All Forum Posts by: Amy Zemser

Thank you all so much for your responses.  I have one person set up in a room and I just interviewed the second person. Both are 24 and looking for a MtM because they're not sure where they want to settle.  

I've been doing Airbnb for the past year and a half and I love it. But I only make about 7k total for the year and I'm looking for something steadier.  

I am so grateful for everyone's advice.  At this point I'm looking to set up a little common room in the 5th bedroom and to choose only 1 particular day for everyone to do laundry. 

I welcome more input at any time, and I thank you all again.  

Amy

Nevermind -- MtM is just month-to-month.  I thought it meant something more complicated.  

Would you ask for a security deposit? 

Best, 

Amy

Bob Bowling, what is an MtM lease? 

Nick Britton, thanks for your encouragement! This is just a two-year plan so we can save money to get another investment. I can suffer through a few people upstairs while my kids are little.  We're all piled in one bed anyway, for Pete's sake, and it's just ridiculous to have all that empty space and not make use of it.  

The nice thing about our property is that we have space in our garage for 3 cars. So this takes care of the parking issue.  

I love the idea of using one room as a common area. Perhaps this would offset the pain of not offering laundry usage. If 3-4 people were renting, I wouldn't be able to accommodate laundry because of my own family.  

Thank you all for your input! 

But Ashly, I want to see your oven situation!  

And Ryan D, you're probably right! Maybe I'll start with 2 and see how it goes. :-0

Since you have so many bedrooms, what if you turned one into a common area with a couch, TV and a little mini kitchen space? Maybe same scenario where there isn't a sink but at least you could relive some of the traffic off your main kitchen.

I actually love this idea. We could easily convert one of the bedrooms into a common area/living space. Put in a dry kitchen and then just let out 4 other rooms. This way the most people would be doing is washing dishes downstairs -- I love it! 

We debated just turning our upstairs into a full apartment and charging rent to a couple or some such, but I like this idea better because we'd still have access to the upstairs and attic if need be. 

Can you recommend a good dry kitchen setup?  

Thanks again, 

Amy

Thanks, Ashly.  Can you describe what you mean by dry kitchen? I was planning on putting an energy star refrigerator in the room. Maybe a microwave.  Presumably you mean no sink, but I'm curious how they cook...

So far I have two renters who will be staying here.  Perhaps I should leave it at that and see how it goes!  

JdMartin, thank you very much! 

Hi.  Thanks for your responses, but let's assume that I'm only renting to fabulous people that I don't mind having in my house and using my kitchen.  My spouse and I are both educators and don't have a problem with young people -- we are used to them. 

I do plan on providing little refrigerators in each room. This is only a temporary arrangement and may even possibly go on while our family is house hacking a fourplex in the neighborhood.  I'm mostly wondering how anyone would handle the energy question.  

Best, 

Amy 

Hi BP friends, 

Since I have 5 rooms available in the upstairs portion of our huge Victorian, and I'd like to save some more money toward buying our second investment property, I've decided to rent out the rooms upstairs.  At $550/month, I could potentially earn around 30k per year if I get good people in there.  I do have a few questions and welcome your input. 

1. Is there anywhere I can find a boilerplate lease for this sort of thing? Since I will be renting to young people (students, medical interns), I plan on providing a month-to-month lease.  

2. How do I manage the utilities issue? I am willing to offer water and most electricity at no extra charge, but I'd like to put something in the lease that requires payment towards oil and air conditioner usage over a certain point. If people run their air conditioners all day, this isn't fair. It's complicated because it's all in our house and difficult to break up.  Does anyone have advice on this one? 

3. Should I allow laundry usage in the house?  I don't want to.  We are a family of 5 and I don't like the idea of other people using our washer/dryer.  I think it's too much.  Or do you think this is necessary when one rents a room in the house?  

If I rented all the rooms for a limited period, say two years, I'd be in amazing shape to get cash for our next property. Our home is large enough to accommodate our family and renters, but I'm curious to hear what you think.    

Best, 

Amy

Thank you for your swift responses!  

To Steven Picker -- I did drive up on the driveway to see the house.  But I didn't disturb the renter.  He came out to talk to me.  Is that okay?  

Those recent sales are sobering.  But those homes are not close to the one I'm talking about -- they are in other more financially challenged neighborhoods.  How did you acquire that data so quickly?  I'm impressed.  

To Wayne Brooks -- I've gone to many auctions at the courthouse and yes, it's true, there is always a bank rep there who comes in with a much higher starting bid.  And houses always, as far as I've seen (and I go often) go right back to the bank.  

I guess the point is to stay away, then?  

Thank you in advance...