudden saw my self in a situation that roommates are needed and you gave me a step by step, and gave us the forms. I was so worried about doing that and you took some of my anxiety's away! thank you again.
I am so happy to hear that! Email me any q's! 😃
I disagree with "Be a friend". This is primarily a business relationship. Too many tenants will take advantage of you if they think they're your friend.
I would replace that with "be friendly, but not a friend" until you know that the tenant can be a friend and keep that separate from the business aspect of your relationship. That's pretty rare. Keep in mind there's a reason the sayings "don't mix friends and business" and "don't mix family and business" exist for a reason.
The saving grace with you being the landlord is you can revoke the relationship and keep the business because there is a signed agreement.
You make some good points! If someone is passive they allow people to take advantage of them. Perhaps it is best to "be friendly, not a friend."
And family can be worst 🤔🤦
@@deliapearsall6334 hahahahha
I disagree with your argument, it really is better to be a friend. Respect goes a long ways.
I've been training workers at my job for the last 20 years and tried having roommates in my house after my divorce last year. I dont have to act "the boss," it's obvious who they pay their money to. I never need to pull rank. If I need to criticize a behavior or action, I do it friendly and tactfully. I have 4 roommates and we manage just fine.
Just set expectations high with a super clean house when a new roommate moves in and get existing roommates involved. We all say that this is the way we keep the house at all times
Do you have a room in Marengo? My senior brother is looking for one
Great information.Thank you. I am a first-time landlord for a roommate. I have rented out my second floor for 35-years. My current tenant has been with me for over 30-years. I have a couple moving in shortly to rent a room from me. I asked them a lot of questions. Still, this is different than renting out an apartment. They will sign a rental agreement tomorrow. They are Free Staters who left California and moved to NH as part of the Libertarian Free State Project.
Best of luck! Make sure you have appropriate agreements in place.
Thank you Max! Im going to check out your templates. Im an "Infj" lol. Introvert, with outgoing tendencies, have to say, thoughtful with people in my home. I have a cute house on riverfront wooded acreage..as an older woman with an artists studio out back, Im here but busy 18 hrs a day plus out caring for property, my present- first "roomate" has had the fully fitted house to themselves, plus I go out of town 2-3 X a mo. for 3-4 days aat, helping kids w new grandbabies so hes had it made, but does nada damn thing to maintain things...I didnt use the basics: documents or deposits, when allowing family member to take the space, easier since it was overwhelming (but needed) thinking of attempting the lodger thing... Im ready to do it right; learned a thing or two. Trying to get my space back to try again is proving difficult while there are health safety and other violations happening. Well thanks again. Good job, good head on your shoulders and a good heart. Well done :)
Thank you! It's important to always document everything! It's to protect landlord and tenant.
Sounds like your place would be a good place for a weekend off the grid for me! 👍
This is the most helpful video I have seen on this topic. Thank you for giving me ideas on things I had not previously thought about.
woot woot! 😄 Happy to hear that.
Do you recommend renting your rooms as furnished or unfurnished, and what do you consider normal furnishings?
I have done both. When a room is furnished (bed frame, desk & maybe a dresser) I charge more.
I wouldn't rent out a room with furniture unless necessary.and then not expensive end table,lamp,bed,because people now a days,leave when no one is home,& take tour furniture with you.however if they need a furnished room,I will have them leave a sperate security fee for what it cost me,this covers damages as well.lets face it, can't keep replacing items when they leave.it s expensive..
Yes, I would also charge more for the rental for sure.business is business.
awesome video - Appreciate your sharing - Thank You
my pleasure!
Thanks for sharing!
Thanks for watching!
The most surprising thing is it turns out I actually like having a bunch of roommates. It reminds me of growing up in a full house. And it's easy to get along when these valued houseguests are paying my mortgage and utilities.
Very good!
Awesome video and thanks for the templates! Do those templates need to be notarized to be legally binding or do the signatures suffice?
You'll have to check with your local laws. I have never had anything notarized.
Thank you for posting! What state are you in? I am assuming that the documents on your site you suggest downloading apply to only the state that you are currently living in as rental agreements very from state to state. I am in California.
