Do you think renting out extra space is advisable?

Discussion in 'The Cocktail Lounge' started by shilpa123, Oct 25, 2014.

  1. shilpa123

    shilpa123 Banned

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    Renting out an extra room can help a person financially to quite an extent. But everything would go well only if the tenants are really good and take acute care of the place. I do not think this scenario seen everywhere. Also one should be very careful while renting the place as we would know nothing about the tenants beforehand. What is your opinion on this matter?
     
  2. jdroc

    jdroc Guest

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    Well that have website now that can help a person out with this process.
     
  3. Profit5500

    Profit5500 Senior Investor

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    Having a website is good you just need to get some traffic to get some people. They have to view some sort of content. I would make sure that the clients are actually interested in your service.
     
  4. springbreeze

    springbreeze Well-Known Member

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    If you really need the money, then it's good. But if you don't desperately need the money or if you have other avenues to earn the money, I'd recommend not to do this. This should be your last resort. In today's day, it is very dangerous. If you decide to go this route, the best way to go is with references and background checks. But remember to call up the numbers given. References can be easily faked or given by family members and friends.
     
  5. caparica007

    caparica007 Well-Known Member

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    My grandmother did that for a few years and she got along fine with some, with others not really, we never know how people are until we are living with them.
     
  6. dianethare

    dianethare Senior Investor

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    Research out thoroughly in that regard until you get the right feel, also listen to your intuition when screening tenants to avoid future squabbles, or you can seek out a professional real estate agent to help out in the whole process if it becomes entirely cumbersome for you!
     
  7. Gelsemium

    Gelsemium Senior Investor

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    There is also the legal question, if you're still paying the house to the bank you can't do that and you can have problems.
     
  8. moneyman

    moneyman Well-Known Member

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    It is a good thing to rent it out to make some extra income. However, don't forget to check your state laws that it isn't forbidden. In addition, there are websites offering you place to advertise your apartment.
     
  9. Peninha

    Peninha Senior Investor

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    Yep, I would rent if I could, everyone needs an extra cash, but we do lose our privacy, I don't know if we could put a price on that.
     
  10. gmckee1985

    gmckee1985 Senior Investor

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    I think renting out an extra room is smart. But you need to make sure you are renting to someone who is reliable and isn't mentally unstable. I think renting to a friend or family member is a lot better of an idea than renting to someone you don't really know. If you go that route you definitely need to do a background check and ask for the first months rent up front. Otherwise, it could turn out to be a disaster.
     

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