Have you (or would you) ever rent out a room in your home?

applecruncher

applecruncher

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Ohio USA
An acquaintance was telling me she’s considering renting out a room in her house. She thinks it would be a good way to generate more income. Her house is 3br/1 ½ bath.

Suffice to say that imo she would be better off tightening her belt (she tends to spend too much money on frivolous, often extravagant things). But, it’s her business and her money. :shrug:

However, she asked my opinion. I said that she should give serious consideration to whether she wants to be a landlord. I know of/have heard of some nightmarish landlord/tenant situations. Even taking in someone via a personal referral can be sketchy. As far as strangers, there’s the background/criminal check, credit check, income verification, collection of rent, living habits, personal preferences, visitors, issues re: shared use of common shared areas such as
kitchen…….these are just some of the considerations. At the very least, I told her she should consult with an attorney.

(Sure, sometimes it can work out. But anyone considering being a landlord should watch the 1988 movie Pacific Heights w/Michael Keaton.) :eek:
 

You would have to be careful who you let the room to of course, you would just have to try and judge them by a meeting.
However, this was common practise here years ago, the letting of rooms in your house, and it seemed to work well.I do think we have all become frightened of our own shadows, and much of this fear of strangers is unreasonable( most people are hurt by people they know really well.)It can be a good source of income, and for anyone a bit on the lonely side, makes the house feel more lived in and friendly.
 
awww it could be fun (in a Golden Girls type of way) if she finds another lady who might share some of her interests..and they could be great company for each other ( I'm assuming of course that your friend lives alone)
 

Personally, it would never work for me. I don’t like to share my living space. If necessary, I’d consider drastic downsizing and belt-tightening to avoid taking in a renter.

Many years ago it was more common for people to take in roomers. I remember an aunt who had a large house and rented rooms to guys who had just returned from military duty. It worked out fine and they also helped with maintenance/chores.

The more recent situations I know of involved homeowners who didn’t check people out and were anxious to get some extra money. What followed was slow/no rent payments, troublesome overnight guests, police calls, and evictions.
 
I'm not very trusting of people, so I don't think I'd want to give a stranger my key and let them be in my home day and night whether I was there or not. I imagine if I was in a situation where I was living on my own and felt the need for company, I might consider renting a room to someone I already know and like...but I kind of doubt it, I think I'd just rather meet them for an outing and go back home alone. If you receive payment for rent, do you have to report it as income? Are you required to have things a certain way to make it more than an one family household? Just wondering.
 
SeaBreeze said:
I'm not very trusting of people, so I don't think I'd want to give a stranger my key and let them be in my home day and night whether I was there or not. I imagine if I was in a situation where I was living on my own and felt the need for company, I might consider renting a room to someone I already know and like...but I kind of doubt it, I think I'd just rather meet them for an outing and go back home alone. If you receive payment for rent, do you have to report it as income? Are you required to have things a certain way to make it more than an one family household? Just wondering.
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I believe most of it is under the table unreported income. It put you in a legal problem potentially. If a "roomer" were injured on your property, you end up liable. Personally if I were that desperate, I would sell my home and find an apartment.
 
I couldn't. If you don't have fur and a tail, you can't live with me.

I spent the first part of my life hating living with people. Behind my own door is the only safe place. Not letting anyone in.
 
Only close friends and family who I really like. I'm comfortable with rooming with other people who I like, I've done it before and it usually worked out very well.
 
It's a big house with plenty of room. Perhaps a comely middle aged woman who was a good cook. Assuming she came with no untoward emotional or financial baggage, didn't smoke wasn't unduly superstitious (not too religious). That might work out.
 
I once jokingly told my wife I was going to start charging her rent if she wanted to continue living here.

When I regained consciousness and washed away the blood, I apologised and the thought of renting out a room to anyone never again crossed my mind.
 
