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hey guys max here are you considering renting out a room in your house it's a good way to make a little bit of extra income every month i've been doing it for about five years now every single person thank goodness has paid me on time oh no has paid me but not on time here is the lease agreement i have used and let's go through it together to see if it's the right one for you [Music] all right first and foremost to access all the resources here especially at least maxmymoney.org rent your room the link will be below in the description you will have access to the roommate questions access to the room advertisement here's the landing page type in your name type in your email you'll get the roommate questions 17 questions i use on every single phone call when i'm screening someone the room advertisement what i've used on facebook and craigslist to get the right person very in-depth very useful the roommate agreement the actual house rules of the house and then obviously the lease agreement which which is what we're going to be going through today so let's go through the lease uh you'll download it obviously you'll make a copy for yourself all the instructions are right there and you'll just simply type in the your information where the underscores are very basic stuff here i have a couple things in here that make it a little more a little more unique and specific you obviously want to spell out all the terms spell out everything to make sure everyone is on the same page starts on a certain day ends on a certain day i do month-to-month agreements because it makes it a lot easier in case someone wants to move in a few months if they don't want to be there i don't want them there then obviously the rent amount the deposit i always make someone pay a deposit month of first month's rent if the rent is 500 bucks a month they need to be able to have the first month's rent plus the security deposit 500 500 equals a thousand if they don't have the first month's rent and security deposit saved up they're probably not go with their finances and they're probably going to stiff you at some point make sure their finances are there obviously a security deposit talking about that and then obviously spelled out if they default what can what are their rights what are your rights and what you can do you want to make sure everyone's on the same page and everyone understands that if rent is not paid there will be consequences miscellaneous provisions obviously i have parking spaces so i make sure everyone knows you know they're parking their house that they're parking their car at their own risk and if you have renter renters insurance having insurance would be important last thing you want is somebody...