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Mostly that comes down to whether you NEED to find a housemate of some sort (for whatever reasons)
or just whether you just WANT to find a housemate of some sort (for whatever reasons).
If it's about need to... you do what you need to in order to make it work.
If it's about want to... you do what you want to in order to make it work. Or not.
Thanks for all of the great advice. I have no idea what I am going to do. Sigh!
What might solve your indecision is you need to ask yourself...and get a quick answer.... are you stern and firm and business like enough to carry out whatever rules you set? To set up the program properly? And to let the tenant know he has fired himself from your property immediately when it comes to that (anything can happen if you let them hang around too long after their misbehavior).
Both my brothers had room mates when they bought their first single family homes... it was by far a sound and lucrative arrangement...
One was heavily into community college sports and his room mate coached the rival team... they were room mates until he got engaged and then he was his best man...
The other was someone from the firm and he was hardly ever there... spent his free time whitewater kayaking, mountain trekking... etc... my brother said he was the perfect room mate... as he was always off to the next adventure but the rent check was always on time...
Years later they are all still good friends...
Fast forward... one of my coworkers lost her husband and they had only been in their single family home a few years... this was in 2009... she was having a hard time making the payments and Real Estate was way down... thought about walking away or doing a short sale... several told her it was best... they had no kids together.
I asked if she liked her home and neighbors… she did... I asked how much money are you short each month and she had it all worked out... $800 a month would lighten the load... I suggested she think about a room mate... which she never considered.
She spoke to the pastor at her church and he said I think I know someone... nine years later she is still there... she said they never had any words and she is also a very quiet person and it is nice having someone to be there when she goes to visit her brothers each year...
My point is it can work... but all of these were people known or came recommended by someone that knew both parties... not a Craigslist Deal.
Edit... these are all SF Bay Area situations where housing is tight and expensive...
Last edited by Ultrarunner; 03-19-2019 at 08:19 PM..
It can work out fine,it just depends on the people involved.Years ago,when I was single and bought my first house I rented rooms out all the time.I got stiffed for a few months rent here and there but overall it was a net financial plus.If you're a neatnik sharing kitchens and bathrooms can be a problem.
After I got divorced years ago I lived for several years in a friends basement with my two kids.I had my own entrance, bathroom and kitchen which made things much nicer as did the fact that I already knew the owner.
You either get the roommate from hell or the roommate from heaven, there are no other options. Personally, I wouldn’t mind renting rooms out to military (you see plenty of “military welcomed” housing ads on Craigslist). Otherwise, I would do the background check, credit check, security deposit, and ironclad lease.
The horror stories I’ve heard are that bad tenants or roommates refuse to leave or that they’re just nasty and dirty.
That would be pointless. You’d be searching for new tenants every few months and the bad tenants always outnumber the good ones.
That's why you should ask them if they are looking for a long term situation or just a few months. And if the bad ones outnumber the good ones why do you want to be stuck with a year long lease with them?
Thanks for all of the great advice. I have no idea what I am going to do. Sigh!
There is no rush, you can try it, you can verify income by asking for a pay stub, or you can call and verify they work there,. also always make a copy or take a picture of their driver's license and upload it to your email account and keep it in a folder online.
You can ask for two references and chat with their friends and ask questions about how long they have known them and if they are trustworthy etc. If you need the money to pay the mortgage it's worth the gamble, if you need money to catch up on bills you can try it too. You may make a friend too.
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