Hi Marc! You'll want to make sure to edit the rental agreement as you see fit.
The one you can use as a model from my website is a standard form that I have personally used for houses in California and Texas.
You can access them and take a look at maxmymoney.org/rentyourroom. Enjoy!
Thanks for making the video....it was helpful
of course! glad you enjoyed.
You are awesome!!!! Thank you soooo much very helpful 😊
of course! happy to help.
LOVE THE VIDEO THANK YOU!!!!!
You are so welcome!
If you don’t mind me asking, where exactly do you find the roomies? Like websites? Fliers? Thats the problem im having right now.
I have used Craigslist to find all my roomies. Click on the pinned comment and you can have access to the roommate & lease agreement I've used for years with success.
@@MaxMarvelous Thank ya!!
What lease can I get from you to get a room mate.i never did this I need the income.i own a mobile home one room for rent
email max@maxmymoney.org
Thanks this is really good information 👍
Glad it was helpful!
Good video, and a good place to continue my research. My question centers around the taxes and how to best go about accounting for the revenue. I have been the tenant in shared houses in the past and saw some that had an LLC, some had a Sole proprietorship, and some just used a schedule C on taxes. (Washington state has no income tax.) This might be state specific, but which is better? I've gotten several different bits of advice, between sole proprietor and schedule C.
Maybe you can reach out to your previous landlord and ask them why they did it a certain way? Perhaps you can reach out to your CPA? This is very state specific question that would be best answered by someone who lives in your state.
Good video. I currently have a roomate (I own my two bedroom house in the midwest) and with all the cost of living on the rise I'm trying to figure out how to start a conversation about raising rent. Good tenant been with me 1 year in and his lease expired in April 2022 and he currently pays $500 a month but utilities have gone up a little within the year and just trying to figure out if extra $50 a month is fair? What would you think and is it even worth it?
Questions I'd ask myself in your situation: 1. if I raised the rent $50 would the roommate move out? 2. Has this roommate given me any issues (late payment, loud music). I have found sometimes it's best to not raise the rent and sometimes it's a good idea.
@MaxMarvelous thankyou for the response. I showed my roomate the electric bill and how much it's gone up and he volunteered to pay extra $50 a month. Going forward I purchased an Emporia electric energy monitor so now I can monitor all the electricity. Reason why I'm doing this is because my roomate is an online gamer and his custom built computer is drawing over 230 watts and he's always on it after work, so add that computer usage to normal Ac / heat/ washer dryer use and my Kwh usage has been high. Now it's time to monitor and kill the small (phantom power) watts to help save on usage. When will you post more content?
Great tips. What are your thoughts on how much to charge? Where can I find comparable rates? Is a flat fee best or should we split utilities? Renting to a close friend who is more extroverted than me. He will be here about a year.
well, how much does a 1 bedroom apartment rent for in your area? I've always included utilities in the rent cost. I'd start there & then charge what you believe to be fair.
Looking for something in Marengo
Nice to get advice from Wolfgang Gullich
Wow, he's buff. I'll take the compliment!
I can download the content. I’m not getting the email
Send an email to max@maxmymoney.org with the resource you'd like
Thank max
happy to help!
Thank you, thank you! Your awesome! Hipyahhhh 👍👍😎🤠
😃😄
Thank you 😊
You're welcome 😊
Thanks for this ideas
You're so welcome!
I rented to a friend. Of course that was a mistake. We were friends for 20 years. We don’t speak anymore. Please do not rent to someone you know.
Yup, better to keep business and personal matters separate.
I want to rent out 2 rooms in my house but if people are not able to work or find jobs, pay their personal bills and things are closed . How would they be able to pay me rent? Right now we are all stress out. should i still advertise the rooms?
It really depends on a lot of things. Is the real estate market hot in your area? Do you verify income? Are these people you know or strangers? There are lots of people currently working from home. You can ask for 3 months of rent in the beginning.
So in college we had apartments with 4 people and each bedroom door had locks. Do you do this?
that's a great way! Yes. That's why I've been doing for years.
