Do you have the options of dealing directly with the company the workers will be working with? I rent several properties "by the room" and completely furnished and the easiest properties to manage we deal directly with the company.
If you have to deal individually there is significantly more work involved and you can run into issues if you have more than four individuals in the residence (depending on the zoning).
Will you also be supplying cookware, utensils, plates etc? If so make sure you prepare a complete inventory prior to starting so you can track what you have to replace. Have you established any house rules? These would be no smoking, possibly no drinking, no drugs, establishing quiet hours. Strict rules can help reduce issues. If you enfocre them that is.
Make sure the neighbours have your contact info in case there are any problems. Have them call you directly if there are any problems. While this is important in regular rentals, in a shared accomodations setting like this it is even more important. Since it sounds like the workers won`t know each other there may be some babysitting involved. The biggest issues we see revolve around dishes and cleaning. If you have the cash flow I would recommend bringing in a cleaner on a monthly basis for the common areas. With winter coming up, how will you manage sidewalk shoveling? You might also need to contract this out, or add it to your schedule.
If you operate it properly with clear expectations for the tenants and for you it can work out quite well, just remember you will be trading hours for cash flow.
Regards,
QUOTE (alexh @ Oct 14 2008, 01:07 AM) Thanks so much to all for your replys, this really confirms what i previously thought. I think ill give it a try, knowing what to expect as the worse case scenario.
I really do appreciate it.
Although in this case when the worker arrives in edmonton he has 1 month rent in pocket + damage deposit
(half month) I will not furnish as an executive suite, but with materials that will be cost effective even if they are broken, and will keep a close inspection on the house. I hope to find tenants who will stay for longer periods, if the turnover is too great, ill have to go with regular tenants.
I assume that the tenant, is not liable for damages, beside his security deposits, as i will probably have no legal means against him.