I would tighten my belt. I would rather give someone money to help them, then have them come to live with me. I am too set in my ways, and to keep my life as simple as possible. I think having someone move in to make extra money is the worst reason to have someone move in. Well, if you have a house that is like the old, boarding houses, maybe then.

I think people today tend to think they need more then they actually need, the end!
 
jujube said:
Yeah, sort of like marriage.....
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ACK! That's the last kind of deal I would be interested in, I ended my last relationship because of nagging to become joined at the hip. I'm not looking to play house. Wasn't as harsh as it sounds, we're still friends, we just no longer see each other.
 
Josiah said:
It's a big house with plenty of room. Perhaps a comely middle aged woman who was a good cook. Assuming she came with no untoward emotional or financial baggage, didn't smoke wasn't unduly superstitious (not too religious). That might work out.
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Every time I have ever seen those words "no baggage" whether emotional, mental, physical or spiritual, I've always figured darn, he must have enough and there's no more room for mine:p
 
AprilT said:
ACK! That's the last kind of deal I would be interested in, I ended my last relationship because of nagging to become joined at the hip. I'm not looking to play house. Wasn't as harsh as it sounds, we're still friends, we just no longer see each other.
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When I started havin hotflashes I knew my dating/mating days were over. Unless we can agree to sleep like Desi and Lucy, yeah, fogetaboutit!!
 
nwlady said:
I would tighten my belt. I would rather give someone money to help them, then have them come to live with me. I am too set in my ways, and to keep my life as simple as possible. I think having someone move in to make extra money is the worst reason to have someone move in. Well, if you have a house that is like the old, boarding houses, maybe then.

I think people today tend to think they need more then they actually need, the end!
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Agree. I’d rather give (not lend) or chip in what I felt I could part with if I felt the person was really trying to get it together.

OTOH my sister has a history of letting people move into her home (with her husband and 2 teenaged boys) and stay “until they get on their feet”. Meanwhile she tries to reform them and gets an ego boost for being a “good person”. Eventually they eat all her food, wreck her car, or create drama. Over and over. :rolleyes:
 
nwlady said:
When I started havin hotflashes I knew my dating/mating days were over. Unless we can agree to sleep like Desi and Lucy, yeah, fogetaboutit!!
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This was only a couple of years ago we broke it off. He messaged me a few days ago, just to see how I was, like I said we are still friends. and I might ad he lives a 3 to 4 hr drive from me. I'm just not good at the dating thing anymore, if I met someone that didn't get on my nerves, I would go for it. I miss some things, but, as I was telling the last gent I was talking with, I'm good as I am.
 
applecruncher said:
Agree. I’d rather give (not lend) or chip in what I felt I could part with if I felt the person was really trying to get it together.
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I can understand where you are coming from, the situations where I lived with people, it really wasn't about the money, not in all the instances anyway. Like Holly mentioned, I would love the Golden Girls type of situation. I guess as I've gotten older, I miss having my sisters near and sharing holidays and that sort of thing, I probably wouldn't really care to live with complete strangers these days, most of the people I knew we were simpatico in our way of living together. When I need my space they left me to myself and vice, versa.

I think if I were as many others here are, used to having space to self or with just their spouses, I likely wouldn't be open to renting out either. It's very understandable.
 
When I bought my house it was being flipped, so a condition of the sale was that the flippers put in a temporary divider wall, add a kitchen sink and 220 outlet in an upstairs bedroom. Rented half as a duplex to some female college students and lived in the other half for 5 years. They were all very good renters and it was a huge tax break. That was back in the early 80's when interest rates on mortgages were 16%! Couldn't have afforded to get into the house at that time otherwise.
 
I would not do it. I can't imagine having a stranger in and out of my house. Or even someone I knew. I'm just too used to my own space. I've never known anyone who this worked out for, except college roommates (in college). It's a prescription for disaster, IMHO. And if you're renting to a stranger, I don't think it's safe.

And, yes, rental income is absolutely taxable income.
 

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