I can’t tell you how helpful this video is, I had to share a bathroom & bedroom with a sister growing up who was a nightmare to share space with so I can really appreciate the need for boundaries. Thanks for the video!
of course! oh man, sharing a bathroom with a woman. yikes! Glad you enjoyed it!
How much to rent outa room
About tree fiddy
Thanks max but templates aren’t working on iPhone.
you'll need to access them on a computer. Send me an email max@maxmymoney.org & I'll send them to you. 👍
Hey Max, what platforms do you use to advertise your room?
I have only used craigslist with success. I've found out if you write out a detailed enough room ad & require a deposit you weed out the undesireable roommates.
Max Vincent i has a Craigslist add but the next day it was taken down because it was “flagged” with no warning of what it could of been violating. Not a good first experience
@@MaxMarvelous Do you run background and credit checks for the room? I am having a hard time filling my space and I am wondering if that's the reason. I do not feel comfortable having someone in my house without background checks.
Make sure your ad looks authentic & show actual pictures of the room. I have had my ads flagged before. Just make some edits & resubmit. You can email me and I'd be happy to take a look. max@maxmymoney.org
why so many hoops to get the guide and forms. i appreciate that its free, but just link the pdf. no need for my email or create an account.
send an email to max@maxmymoney.org
How much time do I have to give a
roommate to move out if I'm evicting for not paying several payments? 30 day? 90 days?
No contract or any paper agreement was established.
you'll need to do some research on your state law. Each state is different. I wish you the best.
In N.C. you have to give 7 days before the end of of the monthly term.
You need to check, but I would not except any excuses and start asap, you can always reverse it, in the process if they come up with payment.
How do you benefit from having my email? What will it be used for?
lots of free resources including the sample lease agreement, roommate q's & roommate agreement! 😃
@@MaxMarvelous Wait, so you the author get access to sample lease agreements by having my email?
Here's the link for the resources! sendfox.com/lp/81kvjm. You get access to the sample agreements
Thanks, but I’m not seeing any links
Hi Jason! Go to this link and the resources are there. maxmymoney.org/rentyourroom
@@MaxMarvelous thank you 🙏
yes!
I cant download the link provided. Anyone else have that issue?
go to this link & type in your email 👍
sendfox.com/lp/81kvjm
email me at max@maxmymoney.org if you have issues
I want to buy a 5 bedroom home in Vegas to rent out lol but I’m afraid that a bunch of extroverts will inquire
ha! 😄 Sometimes it's best to have a good mix of people & sometimes it's best to have all quiet folks.
Hello, the download is not working
Elizabeth, send me an email at max@maxmymoney.org and we'll take care of this!
This is such a great vid!! Thank you 😁👍
glad you liked it!
I want to move
I did, totally worth it.
you aske they no anwrers?
wut do u mean?
You have to own the home to rent the home.
that's right!
I'm not smoking no drink I work buy I'm good person
great!
Damn, u look crazy dude. U cd have at least combed ur hair for the vid!
My Mother loves my hair and that's enough for me. 😃
Ms. Tina, I wouldnt talk lol
@Ms Tina
My mom always taught me if you don’t have something nice to say then don’t say it.
You could stand to write that one down. There are 2 content creators I really like who overuse the words “like” & “literally” so much it drives me nuts, so I don’t listen to their content anymore. But I don’t go comment on their videos and reprimand them like I’m their mommy. 😂
how am I doing?? Not much "like" or "literally" here. 😀
Says the person who has no profile pic! Audacity is definitely on sale this year. Folks are concerned about the wrong thing. He's providing information to help elevate one's personal financial stability....FOCUS
What if they Refuse to move out ?
evict them with the appropriate legal channels and eventually a sheriff will escort them off the premises.
What if they Refuse to move out ?
evict them with the appropriate legal channels and eventually a sheriff will escort them off the premises.
@@MaxMarvelous i rent apartment in Marbella and I decided to rent out one room . Actually i am not the land lord but i have long term contract from landlord . Can i still evict the person ?