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Have you ever been to a craft fair? If there's one booth with quilts, there are 10. Plus every non-profit group in town is selling raffle tickets for them. Lots of competition + limited demand for high-dollar items at these things = you better enjoy what you do because it takes a lot of luck to sell enough quilts/crafts/whatever to make expenses.
This is too true! I once spent a season selling at craft fairs -- 18 of them (as well as working full time). I kept detailed records, and really only managed to break even. It was exhausting as well. But, if you're unemployed, have lots of talent and can make something of of almost nothing, well, you can make some money doing this. Not much, but enough to buy a few bags of groceries instead of going hungry.
This may seem like a naive question, since I never had a mortgage. Do mortgage contracts forbid roommates? Will the bank allow a rider in the contract to take on a roommate?
It's not the mortgage contracts (I think) but the city ordinances, to prevent over crowding and maintain a standard of living. If you're renting an apartment, there would be restrictions on your lease. If you are renting along with a roommate, both of your names would be on the lease. If you then decide to add a third person, that might be illegal, according to the terms of the lease.
It's not the mortgage contracts (I think) but the city ordinances, to prevent over crowding and maintain a standard of living. If you're renting an apartment, there would be restrictions on your lease. If you are renting along with a roommate, both of your names would be on the lease. If you then decide to add a third person, that might be illegal, according to the terms of the lease.
Oh, but Chiguy was specifically talking about his mom having roommates to subsidize the mortgage on a house. I suspect that she stayed in one room and rented the other rooms. He seems to indicate that it would be illegal for renting not for overcrowding.
Quote:
Originally Posted by ChiGuy2.5
I think the key factor to the OP's post is that this was during the great depression. I think once you are at the point that you are willing to do WHATEVER it takes, all laws go out the window.
Modern day roommates are a form of "illegal" renting. I grew up with my mom having roommates to help subsidize her mortgage on our house. People nowadays sell items online for a profit and don't pay income tax even though they technically should. Nothing has really changed since those days and those days were more drastic than today.
Oh, but Chiguy was specifically talking about his mom having roommates to subsidize the mortgage on a house. I suspect that she stayed in one room and rented the other rooms. He seems to indicate that it would be illegal for renting not for overcrowding.
Oh, I see. Interesting. I wonder if mortgage companies would look at it in terms of rental income, same as buying an investment property to rent out? Or if you bought a duplex and rented out the other side? Same concept, but I really don't think a mortgage company is going to approve a loan based on rooms being rented out.
One issue of having a boarder, mortgage aside, is that, at least in some tenant-friendly states, by taking that person's money, it becomes very difficult to evict them if you want to. I believe that even applies to grown children who need to be kicked out.
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