December 19, 2008, Newsletter Issue #147: Get Money Down

Tip of the Week

Paying your rent on time, every time is of extreme importance. Landlords can and do evict tenants who fail to pay. In most cases, evictions become a part of a person's credit history file and can make renting a new property much more difficult. Depending on the details of your lease, you could be held responsible for the entire rent if your roomate fails to pay.

Once you've found a person you'd like as a roomate, be sure to ask for a deposit. Depending on the laws in your area, you may want to ask for a deposit equal to one or two times the monthly amount of your roommate's rent. In the event that your roomate loses his or her job or moves out without notice, you can use that deposit money to avoid being evicted.

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