All Forum Posts by: Brittany Myers

@John Hunt

My husband and I do this EXACT thing. We have a spare bedroom and bathroom, literally right next to our master. Never in a million years thought we’d rent out a room but when the money starts coming in, it’s worth it lol. We tried Airbnbing the room, but the constant cleaning and turnover was tiring, and it made me uncomfortable not really knowing who was staying in our house. We now post month-to-month listings on Facebook Marketplace. When we get interest we ask that they fill out an application that includes a background/credit check. We can also check out their profile and meet them in person before signing a lease. Makes me feel a bit safer. Anyways, we’ve had a ton of success with this strategy and are now finishing our basement to repeat this process. Good luck!!

I am looking to do the rent by the room strategy but am at a loss on how to structure a lease. I’m assuming I’d need separate leases for each roommate since people will be arriving/departing on different days. I’ve looked at the lease templates provided by Zillow and Apartments.com because I like the digital signature functionality but there is really no room to customize the lease. Has anyone done rent by the room or have any suggestions on how to structure a lease for this strategy?

Hello! My husband and I are purchasing items for our very first Airbnb (we will be renting out a room in our house). Can someone recommend a CPA in the Colorado Springs market? We have several questions on how to keep our personal finances separate from our real estate investing finances as this will make it much easier come tax time. Also, curious how you BPers separate checking/savings accounts?? We use Chase and Ally for personal finances. Should we consider creating a separate account with Chase and Ally designated to REI or open an account with a different bank entirely? Looking into Citi Bank specifically for their Double Cash CC. Thanks so much in advance for your recommendations!