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Magnate
Member Since Jan 2013
Location: Midwest
Posts: 2,456
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Jul 02, 2021 at 04:16 PM
#1
When I buy a house I'm thinking of renting a room. To give me extra money and would it be passive income? The only work involved is advertising the room, cleaning when the person moves out. So would I count the hours worked and the rest of the time it would be passive? Or because there's any work involved it's not passive?
__________________ Son: 14, 12/15/2009 R.I.P.  Daughter: 20  Diagnosis: Bipolar with Psychosis. Latuda 100 mgs. |
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Legendary Wise Elder
Member Since Dec 2014
Location: US
Posts: 22,367
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Jul 02, 2021 at 09:54 PM
#2
Dealing with renters could be a hassle. They often don’t pay and they ruin your property. I’d not count on that. It could cost you more in a long run.
Did you pre-qualify for mortgage? I’d not be planning to buy a house until I know how much mortgage I can get. Did you save for down payment? Closing cost? Do you have savings to deal with repairs? Taxes? Up keep? How realistic are you about buying a house? |
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 mssweatypalms, RoxanneToto
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Grand Poohbah
Member Since Aug 2020
Location: England
Posts: 1,692
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Jul 03, 2021 at 03:24 AM
#3
Yeah, if you want passive income there are ways to make it with less hassle and possibly safer! My brother and his wife (very practical minded people) rent out a couple of their properties; their tenants are generally ok but even so, it still sounds like it’s more hassle than it’s worth. Would you be living in the house with the tenant?
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mssweatypalms
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Legendary Wise Elder
Member Since Dec 2014
Location: US
Posts: 22,367
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Jul 03, 2021 at 07:14 AM
#4
Passive income would be an interest on investment. You don’t do anything unless maybe check the stats
Managing tenants is a lot of work. A friend of mine does it and it’s a huge hassle. |
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mssweatypalms
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Magnate
Member Since Jan 2013
Location: Midwest
Posts: 2,456
11 86 hugs
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Jul 07, 2021 at 09:55 AM
#5
I'd be living in the home. My mom did it. For years. She also rents out properties I know and understand the work involved. Just wondering if I could count it as passive income or not.
__________________ Son: 14, 12/15/2009 R.I.P. Daughter: 20 Diagnosis: Bipolar with Psychosis. Latuda 100 mgs. |
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My Support Forums is the online community that was originally begun as the Psych Central Forums in 2001. It now runs as an independent self-help support group community for mental health, personality, and psychological issues and is overseen by a group of dedicated, caring volunteers from around the world.
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