Hey /b I recently was able to purchase a home and have two extra rooms in the house...

Hey /b I recently was able to purchase a home and have two extra rooms in the house. From your own experience is it worth renting out a room to someone or is it too much of a pain in the ass? The only people I've considered renting to are people that I know, would that make the situation better or worse in your opinion? Any tips on how to avoid issues when renting a room or is it just not worth it in general?

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Set boundaries and make sure they won't bring excessive drugs, people, and/or illegal shit to your house.
Make sure they aren't fucking losers with no sense of responsibilities.

Pain in the ass. Don't do it.

Don't do it user, I'm currently in the process of evicting my former best friend because he's a loser and thought because we were friends he could be lax about rent.

NEVER DO BUSINESS WITH FRIENDS OR FAMILY

Self bump

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Yeah I have heard it would only lead to issues even with boundries being set. I work two jobs and am really only home about one day a week unless you count sleeping so it's not like I could really be there to monitor the house. I just figured if would help cut down on bills.

This... soo much this... You'll think your friends are different, but you give an inch, they take a mile.

I've tried this on 3 different occasions, not one ended well.

Start a metal house. Take in young kvlt metalheads deeply rooted in your local underground scene and host small shows.

Probably better off with people you don’t know and the most important thing is to lay down the law with rent, they will pay on time or they leave. Even if you become friends that is the core thing that you need to stay firm on.

It's sucks because long term I'd like to be able to own rental properties as a means of passive income but from everything I've read and heard it seems to be a huge pain in the ass to deal with tenants

Are you aware of a method to make a sound contract so that the renters cannot attempt to fuck me out of my money and time?

yea it can be worth it renting out.

I wouldn't do fam or friends.

put up an add. meet the person. set rules. easy money. ive done it now for 4 years

don't get me wrong, the extra income is nice.

I've already got another renter lined up once I get his bitch ass out that's going to pay 150% what he was and will more than likely clean more than once a year

Just look up any standard rent contract and adjust the language to fit your circumstances. Make sure to include penalties for late payment and don't hesitate to put a mother fucker on the curb

Just don't put anything in your name if you can avoid it. If the rent is ultimately your responsibility, be able to pay for everyone.

Good luck, man. Don't budge on rent even if they claim cancer, I've had that one pulled on me- then they said 'fuck the world', stole my shit and wrecked my car.

Yeah I have no issue with putting someone out if I have to, I just am wary of renting to someone and having my home trashed by some reject and then having to repair the damages. I understand normal cosmetic damage from living in a home but I don't want to have to read out the bathroom or some bs because of a bad tenant

Dam were you able to recooperate any of your loses?

Nope. Dude still owes me like 3g in rent and 7g for the car. I fixed it up myself and sold it. Got a call from the new owner saying they got pulled over for a search warrant for the old roomie.

Hopefully he's suffering somewhere.

That's what the security deposit is for and that's the risk you take with renting. Hence why most places do a background check to try and vet their renters

>Hey /b I recently was able to purchase a home and have two extra rooms in the house.
Yes, it's easy to buy a home when you live in shithole states where no one wants to be.
>people that I know, would that make the situation better or worse
Are you an idiot? You're going to ruin all your relationships. Keep to business with strangers.
Better yet, just don't let strangers into your house in the first place.

Rented two rooms out to college students when my wife was away at vet school. It worked well because we all had dogs that got along. They were both very happy to find a place that would rent to them, and we had a good strong fence. We would all watch and feed each other's dogs if we went away.

Now my wife and I have three rental houses. The key is to hire a good property manager who does credit checks and collects the rent. Handles any emergency repairs, evictions, etc. You just get the check each month or they even do automatic deposit.

Stay away from renting to friends. They will expect it to be free if they run low on cash.