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I'm single and live alone since my wife divorced me a few years ago and my youngest son has grown and moved away last summer. I live a rather private, quiet life and don't party or drink.
So now it's just me in my modest 3br 2ba home of about 1700 sf with front and back yard and garage(which is full of my stuff)
Anyway, I'm thinking of renting out a room or two because I may need to save money since I got bad news that I may not be allowed to drive for 6 mos due to having a episode of altered conciousness while driving last week. I was driving to work and got pulled over by police and arrested for suspicion of DUI (pending lab tests). Of course, things will come back showing I don't drink or use drugs.
I saw a neurologist for this before about 1 1/2 yr ago and so now she says the law says I cant drive.
I'm ok to go back to work but not drive.
This is impossible for me since there's no public transportation between the 25 miles of where I work and where I live.
Only good side to this is I work on a military base and live in a military community so I could probably rent to a soldier or officer with no problem.
This would help me with the cost of mortgage if I can't work. I even thought of asking around to see if I could get a ride to work everyday but think thats too much to ask of people, don't you think? I mean especially for 6 months.
I may need to save money since I got bad news
...I saw a neurologist ...now she says the law says I cant drive.
I'm ok to go back to work but not drive.
there's no public transportation between the 25 miles of where I work and where I live.
Only good side to this is I work on a military base and live in a military community
so I could probably rent to a soldier or officer with no problem.
How many more years do you expect to have this job?
(thinking about idea of selling and moving close to work)
Talk to the base housing people.
Good luck finding the right mix.
Go to the first "sticky" on this forum and find a link to your state's landlord tenant laws and read them very carefully so you fully understand what's legally expected of you as a landlord. Although state laws may seem to address only tenants in separate apartments, they still apply to room rentals.
I rented out in the way you're describing for a few years even though I'd had prior experience renting out full apartments and the parameters are exactly the same. I ONLY did the room rentals on a month to month basis, had a clearly written rental agreement addressing all the basics of shared space, visitors (overnight NOT), cleanliness of rented space and of shared areas (kitchen/living room). A half page quickly segued to two pages - not because I had problems with those I rented to but because little things cropped up and it was simpler to have them all documented.
Absorb everything and rent out ONE room and one room only until you get your feet wet. Good luck!
Do you mind having roomates/tenants.
Do you know what and how renting rules apply to your situations
Do you have the patience, understanding, capacity, ability to be a LL.
As SST said start off with one roommate and see how it goes. Good luck. It doesn't have to be a bad experience. Just do your homework.
How many more years do you expect to have this job?
(thinking about idea of selling and moving close to work)
Talk to the base housing people.
Good luck finding the right mix.
I'm about 6 yrs away from retirement.
The town closest to the base is not desirable. Most people that live there don't like it there; whereas most people in my town love it.
Moving onto the base would cost more than what my mortgage is and then I'd still have a problem getting from housing area to where I work about 2 miles away.
Go to the first "sticky" on this forum and find a link to your state's landlord tenant laws and read them very carefully so you fully understand what's legally expected of you as a landlord. Although state laws may seem to address only tenants in separate apartments, they still apply to room rentals.
I rented out in the way you're describing for a few years even though I'd had prior experience renting out full apartments and the parameters are exactly the same. I ONLY did the room rentals on a month to month basis, had a clearly written rental agreement addressing all the basics of shared space, visitors (overnight NOT), cleanliness of rented space and of shared areas (kitchen/living room). A half page quickly segued to two pages - not because I had problems with those I rented to but because little things cropped up and it was simpler to have them all documented.
Absorb everything and rent out ONE room and one room only until you get your feet wet. Good luck!
Thanks for the advice.
I thought about renting out only to single officers or soldiers since they have some accountability to their behavior and responsibility to pay rent on time.
When I was single...yeah, I know some 30 yrs ago, I rented out a room from a woman in her house.
She rented out another room and everyone got along fine.
Now however, I am the home owner so care about the house, not just my room
I'm about 6 yrs away from retirement.
The town closest to the base is not desirable. Most people that live there don't like it there; whereas most people in my town love it.
Moving onto the base would cost more than what my mortgage is and then I'd still have a problem getting from housing area to where I work about 2 miles away.
At the practical level...
you'll have best luck offering a Master BR w/ private Bath to the roomie. More $$ too.
If you're not the neat sort already then get help de-cluttering the common areas.
Hiring out out for a 2X per month housekeeper won't go amiss either.
The biggest issue is alignment of work schedules for the commute.
That throws a bigger wrench into things.
Again, Good Luck.
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