Think your home is an investment? For most people, it’s not. Learn how to rethink real estate so you can build your wealth and become financially independent! Is Your House an Investment or Money Pit? Buying a house is usually the biggest purchase we make. Right now in the United States, the median price of homes that […]
Want to earn some extra money? Learn how Lauren earned some extra income and managed living expenses by renting out rooms!
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Finding Roommates for Your House
There are several ways you can rent out space in your home. Mike Cho began searching for roommates a few years ago when he needed a way to take care of his educational expenses as a graduate student. Even though he’s had some minor issues, he says that renting rooms has been a huge benefit.
He has been able to pay off his mortgage in 3 years and he has traveled around the world. To find roommates, he’s tried Craigslist, subscription sites, and flyers.
Here are his thoughts on the process:
I know there may be some apprehension when you’re renting a spare room to a complete stranger. It’s perfectly natural to feel that way. I’ve had some minor issues along the way, but nothing has discouraged me so far.
I’m also not going to say that finding reliable roommates is an easy task. It’s important to remember to find the right roommate versus any roommate. Don’t let the thought of the financial relief from the rental income cloud your better judgment and let anyone move in.
Live In Landlord? Protect Yourself and Things in Writing
Even though she is renting out to loved ones, Lauren pointed out some of the advantages of getting things in writing. I’d like to add since you’re dealing with finances, it is in your best interest to do your homework and make sure you cover all of your bases such as background checks, tax issues, and local regulations.
Thoughts on Renting Out Rooms
If you’re curious to learn more about how Lauren is growing her income, please check out L Bee and the Money Tree.