I was fortunate to have my story about paying for graduate school with rental income appear on the Sunday Series at Getrichslowy.org. It’s an awesome feeling reading comments commending my achievements on graduating without any debt.
Also during the past few days, I received numerous e-mails asking me questions all sorts of questions. Some of them have been long, some have been short. But there were also a slew of common questions. I thought I would make a quick post answering the common questions and some interesting questions people have asked.
The questions are as follows:
1. What do you do for work during the day?
I’m an engineer.
2. What was the longest time a roommate rented a room from you? Did you set a limit to how long they could live there for?
My longest roommate lived in one of my rooms for 2 years; from just of 2006 to June of 2008. I told them they could stay as long as they liked as long as I didn’t have any life changing events occur.
3. What was the worst reason why you had to ask a roommate to leave?(non-paying/drug user/disputes over differences)
I only had to ask someone to move out was because they couldn’t pay the rent. This only happened once before. I guess you can say one is currently going on, but ultimately this person is moving out their own. I didn’t have to pull out my ace card to make them move out.
4. Where do you find most of your roommates?
Craiglist.org and roommates.com and no I don’t have a preference over the other as long as the roommate is reliable in making the rent payment and keeping my residence clean. Good roommates can be found using any online medium.
5. Do you use a rental agreement? If so can I get a copy?
Yes, In the beginning, I used a rental agreement because I wanted everything documented. Now after having several roommates, I don’t use one. The reason why I stopped was because if I had to constantly refer to the rental agreement over a disagreement, then this person is probably not a fit. Instead, when I show my place to a prospective roommate, I’m straight forward on what their expectations are if they move in.
I document the rent amount and security deposit in an e-mail to my roommate so that there are no disagreements over the amount of the security deposit when a roommate moves out.
E-mail me if you would like to see a copy of my rental agreement.
6. How long do you plan to rent out your room?
I’ll continue to rent out my room until at least my second mortgage is paid off. Right now, I’m at about 43% of the way there.
7. What’s your experience in renting to college students? Better results if renting to a grad student, senior student, or more “serious” student?
I have never rented to students because it’s probably the first time they lived on their own. I also never rented to a senior citizen.
I may consider a graduate student as they spend most of their time on their studies in a lab or a library. They also receive a steady income from a stipend or fellowship, thus have a way to pay rent.
These are some common questions I’ve received in the past few days. I hope that people find my information helpful. If I didn’t answer your specific question, please send me an e-mail.