Thursday, September 29, 2011

Renting Out A Room For Extra Cash

Some homeowners or renters have been making some extra cash to pay bills by renting out a room or rooms in their homes. I know of a guy who has done this for years--renting out to multiple people--and never ever had to pay his mortgage. His renters paid it for him!

I'm not sure I would be comfortable with this. I think it is hard to meld peoples' lifestyles. But then again, you could get used to having people in your home and might even like it. My place now is really too small to even consider it. If I had a bigger home, it could be a possibility.

Here is a link to an article about renting out a room in your home. There is some good advice in the article--especially to know your landlord/tenant laws in your state, do phone interviews with candidates before you meet them, and have some house rules set up.

http://money.msn.com/home-loans/should-you-rent-out-a-room-weston.aspx