roommates in new house-setting price

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Hi, I'm thinking of taking on a couple or 3 roommates at my new house. These roommates would be good friends. They would not pay any expenses, just rent.

house info- 3300 sq ft, just got in it a month ago. Huge entertainment room with bar, pool table, 55 inch lcd, 2 32 in lcds all with seperate sats, ps3. laundry room, garage with lots of weights(which one already comes over and lifts with another friend, and I believe all my potential roomies would use it. wireless internet in the house. The extra 3 bedrooms are upstairs, 2 are pretty big with huge closets(bigger than my master closet), the other room is smaller and does not have a closet. My mortgage is going be anywhere from 1500-1700, still havent got it finalized. House/lot will appraise over 300k. I'll probably have hot tub soon as well, could have pool next summer,hopefully I crush Tunica lol.

one of the potential roommates has lived with 2 of my friends over the last couple years, paying them both $250 per month. just found out he splits the bills now at the 2nd one. We don't have too many apartments around here(which aren't subsidized), but I believe rent in one of the nicer ones is a bit over $400 for a 2 bedroom.

One would probably help out around the house, including doing my laundry(because it puts me on tilt lol)

Fair prices?
 

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I had the same decision to make once when renting out my condo for the summer ... and in hindsight, I should have made the RESTRICTIONS tighter and made the PRICE lower.

Give them a price BELOW market value, but say you'll have to let them go if they don't behave (cleaning, smoking, dishes, bathroom etc). The $50-$100 that you might lose will be worth it.
 

WVU

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3300 square feet valued at only 300k? Wow. Sounds like a nice place. I should move to Indiana.
 

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WVU said:
3300 square feet valued at only 300k? Wow. Sounds like a nice place. I should move to Indiana.

In IOWA the same house is under 200k...........very cheap in many states.......especially compared to CAL and FL.
 

Rx. Junior
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If you think any of your friends are gonna even give you the slightest problem with regards to you collecting their rent....DO NOT take them in as a roommate. It'll frustrate you to no end having to wait for your money, your friend will think you're being a dick...and in all likelyhood your friendship will end over money. not worth it.

as for how much to charge....dunno.
 

WVU

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Hell Matt, I would move in with you and we can play heads up no limit for the Mortgage amount every month. Only consider it if you don't mind having young slutty girls around.
 

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Fishhead said:
In IOWA the same house is under 200k...........very cheap in many states.......especially compared to CAL and FL.

I thought Fla was cheaper...up this way people say "take northern money south"

Living on the east coast above the Carolina's is very expensive!

:ohno:
 

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you can't even get a cardboard box here for 300 a month, holy crap.
 

WVU

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3300 sq feet in my neck of the woods would start at 600k
 

Rx God
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Why not look at what others charge for a room, base it on that.
 

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WVU said:
Hell Matt, I would move in with you and we can play heads up no limit for the Mortgage amount every month. Only consider it if you don't mind having young slutty girls around.

would love young slutty girls around
 

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Mortgage = 1600...............
Utilities = 400................
Taxes ? = 300.....................

$650 per month each. minimum.
 

Gunga galunga... gunga, gunga-galunga.
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I need to move to Indiana!!

My house is 1500 or so sq feet and cost me 775k -- and it didn't even come with any sluts! wow am I broke and depressed...with the mortgage and my wife's school debt, I recently calculated that I am just over 1 million in debt!

livin the amercian dream, right?
 

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bigplay said:
Mortgage = 1600...............
Utilities = 400................
Taxes ? = 300.....................

$650 per month each. minimum.

Kind of high if you can rent a 2BR apartment for $400. Sounds like a really affordable area to live.
 

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Man simple advice here, learned the hard way. I shared places for over 10 years and only one golden rule I have: never rent to or from friends. Its a business proposition, treat it that way. Every time I had friends with me, things got at least a little ugly. Every time it was people I didn't know and only became acquainted with, not friends, it worked out like a charm. It doesn't really sound like you need a roomate though, so maybe you are doing this just to have them around, but if the money and hassle matter at all you're best off getting the idea out of your head it would be cool to have them live there. Trust me on this one.
 

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WildBill said:
Man simple advice here, learned the hard way. I shared places for over 10 years and only one golden rule I have: never rent to or from friends. Its a business proposition, treat it that way. Every time I had friends with me, things got at least a little ugly. Every time it was people I didn't know and only became acquainted with, not friends, it worked out like a charm. It doesn't really sound like you need a roomate though, so maybe you are doing this just to have them around, but if the money and hassle matter at all you're best off getting the idea out of your head it would be cool to have them live there. Trust me on this one.

Very good advice. You should get a lawyer to draft up a simple, but binding rental agreement. Never big on mixing money and friends.
 

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I would get everything in writing, cover your ass, check what the market prices are or just figure it so the 4 of you pay your mortgage? I would walk with all of them through the house with a fine tooth comb and see what damage is there and what's not, record this stuff. Bottum line, cover your ass, beleive me, your friend won't cover yours when money is at stake.
 

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#1cheater# said:
I would get everything in writing, cover your ass, check what the market prices are or just figure it so the 4 of you pay your mortgage? I would walk with all of them through the house with a fine tooth comb and see what damage is there and what's not, record this stuff. Bottum line, cover your ass, beleive me, your friend won't cover yours when money is at stake.

A camcorder would be a great idea.
 

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