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

Historically cheap mortgage rates push corporations to invest large amounts of capital into SFH rental properties.

If you own a home and want to make some extra money every month, here is a guide on how to rent a room in your house.

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.

Once you have an attractive ad and photos in place, you can charge 10-15% higher than the local market due to the extra work you have put in.

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.

The more specific you are in what you want, the better result you will have. You do not want phone calls from unqualified potential roommates.

Step 3: Ask the Right Screening Questions 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. The other party will not attempt foul play with everything in writing. Written agreements are real and tangible.

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