Law School Discussion

Renting Your Place Out for the Inauguration


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Re: Renting Your Place Out for the Inauguration
« Reply #10 on: January 09, 2009, 07:19:41 PM »
Depending on the location, he might pull down a year's rent in a week.

What do you mean by location...?


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Re: Renting Your Place Out for the Inauguration
« Reply #11 on: January 12, 2009, 01:06:05 PM »
I'm as qualified as any attorney; as I mentioned in my OP (original post), I have taken Contracts and can draft a fairly operative one that includes essentials such as the parties, the exchange (legally known as consideration), a merger clause (this is complex but there was a case I read about it concerning an unprofitable deli), and signatures.

This is classic, seriously. Trust me when I say this, you did not learn enough in contracts to pass the bar section on it much less to be drafting contracts or trying to enforce them on your own. Itís a doctrinal survey class, much of what you learned (like the UCC) might not even apply in your state. As a slumlord myself I would recommend instead doing a Google search for short term or sublease contracts, there are boiler plates ones all over the internet, just make sure its applicable to your state.

All that being said I had a few friends of mine do the same thing here for the Democratic National Convention in August. All of them later regretted it, it was not worth the hassle or damage done to their places for what they made (and one guy got $1500 a night for seven nights for his place). Also your home owners or renters insurance probably wonít cover any damages because its considered lodging, and if you donít get a rider from your insurance company and your lessee trips and falls on your carpet that's coming up you could be personally liable, but Iím sure youíre an expert in that too after torts class  :P. You landlord wonít likely be liable because (and least in all my standard leases) there is probably a no sublet clause, which if they find out about it they could, if they wanted, enforce that on you and terminate your lease for breach, and if they really want to be a male private part, go after you for the remainder of your lease commitment (Iíve done that to renters to protect my rights, as I have no contractual rights against sub letters, only the renter, so its bad news to let that happen and makes evicting someone for nonpayment of rent a pain in the ass when the person your evicting has no lease with you).

Just be careful and think this through, one friend had to replace his carpet in the living room @ almost 1.5k (because he had to match it to the rest of his house) because some drunk DNC chick spilled a whole bottle of red wine on it and did not bother to clean it up at all. Maybe it will all work out and nothing will happen, but maybe something will, so be ready to cover your ass if it does.