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Rental Income

About a year after I rented out my very first room, I decided to renovate my basement.  My goal for renovating the basement was to generate more rental income by renting out the master bedroom I was currently occupying, while I lived in the basement.  The main driver for the rental income was to use [...]

I initially rented my rooms as a way to pay for graduate school, but in May 2009, I graduated with my degree and no longer have tuition to pay for.  Since tuition is no longer a priority, I still continue to rent out my rooms, but use the income to pay off my mortgage debt [...]

Paying for college is very expensive.  There is no doubt about this.  Even parents who have been saving since their child was born may not have saved enough for tuition. When I went to college, I applied for loans and scholarships.  My parents paid for the balance of the tuition after the loans and scholarships.  [...]

Have you ever thought about slightly lowering your rent if your roommate agrees to rent long term? Most people get into the mindset of getting the highest rent possible and forget about the other half of the game: the rental term.  In order to maximize your rental income, you really have to consider both.  Your [...]

How you receive your rent payment is just as important as how much rent payment you receive.   This is almost like asking the question, which do you prefer the luxury of time or money.  Some landlords give discounts on the rent price if tenants pay by direct deposit because it gives the landlord the convenience [...]

Some people absolutely hate living with roommates, and so decide that renting out a room is not for them.  If that’s the case for you, how about renting out space in your garage for storage?  Take a look at these two web sites: www.sparefoot.com www.rentmygarage.com They are very similar to the roommate subscription sites where [...]