By now you should know that a “live-in landlord” is someone who rents out a spare room in their primary residence. This section was created for current “live-in landlords” who are already knee deep into this endeavor. Most “how to websites” details generic steps to get you started, but fail to deliver the complete package of what to expect while you’re renting out a room. That’s where this section comes in handy. I’ve put some main issues in bold and if you have other questions, don’t hesitate to reach out.
YOU HAVE A ROOMMATE, NOW YOU’RE GETTING PRESSURE FROM WHO?
Just because it’s you’re room in your house it’s alright, but here are some folks who may disagree.
By renting out a room, you maybe giving off a financial distress beacon to your neighbors and so the endeavor has a negative stigma and you want to know how to deal with them.
SMOOTH SAILING – MAKE SOME MINOR ADJUSTMENTS ALONG THE COURSE.
If things are faring well after your roommate, it’s time to reevaluate your expenses and your income because it maybe time to makes some changes to maximize your profits.
RAISING THE RENT PRICE
There’s going to come a time when you’re going to have to raise the rent price because the going market rate has increased or your operating expenses such as electricity and such has gone up that you need to make up the short fall(I charge a fixed price for rent). To make up the short fall, I need to raise the monthly rent price. It isn’t an easy topic to bring up, but I had to do it.
GOING AWAY ON VACATION?
Traveling or going on vacation when you’re renting out a room. Let’s face it, there’s going to be occasions where we have to travel out of town and can’t be home to babysit our roommates. I’ve been on plenty of work trips while I’ve had renters.
Oh Crap…Natural Disasters and you have roommates