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So, you’re interested in renting out your spare room to make some extra cash, but you don’t know where to begin?

Don’t worry.  I had the same feeling when I first started this shindig back in 2006.  So, what I did was search the internet for more information.  And all I found were one-page articles that were probably written by someone who doesn’t care how useful the articles are.

After renting out my first room, I realized that the process was a bit more involved than the descriptions in any internet articles.  For instance, the first step is not to create an advertisement for a roommate or ask your friend to move in. In fact, the first step is to ask yourself why you want to rent out a room, and then to set a goal.  Maybe you want to pay off debt or build a savings.

With the lack of resources out there, I figured blogging about my real life personal experiences in renting rooms to roommates would be an excellent way for me to share my thoughts and tips, such as how to avoid a common Craigslist scam or knowing the difference between rental income and rent price.  I’ve also learned about some issues not even mentioned in the one-page articles, like how homeowner’s insurance is affected.

How the Rental Income Affected Me

So far, the extra cash from renting out my spare room paid for graduate school (which cost about $34,000) without my having to borrow a single penny in student loans.  Now that I’ve graduated with my degree, I am continuing to rent out my room until I reach my goal of paying off part of my mortgage.

I know that having a stranger move into your home can be a scary proposition; after all, your home is your most private space.   At first I was a bit skeptical too.  Thus far it has actually enriched my life, and I have gained friendships through renting out my rooms.  It truly can be a win-win situation for both the homeowner and the roommate, especially in these hard economic times.

Also, sometimes it’s best not to have friends as roommates for reasons stated here and here.  I’m not saying having friends as roommates will never work, but when you’re the homeowner, it invariably adds a different dynamic to the living arrangement.

Lastly, if you don’t want to deal with roommates and still want to make money, perhaps renting out your empty space is a more appropriate alternative for you.

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