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 delve deeper into the details. That’s where this section comes in handy. It’s the experiences I faced. I’ve put the 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.
Then there might be an instance where you have to go away for a week or weekend, especially if you like to go away on vacation or travel often for work.
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). So, the rent price needs to go up. It isn’t an easy topic to bring up, but I had to do it and violated one of the three rules not to do on current roommates.
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 been a “live-in landlord.”