Passive income

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?

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?

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?

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.

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.