Rent a Room in Your House:  Follow These 5 Steps for Maximum Protection

Having a rental property is very different from renting a room out in your house. When you rent out a room, you will be sharing space with this person. Renting out a room in your house requires even more scrutiny of potential roommates because you share a home with them.

How To Rent a Room Step 1: Price Your Room Competitively Before you decide to take in a roommate, you should research how much money you can charge for rent.

Step 2: Be Specific in Your Room Advertisement The easiest way to have your notifications light up after posting your ad is by being vague. A roommate ad should support your desire to find the perfect roommate and spell out the specific characteristics and attractive traits you want in a roommate.

Step 3: Ask the Right Screening Questions Once the ad is active, people will begin calling you. Prepare several questions to ask them to get a sense of who they are and if they would be a good fit for you.

Step 4: Have a Solid Rental Agreement Make sure you have everything in writing. You want to make sure all your dealings with your roommate are in written format. The other party will not attempt foul play with everything in writing. Written agreements are real and tangible.

Step 5: Treat This As a Business Venture Treat the agreements you have in place with respect. When the roommate pays late, charge the late fee. This communicates that you do not play games, and your roommate(s) will respect you more for it. Once you start compromising a little here and there, you might begin to compromise in larger areas.

Having roommates who live in your house is not easy. Even when you have years of experience, you will always be learning more about human behavior and being a better roommate. However, being a landlord can be great because it allows you to make passive income that requires little ongoing work. You can make extra money by making sacrifices and planning actions for each situation.

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