Have you ever rented several rooms in your home?

Question

I recently closed on my first home and have 2 tenants lined up to rent 2 of my extra bedrooms. This situation is what has gotten me so interested in real estate investing. I have a 4th bedroom that I am considering renting as well because that would then cover almost all of my living expenses.  Just wondering if anyone else out there has been in this situation and what experiences they had.

Deanna McCormick · Answer

Go for it,, plan on an extra fridge,,,,

I rent out a house 6 brs to 6 guys.. biggest challenge is dishes, and taking the trash to the curb, they take it out but no one wants to take it to the curb, otherwise has gone pretty well.

Chore chart helps, you don't want to be their maid, unless everyone chips in and hires one.

Also parking,, assign a spot and stick to it.  any extra cars and they have to park them somewhere else.

As long as your owner occupied should go great.

Davido Davido · Answer

@Fillipe Silvas, Hi.  We've had a 4 bedroom rental home on a few acres.  For 6 years we rented it out as a Single Family Residence.   However I wanted to improve the yard, work on the detached garage, build pasture fencing, improve the orchard etc., so for the last year we have rented out each of the 4 bedrooms individually, why my wife and I live in our own residence about 10 miles away. Renting out rooms, instead of the whole house, has permitted me to have unrestricted access to and control over the yard.  I'm generally working at this rental 2 or 3 days a week.

It is working out.   I did spend about $2500 when we started to rent rooms, for a used Wahser & Dryer,  furniture in the common areas, dishes, pots, silver, appliances for the kitchen, etc.   So my initial cost was higher than renting the home to another family.  In addition,  though I'm pleased to have control of the yard, this room rental arrangement has increased my work load and added maintenance to my schedule that was previously done by tenant families. We've had 4 young men in the home.  They are not neat, but they have paid steady for a year,  they have not been destructive, and we are earning nearly $200 more than when the property was rented as a family home.

Fillipe Silvas · Answer

@Deanna McCormick

These are all things that have been weighing on my mind. I think the chore chart is a great idea. Thanks!

Have you ever rented several rooms in your home?

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