I stated that one of my goals for 2014 is to do a bit of long-term travel and see the world. Besides leaving my job to take on this goal, I need to replace myself in my house so that my real estate asset can literally pay for itself. To replace myself, I could have [...]
1. Raising the Rent Prices on your current roommates. I did this once a long time ago on my second roommate. The conversation didn’t go well. It ended up with me explaining all my bills and justifying the increase in the rent price. I thought the raise was fair $1 a day or $30 per [...]
I was browsing the online forums at work and noticed some guy trying to rent out a single room in his house for $1050 per month! This is an outrageous price to pay in my neck of the woods. I think this guy is going through divorce and realizes he needs money and lots of it. Nonetheless, it’s no reason to ask for such a high rent price. I think he was tempted to set the rent price based on the expenses of his house, which is wrong way to set the asking rent price. I'm going to elaborate...
My roommates have always paid their rent in the form of check or cash. I’ve never accepted credit cards, but that all recently changed thanks for Amazon Payments. This service has been around for a while, but only recently begun to utilize it to receive payments, mainly from my roommates. Amazon Payment is a service [...]
In the last post I wrote about starting out in the adventures of renting out a room. Today, I’m going to jump ahead and talk about rent pricing and structuring because I just received my electric bill in the mail and it made me cringe to see the total amount. I’m suspecting one of my [...]
I’ve been renting out my rooms for a fixed price. However, expenses such as cable, home owner’s association (HOA) fees, and electricity bill have all increased. To make up for these increased expenses, in 2008, I’ve raised my rent prices accordingly – this is the easy part. The hard part is telling your roommates that [...]