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Originally Posted by Rodney
All great advice. First, if "utilities are included," they'll just use them to the max without conserving. After all, why should they? You sold them unlimited utilities at a flat rate. If you could keep phone service separate, that'd be great, too. Like, maybe there could be two phone lines into the house: one for you (in your room) and one for them. Let them handle splitting the bill without you getting involved.
As far as deposit is concerned, how you handle that depends on the state. In sunny California, you can ask for last month's rent in advance and a separate security/cleaning deposit to cover any problems with the apartment. But that kind of deposit is usually having money available for specific damage that they've left behind, not wear and tear. If you start charging your friends for every nail hole they leave in the wall upon moveout, they probably won't be your friends after that.
Better would be to figure the amount you'd need for a general freshening up of the place into their rent to begin with. I used to know a real estate agent who'd say, "Sure, I've got no problem renting to college students. You just gotta allow for the cost of a new carpet when you're setting the rent."
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I ran a rental for three years. Expect to get shafted on some bills, since they all come at different times and most will show up after people have moved out.
Make sure you set firm ground rules, give them to your roommates in writing before they move in, and make exceptions for NOONE. Not your best friend, not your buddy, definately not your girlfriend. Once that happens, all hell will break loose.
Some recommended guidelines:
No pets larger than a gerbil/small snake/fish.
Don't eat anyone elses food. (You'll find labeling your food might be helpful, might not).
No firearms. (We had one guy who snuck in a pistol to sleep with under his pillow [called it his "teddy bear."] Was one of those crazy cop wanna-bes. When he heard a noise at night, he packed this thing around looking for a burgelar to shoot. No, thanks.)
No parties without letting people know 2-3 days in advance.
No illegal drugs. They get busted, it's YOUR HOUSE. Your ass will get in trouble too. Don't have anything in there you wouldn't mind getting a criminal record for. Once you become landlord, you'll find that you become a little more mature about this shit than your roommates.
Anything else you might think of.