Profile picture for bluebonnets

Anybody renting our part of their house? Am I crazy for thinking about it?

I don't really know where to post this, but I would really like some ideas. I am considering renting part of my house out so I do not lose my house to the bank. My job is ok and I am current, but things have been running tight and a refi is not an option.  Am I the only one the is considering this or are there others out there already doing it? Any helpful advice or personal experience would be appreciated. I feel like I am crazy for even considering it, but in another way it seems like it might be a sensible solution to my problem. I was considering posting like a house share ad on craigslist, but I didn't know if anybody else had tried that. Thanks a bunch!
  • February 11 2009 - Kearney
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Answers (5)

All these answers have good points.  My two cents is to make sure that the area where you live allows for you to rent out part of your house.  For example, some neighborhoods in Miami would not allow this and you could be fined by Code Enforcement.  Then, if you have a lease, you could potentially be sued by your tenant should they have to move-out.  
Otherwise, if you're up for it, go for it.  Just be careful and make sure to check out the person thoroughly - even if it costs extra, check their credit, driver's license and references.
  • February 12 2009
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Profile picture for wetdawgs
Once upon a time when I was traveling a lot for business, I rented out part of the house so I'd have the house occupied rather than leaving it empty weeks at a time.    It worked well because the renter could have separate room, bathroom, living area with a kitchenette of their own.  

If you have to share living area, kitchen, bathroom etc - think about it very carefully.  If you are  a private person, it may be a problem.  If you are gregarious and you don't mind sharing chores and setting some rules, it could be a win win.
  • February 12 2009
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Hello
I recently met a senior couple who don't want to downsize due to the market condition. They still have a mortgage on the home...they rented their basement to professional person. I believe they posted the ads in their community newsgroup.
But to answer your question no you are not the only one. Make sure you have laid our the rules prior to signing the lease.

Good Luck
  • February 12 2009
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Profile picture for sunnyview
I think many are doing to house split thing to save money. You are not alone in thinking about it either.
  • February 12 2009
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Bluebonnets,

Check out www.zilpy.com and see if you can locate a spot to market free there. It may help you with pricing for a partial rental.

Also, check out www.meetup.com and see if there is a local blog near your home with prople that have similar interests. It is a great spot to find groups of people with similar interests.

Make sure you have rental agreements in place with rules, deposit, first and last. Do a background check, which the potiential renter will pay for. Important to use a good firm to do the credit - back ground check. 

All my best to you,

Linda

  • February 11 2009
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