Hi all,
I own a three bedroom house and looking to rent both of the rooms legally. I've setup the double room for someone to live in, and it's just collecting car parts at the moment since my mate moved out. I just need a third bed for the un-used smaller room and I'm ready to roll.
I've been a bit unsure about renting again, but it seems a waste. I'm looking to rent both rooms out and stop collecting rubbish. But rather than `a mate` I want to have it all official. I've been looking at buying a second house with my parents as they are selling their house and have some capital, and this is the first stage to getting tenants in. Hoping to go down the road of multiple occupancy when I move out (deal with those separate issues later).
The smaller room is likely to be a single bed only really.
I know I have to setup a rent book, place their deposits in a secured place and log all my earnings for tax etc.
I know with HMO down the road I have to apply for it, and register. Fire regulations assessment etc. Was going to do this when I bought the house originally but has only been until recently have I had agreement from my folks to purchase a second house for a joint investment.
How do you screen tenants? Credit checks? Is this needed for a live-in-landlord. I know their able to remove tenants faster if they live in the property if they feel at risk.
Any other advice I'm missing regarding renting two rooms and being a live in landlord please?