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The lease agreement protects both renters and property owners and all residents should be on a lease. There is a difference between a guest and a tenant, regardless of who is on the lease. If a person is staying for extended periods or receives mail at the property
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they are considered a tenant. You want to get them on the lease and run a background check or you open yourself up to issues. I spoke to Taryn Byron about these issues on the Target Market Insights podcast and she mentioned how COVID is making it even more important
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to properly screen for tenants and have leases on all residents living at the property. If you don't here are some of the potential issues you are exposed to:
Potential Issues:
When you accept rent, you have entered into a non-formal agreement
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Potential Issues:
When you accept rent, you have entered into a non-formal agreementThread
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With no background check, the resident may pose a safety risk to other residents It will be difficult to evict as you have no formal agreement to reference Roommate fights over the additional guestThread
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Have you experienced this before (as a renter or property manager)? Check out our full discussion:
https://bit.ly/3p154oK
#landlord #landlordtips #realestate #TenantTips #investing
https://bit.ly/3p154oK #landlord #landlordtips #realestate #TenantTips #investing
