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

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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.

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Renting out a room in your house requires even more scrutiny of potential roommates because you share a home with them.

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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.

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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.

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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.

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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.

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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.

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Having roommates who live in your house is not easy. However, being a landlord can be great because it allows you to make passive income that requires little ongoing work.

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