0LOFT

Rented Rooms

I’d rather not insult anyone, and a few of my tenants became great friends, but in my experience, many people who reside in a rented room have trouble handling their finances — that’s one reason they’re renting rooms instead of their places. I wanted to help keep my my boarding house operation as uncomplicated as possible, so these three rules were crucial:

חדרים לפי שעהFirst, a security alarm deposit isn’t crucial when you reside in the same house as the tenants. You’re there to keep track of what is going on, after all. Plus, any additional financial burden might scare off good renters who definitely have income such as the have learned to save. Finally, laws about security deposits (when keep these things, how to handle them) just complicate matters. It’s simpler to avoid those complications.

My renters received weekly paychecks, so I charged because of the week. The reason being simple: people do not always plan well, so it is best to have the money since they have it. A lot of my roommates paid in time with few problems, חדרים לפי שעה but many of them would had trouble saving up for monthly rent. If you rent to someone who gets a paycheck every 14 days, חדרים לפי שעה charge a bi-weekly rate.

I needed small rooms, plus the last time I rented them out was 10 in years past, so my rates were low compared to today’s norms. I charged $65 a week for 1 room (the size of a large closet), $75 per week for someone else and $80 every week with the largest bedroom, חדרים לפי שעה which became available once I acquired married and built an efficiency apartment on the back of the home for my significant other and חדרים לפי שעה myself.

Should you choose the math, you’ll notice that those rents mean $11,700 per year. The price of running home was approximately $3,500 annually. That’s for taxes, insurance, utilities, maintenance — everything. I estimated that having other people in my home added fewer than $20 each week to my costs, so most of the rent was pure profit.

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