Renting out a room or two in your house?

[natedog7700]

Im buying a house next year, and to save money im thinking about getting a roommate or two for added income.

Bad idea? Anyone with experience's or stories?

[Axius]

Only do it if you have complete and utter trust in someone like a best friend, and even that can get sketchy. I have two empty bedrooms and there are only two or three people I MIGHT consider renting out to, but they don't even live in this state.

I just don't trust other people, then I really don't trust the people they may invite over, and what happens to your belongings if you're ever gone?


Nope. Fuck that and a half.

[iamwingman]

Watch a few Judge Judy episodes. You will think twice.

[UglyBuzzard]

Make sure she comes with a massage table.

[Vitalität]

I have two extra rooms but I won't rent it out. Not worth it unless you are people person.

[gtron]

Originally Posted by natedog7700

Bad idea

.

[jtodd_fl]

All of this... plus anal rape.

[cprx7]

Never unless being rented by a hot girl

[UncleWede]

"Sorry, the inn is full"

Even when it's FAMILY, it's sketchy at best. How do you tell your SIL that smoking, even in the front yard, isn't allowed? Especially if she is older than you, and cooks as well as mine does.

[natedog7700]

Originally Posted by jtodd_fl

All of this... plus anal rape.

Kind of sounds like a fun time. Maybe?

[Nihilation]

I've been renting a room in my 3 br townhouse for a few years now. We pay for background checks and require proof of employment history and income. Also make sure you understand your state's housing laws and have a thorough contract.

[Vitalität]

Originally Posted by cprx7

Never unless being rented by a hot girl

A hot girl can be a 'no girl' once you spent time with her and saw her bad habits/qualities.

[atinybug]

When I was living at my parent's house in my early 20s we rented out our basement to one of my friends that I had known for about 7 years since high school. It turned out alright, probably more so for him than for us, because we only charged him $250 a month (utilities included) and my mom would sometimes feed him.

[Flying Ace]

It all depends on the setup and whether the trade off is worth it to you. IMO, if it's shared space, it's not worth the security risk.

Our house has a "in-law" suite, in which on a separate floor, there's a private entrance and a 1 bed-room apartment with a living room. My tenant cannot access my living quarters whatsoever.

Basically, our numbers are that we only pay $1000 to live at our house netting out the rent from the tenant against our mortgage AND property taxes.

Our tenant is a full-time employed single female, and she's out of the house more than we are. We also don't share anything expect the washer/dryer.

So, is my situation worth it to me? Heck yeah, she's basically paying for my mortgage.


It sounds like in your situation, you'll actually be sharing common space. Is your wife going to be okay with that? (security, and such, what if you get co-ed roommates, or couples? What about tenants friends?)

Originally Posted by Nihilation

I've been renting a room in my 3 br townhouse for a few years now. We pay for background checks and require proof of employment history and income. Also make sure you understand your state's housing laws and have a thorough contract.

this. Do it legally and keep it a business relationship.

[Flying Ace]

Originally Posted by jtodd_fl

All of this... plus anal rape.

how do you know OP is not the rapist?

[jtodd_fl]

Originally Posted by Flying Ace

how do you know OP is not the rapist?

An excellent point and one hadn't thoroughly considered.
On a serious note, OP, definitely learn the law and do it right as others have said. Understand how hard it may be to get rid of someone if it doesn't work out well, etc. protect yourself.

[John 070]

When I was in college I thought it would be way cool to sublease a room from two hotties, so I finally found such an arrangement.

[RJ_]

Originally Posted by jtodd_fl

An excellent point and one hadn't thoroughly considered.
On a serious note, OP, definitely learn the law and do it right as others have said. Understand how hard it may be to get rid of someone if it doesn't work out well, etc. protect yourself.

Yep. Treat it like a business and you'll cut through a lot of the bullshit. You aren't friends, you're a landlord and tenant. You aren't roomies, you just sleep under the same roof that they pay you to provide for them. Screen well, write up a lease, know your respective responsibilities, and good luck.

[overcoil]

Nobody worried about wear and tear of having someone renting? I wouldn't want any male adults living in my new house, two adult male roommates - that's a lot of wear and tear on floors, doors appliances and fixtures.

[Needbmwpartzz]

It can be very advantageous to have someone help out with bills.....and with that said it can also be a nightmare and all depends on what kinda personality you and the prospective tenants have.
If you can tolerate friends and their quirks it can be an awesome time and can prove to be very interesting....especially if you are like minded and respect each other....but I have even seen best of friends learn they cannot live together.....so only way to find out is jump in and take the chance.
Or you could do as others mentioned and keep it all business.....I have learned that money makes people funny.....and not the good kind!
Even with keeping things all business.....headaches could potentially go sour quick in this set-up especially with live-in's.
Just a heads-up if you go all business.....do a credit check and really get all forms and learn all laws regarding being a landlord.....once you get a leach that wants a free ride they can be hard to shake and some will make your landlord life hell...I'm not kidding so beware.

[ASBSECU E93]

OP - The overwhelming response you'll receive is "no'.

I tend to agree with this position as you may think you know the renter, but you never truly 'know' someone or their friends. Also, you are now conceding personal space to others. Each situation is different and unique, and you'll need to clearly define terms of the rental agreement as well as understand laws pertaining to tenant/rental contracts in your state.

Older tenants typically are more stable and less disruptive, so depending on the age/maturity of the tenant it might not be as bad.

Good luck.

[bosstones]

Even w/ best friends, things can go south fast (the non-gutterminded version). As most pointed out, certain habits can get annoying/troublesome. It just really comes down to your trust in the person. Having a stranger would be a complete NOGO for me since your basis of trust has little grounds to stand on. In any event, as someone said, make sure you understand the laws in your locale to understand what grounds you have to stand on in the event things go bad and corrective action is needed.

If you've ever had roommates that were complete slobs or had annoying friends that would steal petty crap, this would be a no-brainer. 2 of my college roomies literally used up every dish/bowl/glass/pot/pan in the house w/o ever cleaning anything and came to an agreement that the grease ridden pan, complete w/ old food bits, that had been sitting untouched on the stove for days was still good to go cooking their dinner in. I had been away and came back while they were debating the trustworthiness of said pan. When we were all in the dorms, they're living habits seemed fine.

If it is your first house and you're stretching your budget to do it, nip and tuck other places in your finances. Most importantly, build up an emergency fund in advance before the joys of home owner ship greet you at 3am on a holiday weekend. Also make sure that you're not stretching your budget to the extent that you're SOL if unexpected things come up/happen or can't recoup the expenditure within a reasonable amount of time. Or buy a place that you don't have to stretch your budget so much.