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Thread: Renting a room to college students

  1. #11
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    Why a student.

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  3. #12
    Needs a new keyboard

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    I believe rules are the same.
    One difference is -i believe, that the term is fixed.
    So-You may rough out the tough times.

    Only way to know ,if this is worthwhile-to try it.
    No pain-no gain.

    One can get lucky-or have bad luck.

  4. #13
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    Fixed period of time, generally Sept - May

    Quote Originally Posted by glen View Post
    Why a student.
    "This is about unenforceable registration of weapons that violates the rights of people to own firearms."—Premier Ralph Klein (Alberta)Calgary Herald, 1998 October 9 (November 1, 1942 – March 29, 2013) OFAH Member

  5. #14
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    I have rented out my basement on and off for about 20 years, over that time I have had good tennants and bad ones. Expect additional costs over and above normal wear and tear ( ie damage repairs, replacing appliances etc), and factor it in to your budget as part of the cost of running a business.

    Overall, the net income provided by renting out part of my home has allowed my to purchase a larger house and the increased equity has accrued to me. So, to put that into context using a simplified example, lets say I can afford a $500,000 home without any additional rent income, but with rent income the bank will increase my mortgage availability room to allow me to purchase a $1,000,000 home. As each year passes the housing market increases, lets just say 5% each for the purposes of this example. As such, a $500,000 will increase $25,000 in the first year whereas a $1,000,000 will increase $50,000. That increase in equity accrues to me until I sell it, thats the time when my efforts pay off and I can buy two houses and rent one out entirely (capital gains issues beyond the scope of this comment).
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  6. #15
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    I think before renting out a room I would put a shower in down stairs, repaint the interior of the house.

    The biggest issue might be convincing the wife. I think the jokes I made over the years may hamper this.
    But it's possible our youngest will probably leave in 5 years or less.
    Last edited by Sharon; November 19th, 2022 at 10:46 AM. Reason: changed show to shower
    "This is about unenforceable registration of weapons that violates the rights of people to own firearms."—Premier Ralph Klein (Alberta)Calgary Herald, 1998 October 9 (November 1, 1942 – March 29, 2013) OFAH Member

  7. #16
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    Will the renter be using your fridge and your bathroom? I found that to be a big problem. Where I live you must have an exit door from the basement outside in case of fire upstairs. You might want to look into that.
    " We are more than our gender, skin color, class, sexuality or age; we are unlimited potential, and can not be defined by one label." quote A. Bartlett


  8. #17
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    Quote Originally Posted by Ata83 View Post
    Well make sure to video tape it when you try to convince the wife to let the 22 year old college girl rent a room lolol

    could make the same amount as rent posting it on youtube
    GW is a good man…if he ends up with a video of that I just know he will share it
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  9. #18
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    There is a bathroom in my basement installing a shower would cost me less than 2000.00, a small fridge would not cost much.

    Quote Originally Posted by Sharon View Post
    Will the renter be using your fridge and your bathroom? I found that to be a big problem. Where I live you must have an exit door from the basement outside in case of fire upstairs. You might want to look into that.
    "This is about unenforceable registration of weapons that violates the rights of people to own firearms."—Premier Ralph Klein (Alberta)Calgary Herald, 1998 October 9 (November 1, 1942 – March 29, 2013) OFAH Member

  10. #19
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    Most definitely , Probably better to stick to the financial instead of making jokes thought. Pretty sure if I made Jokes about renting out to a cute female that would be the end of the idea right there.

    Quote Originally Posted by 73hunter View Post
    GW is a good man…if he ends up with a video of that I just know he will share it
    "This is about unenforceable registration of weapons that violates the rights of people to own firearms."—Premier Ralph Klein (Alberta)Calgary Herald, 1998 October 9 (November 1, 1942 – March 29, 2013) OFAH Member

  11. #20
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    OK just looked at the price of showers and their minimum 1000.00, so I would probably take the upstairs shower and put it down stairs which means I will have to do two bathrooms. So the cost would be closer to 4500.00
    "This is about unenforceable registration of weapons that violates the rights of people to own firearms."—Premier Ralph Klein (Alberta)Calgary Herald, 1998 October 9 (November 1, 1942 – March 29, 2013) OFAH Member

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