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One of the things that folks have done during hard financial times is to rent out a room of their house. The concept is of course to try and make the property pay for itself. The county wants their property tax and a monthly rental income even if it is just enough to cover the property taxes can mean the difference between continuing to "own" your home or losing it. If the monthly rental income can also cover part of the operating expenses (power, water etc) even better.

Some folks will rent out a room within the house, and others will remodel a garage with a separate entrance for more of a studio apartment type deal. The benefit of this approach is you don't have to share your living space with the tenant and your privacy is less compromised. Others will place a travel trailer on the place and rent it out.

Anybody do this or know someone who has done it? How did it work out?
 

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My wife and I have been in a transition mode to our homestead in upstate New York for the past 2 years. She has been living on the property in a camper for the past 2 years during the growing season and then lives down here with me during the winter. I am continuing to work to fund our transition. We have a 4 bedroom twin near a major university in a large town. We specifically rent 2 rooms out to graduate students. We find that they are dependable, quiet and most have a stipend for living expenses from the University so there is a consistent 'steady' income stream. The rental from the 2 rooms essentially pays for the mortgage and taxes.
The downside is that you are sharing your living space with other people so your privacy is often reduced to your bedroom area. We maintain a month to month lease with a small deposit at the beginning. We have had no problems collecting the rent to date.
 

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I had some friends who rented out the apartment over their garage (it's what they lived in while they built their house). Unfortunately around here they have been passing laws or ordinances about extra people living in homes, supposedly to stop some people from having 15-30 people living in 3 bedroom homes. There was a case nearby where a family could not even modify their home to allow an elderly parent to live with them, so things like this may need to be researched before doing this.

I would be more open to having someone stay in a camper on my property than in my home. I'm zoned agricultural, so I'm not sure of the legality of that though.

Dawn
 

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Hired Hand
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I'd be more inclined if it was a good friend. With two teenage DDs, I'd be too concerned if there was a stranger in the house.

Thinking out loud, I was considering renting out parcels of land for gardens or crops if things got rough. I've rented land to farmers before. They were always on time with the rent and typically gave me premission to pick some of what they grew...within reason of course. They grew hay for a few years and we ended up with a load of hay for the horses. The rent helped pay the taxes and the fresh produce / feed was always welcome.
 

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I have friend that rents out 4 of her bedrooms to just women.
I'm trying to do the same, as I have 3 br.'s and want to rent one out to a female.
I do have an add on Craig's list

You just need to be very careful on whom you rent to. I have a contract(least agreement) I made up ahead of time listing what can and can not be aloud, amount of rent, what is shared etc., buy their own food, also they need 3 references both friend and work.

Haven't gotten any calls yet, (I'm in the county, 10 miles from city and I'm picky) and people are still trying to hold on yet while they can. I do think that as it get worst, I will most likely get calls.

I think more and more people are doing this. In my area, there are so many adds looking to share a home or apartment. Things are getting tough with job losses and foreclosures.

Debbie
 
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