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Old 01-30-2019, 12:05 PM
Location: Blue Ridge Mntns., NC
10,479 posts, read 14,498,574 times
Reputation: 9056


Originally Posted by Berteau View Post
Iíve been tired of renting, but canít justify buying right now. With buying, most of your payments go towards interest the first 5 years. Then you have upfront costs to buy and sell, property taxes, repairs, higher costs for heating/cooling, immobility, etc. Iím also single, but if I got married in upcoming years, I would want to sell and get a big house or maybe the girl would already have a house. Then Iím losing money.

I was thinking if I got a 3 bedroom house, I could rent out a room, but Iím not sure how the demand would be and the trouble.

Reading this link will be worth your time

eviction with no lease
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Old 01-30-2019, 12:24 PM
2,055 posts, read 855,659 times
Reputation: 8365
You're better off buying, and there's nothing wrong with so-called "starter" homes. Just get a small house and forget renting a room out.

If you want to rent a room out I'd rent to a grad student, with some stipulations. No overnight guests. No parties, ever. No noise after 10 PM. Use headphones if you like your music loud. And I would only do it if they could have exclusive use of a bathroom, eg the house would have to have at least 2 full bathrooms. That will increase the price of the house you are looking at.

If you can't qualify for the loan on your own, getting a roommate won't help. You can't get the loan to start with!

If you CAN qualify for the loan, why do you need the roommate?

Make sure there is no HOA. EVEN IF your HOA does not currently have regulations about roommates, renting, or subletting, that can change at the drop of a hat - say, as soon as someone realizes you're doing it and moves to block you.

If you are currently receiving ANY government aid, don't do it. You will almost certainly no longer be considered eligible because they will now require you to include your renter's income in with yours (HOUSEHOLD income) and that will likely push you above the eligibility requirements.

Why not just buy a smaller house just for you? Dispense with the roommate idea altogether. Overall I don't see how it could benefit you in your situation. Putative ideas about marriage in the next 5 years notwithstanding.
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Old 01-31-2019, 10:39 AM
Location: Minnesota
1,804 posts, read 691,518 times
Reputation: 3183
I am pretty sure that a owner occupied home, renting rooms are not subject to having to comply with emotional support animals etc laws like a apartment building or renting a whole home would have to. The laws are different for that type of situation when owner occupied.
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Old Today, 08:15 AM
Location: Washington, DC
2,649 posts, read 1,288,326 times
Reputation: 1919
When I bought my house new 5 years ago, I did that. I actually rented a room out to my buddy and another to a Craigslist person. Smartest decision I made cause I was only paying about $400 a month for my house out of pocket. Yeah, you lose a bit of privacy, but it was worth it, especially for those early years. Helped me focus money on other aspects of the house.
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