Rent a pool, or rent yours out, by the hour
Jilly
last year
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Advice: Renting out a room in our house
Comments (25)I have to say that I never, ever thought of renting a room to anyone. I'm a solitary person and require a lot of privacy. I, too, was approached by a friend about the possibility and every tenant I've had has been through other people. I've never advertized and never would. Maybe the cosmos brought all my tenants and me together, which is why it worked. If you are both bridesmaids to the same friend/relative, I suspect the bride suggested she call you and see if you'd consider having her. It's scary these days to move to a new community and find housing. Lots to make people, especially young female students wary of answering ads on CL, etc. If you think it could work, then have her come and have some serious conversations about expectations. A trial period is a great idea. That would give her some safety and time to consider other options. I really believe you receive back what you put out there - so if it seems fishy, well then that's what you're putting forth. I am not a naive person and totally trust my gut. I felt like I had the space to spare (but my house is only 2000 sq ft and I only share the bottom/main floor - so less than 1000 sf), the people I've rented to are ALL wonderful people who I felt lucky to have come into my life...and they feel the same way. It's really an opportunity to build community, but you should trust your instincts about whether she is "your kind of person." If you get the right vibe from her, I doubt you will regret it and if you don't do it, you'll never know what you may have missed....See MoreRenting out your house in this market?
Comments (15)Renting out your property certainly can be done. But it is like taking on a part time job, especially depending on the part of town and potential tenants. Some are more work that others. There is a completely different mentality between renters and owners, and you have to have a certain personality to dealing with tenants (e.g. you won't put up with every excuse why the rent is late, again!). It also helps if you or your spouse are handy and can fix minor things that go wrong. As Abraham said, screen your renters extremely thoroughly and don't just accept anyone...find the right tenant not the first one. You don't want to have vacancies very often, so treat the tenants good, but firm. Finally, calculate what you pay for PITI and add a fudge factor (repairs/profit) to figure out the rent rate. Check around to see if houses are renting for that amount. That will really tell you if you should rent it. Check with your lender on the amount of time they require it rented before you can claim the rent as income in your mortgage application. At my credit union, it was 1 year. Good luck....See MoreTime to rent the house out?
Comments (13)Jenswren- Are you sure you want to be a landlord, esp. from a distance? I wouldn't in a million years. If you think selling is tough....let me tell you, renting is a BIG job. Do not judge according to yourself. Most renters are not like you. Sure they look good on paper. They get glowing reviews, which are a lie. The previous landlords want to get rid of them...I've been there & never again. After the renters move, you have to paint, remodel & repair. The security deposit is hardly enough to cover HOUSE repairs. Getting 45 showings in 65 days is HUGE. IF you are priced within the comps, why don't you hire a good stager & spend a couple of thousands instead of lowering the price? You'll have to spend a lot of money after the renters move out, so why don't you invest in selling now instead of all the future aggravation? I agree with Tricia, but only partially. Every house has a price point at which it will sell. However, you can manipulate the market a bit by making your house stand out. My theory is that if nobody is selling, the market is dead & there is no point in lowering the price or staging. However, if properties around you are selling, but you are not getting any showings then you are overpriced. But you are getting showings. In fact, you're are getting lots of showings, so the possibility of being overpriced is there, but slim. It would seem to me that you need to spruce up the house by staging to give it a wow factor, to make someone who walks in fall in love with your lifestyle. People would kill just to get lookers. You've got lookers, so you're very lucky. NOW you gotta make those lookers interested. S-T-A-G-E I-T. Go on HGTV & read how staged homes sell faster & for 7% more. To me it's a no-brainer. Post a link of your listing. We'll help & give you our opinion as to why your house is not selling, aside from it being a bad market......See MoreLooking Ahead-Renting Out Rooms
Comments (16)I haven't read all the postings, so please forgive if I repeat something someone else has already pointed out. I understand the 'suite' is attached to your house as opposed to a seperate structure on your lot. (I don't know if this makes any difference where YOU live - but it does where "I" live (CA).) Do a search for "Civil Code" for your State. For example - For me, I search "State of California Civil Code". When I get to the right place, I click on "Civil Code", and type Landord, Tenants in the search. It gives all the laws. A LOT of reading, but very informative. Would be worth your while to read and take notes before even paying an attorney or otherwise. I had "roommates" most of my life in the past. The laws have changed here so much in recent years, that I'd 'hesitate' today to get a roommate again. At least, not like in years past where I just ran an ad and interviewed people... Laws are protecting Tenants now MORE than ever. AND, I've heard today, even if you "just let someone move in for awhile", it CAN be VERY hard to get them OUT even if they pay you NOTHING! As you describe your place, sounds like an ideal setup for a retired person or couple. As I scanned some other posts VERY BRIEFLY, I did notice defining as "roommate" rather than "renter" - so to speak. I think I agree - ROOMMATE. But yes, you have insurance to think about. If they hurt themselves on your property...DING! If someone were to die IN you home...police, CSI, investigaters, potential lawsuit? Since your suite is connected - what about your personal stuff inside the home? (What if stuff starts turning up "missing"?) Also...you may have the "surprise" of the renters having "VISITORS". What about that? Family, "overnight guests", friends. OK, fine - they need that. But what if the wild and crazy Grandkids come over every weekend and are loud and obnoxious and cause chaos everywhere? How long would you put up with that? I think it's a GREAT idea - could help you AND some other person to live better, provided the conditions are right. I'd definately read and familiarize yourself with the Civil Codes first. Take lots of notes and take your time. Consider all the possibilities - good and bad. Be Honest with yourself about what COULD go wrong. (Looking just at the extra income - throw that out the window) I'd also strongly consider an attorney. (If you are half-way understanding of laws - less time and confusion at attorny's office! OR, at very least, a little more educated and would know what questions to ASK the attorney.) I know there's a lot of good people out there who would consider it a blessing in disquise to be able to rent your place. But there's a lot of people out there with "other motives" also. (Now, when I have time, I'll read all the other posts! LOL!)...See MoreJilly
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