3 Biggest Mistakes When Renting Out a Room in Your House

[@MaxMarvelous]

Here are the 17 questions I have asked that have gotten me 100% rent paid FREE Resource: maxmymoney.org/rentyourroom

[@MrButch-ls8vl]

I am a single older guy who happens to own a three story Victorian house with 6 bedrooms. I rent out three of the bedrooms to mature guys like me. It has worked out fine. I joke that I am living the male version of "The Golden Girls." One, a college professor now 60, has lived with me for 16 years. Another one, just retired professional chef of 65 has been here for 10 years. The "new guy" is a shop manager who moved in 14 months ago. We get along and we're buddies. The extra bedrooms are furnished guest rooms. The rents I collect pay the mortgage and 1/2 of the utilities. The kitchen does get congested once in a while and I defer to my tenants. Financially this arrangement has been a life saver. It has also been an advantage during the Pandemic because there is no sense of isolation. The only stress is when someone doesn't wash his dishes, or someone else decides to do four loads of laundry and monopolizes the laundry room for a full day and a half. On the other hand I never have to take a taxi to the airport, and sometimes the chef surprises us with a gourmet dinner. The key to our success is maturity and intelligence.

[@MaxMarvelous]

Nice! what do you do with the other furnished guest rooms? Your point about maturity is well taken. I have rented to many older folks and they are usually quite great!

[@mberge1]

You make it work because you are single and have a tolerance for sharing your house with strangers. I have had mixed results. I have a rental house where the tenant rents the entire house on a 12 month lease. He sends me the rent check on time and takes care of the property. I only have to do major repairs like a new roof and new gas boiler which were very old and needed to be replaced. Much easier and less stress than having a room mate who is unpredictable, has a bad temper once in a while. Getting old and I would like him to leave even though he pays rent on time (month to month) and cleans up after himself. He is divorced which now I now why.

[@MrButch-ls8vl]

@@MaxMarvelous They are guest bedrooms at the disposal of me and my tenants. In fact a lady friend from England will be staying a week next week.

[@KingSumter]

Preparing my home for renting out two spare bedrooms. This has been very helpful. Thank you so much for sharing your experiences.

[@MaxMarvelous]

Glad it was helpful!

[@magaan4717]

Draft a contract or lease it for a term ie, 6 months lease.

[@Greenwitch_Garden]

I made the mistake of not doing a rental agreement with a friend. That was a disaster. Now I have to add five extra things to a rental agreement that I never thought I would have to.

[@MaxMarvelous]

lesson learned!

[@specialstone9153]

And if you are owed money that renter hasnt paid you, why would you wanna go half and half in renting a house with them? No way.

[@stuff4232]

the sleep schedule thing is so important. My roomate in college was my friend and his staying up til 3AM really messed up my sleep and out friendship. I still remember the last thing I told him before I moved out. "I said hey you're a cool guy. If I could give you any advice for your future roomate... don't fuck with their sleep."

[@MaxMarvelous]

Yup, sleep is so important.

[@jaymywills]

This is QUALITY material; exactly what I've been looking for! Kudos mate!

[@MaxMarvelous]

Glad you liked it! Make sure to subscribe for more videos.

[@yonmoore]

I've been listening to a bunch of videos on this exact topic to send to a friend and this is the best one I've found! Thanks for posting and congratulations for being willing to live in an RV - I've very seriously considered that option.

[@MaxMarvelous]

Awesome, thank you!

[@teashdrinks714]

I bought my first house at the age of 29, I’ve kicked out almost half the renters in my house since I moved in. One attacked me, one threatened to kill me multiple times, other was a girl in a relationship with a guy whom I allowed to bring his new girlfriend in with an added rent. Definitely right about the couples rule, I had to deal with some craziness that has nothing to do with my life, also don’t let homeless people rent from you, in Canada they give them cheques and they take advantage of you for it

[@MaxMarvelous]

Canada sucks

[@anacastillo5250]

Thank you so much, I’m really nervous about renting a room. You’ve really answered my questions, thank you so much!

[@MaxMarvelous]

You are so welcome!

[@laurice8056]

Great content for short term, mid term and long term landlords, and sub leasers. Thanks for sharing. I’m a new subscriber!💵🔑

[@MaxMarvelous]

glad you enjoyed!

[@micheller6253]

I just gotta say that you give me hope Max! I've been on this journey for a while with some ups and downs of course but you make it feel doable! Also have you uploaded that separate video about kicking out a roommate you should link it in the bio I'm very curious

[@MaxMarvelous]

I am glad to hear that Michelle! You can do it. Make sure to download the resources on the pinned comment and ask questions! 😀 I have the kicking out a roommate video to be published very soon. Keep an eye out!

[@specialstone9153]

Have a specific contract signed. Trust no one!

[@MaxMarvelous]

that's right!

[@dianecelento4974]

Great advice.

[@MaxMarvelous]

Thanks, and cheers to you!

[@ezmealstravels9221]

I only rent out to people whom are refered to me by friends or family members.

[@MaxMarvelous]

Smart!

[@robw5088]

Not sure if you have covered this question in one of your videos but...what is your rule on overnight guests? I've seen some people say only one weekend per month, others have said unlimited but boarder has to pay $25 per night fee. Just wondering what your approach is to this situation.

[@MaxMarvelous]

No overnight guests, ever.

[@mberge1]

I had a room mate once who used to get up at 4am to take a shower and go to work. My room was right next to the bathroom so the noise of the shower would wake me up.

[@MaxMarvelous]

now that's early!

[@Max-ye9xg]

Be glad he went to work and was motivated to get up and go to work be glad he showered and went to work think of it that way

[@johnbrian1046]

What about some loser claiming 'injury' on your property and suing you? Does your insurance cover the claim?

[@MaxMarvelous]

Before renting rooms make sure to consult your insurance agent to make sure you have the correct coverage.

[@johnbrian1046]

@@MaxMarvelous Thank you for the tip. I appreciate it.

[@Jan-u3q9i]

I have tried to get your documents several times but they never come to my e mail. Any ideas? They do not come too spam or trash either.

[@MaxMarvelous]

email [e-mail] and I'll take care of it

[@stephengeary6439]

I have 2 bed rooms and 2 bathrooms not having good luck 1 threatened to kill me second worked good till he got a dog and I shulda made him get rid of it I work nights he works days trying to tell him to move

[@MaxMarvelous]

Good luck! Some people are out there.

[@mrdnice425]

Always good seeing your videos. Looking forward to your next video. :D

[@MaxMarvelous]

thanks! Coming out soon!

[@mikvan9849]

The roommate question sheet is locked behind a password

[@MaxMarvelous]

email [e-mail] and we'll straighten this out

[@PrincessMeganElsa-om4zp]

I never rent a room from a werido stranger LOL IMO me saying i have trust issues!

[@MaxMarvelous]

yes, that is probably best for you.

[@Darragh1]

You speak through your nose and have a lisp so you'd be the first to go in the candidate list 😂

[@MaxMarvelous]

Wishing you a marvelous day!