Tuesday 28 January 2014

I Need Money Right Now (11/25) - Rent Your Room Out

This is the 11th installment in the hugely popular series titled I Need Money Right Now. In this series of blog post I look at legitimate ways to supplement your income quickly. If you're feeling the pinch or if you're in a tight spot then these suggestions might be the ticket. You can make money using these methods if you put your mind to it. For the readers who enjoy reading about millionaires giving money away you can rest assured that these posts will continue on this blog. Feel free to share the contents of this post with people who might be experiencing hardship and as always leave a comment below as it's always nice to hear from readers.

The 11th installment of the I Need Money Right Now blog post series is about making money by reorganizing your living space. If you need to supplement your income one of the quickest ways to do this is by renting your room out to a lodger or renting space out. Renting your room out to a stranger is not that complicated and could make your life easier financially. 

Before I go on, for all those readers who need urgent financial assistance this might not be the answer, I would advise you to see what financial help you can get from the Government. If you visit the USA.Gov website you'll find mortgage assistance programs, rental assistance programs and even help on debt management and debt consolidation. 

I Need Money Right Now - Rent You Room Out

Renting out a spare room is one of the quickest ways to supplement your income. Most individuals and families who are on a low income are reluctant to rent their rooms out to strangers because the lodger might post a risk. To get over this psychological barrier all you need to do is check the reference of the lodger before accepting them into the property.
The first step to take is to make space in your house. Start by removing all the clutter in your room which could be sold for extra cash. Try to make enough space in your basement or your spare room so you can maximize the number of lodgers you take in. You can even try to create some storage space to hold people goods.

Credit: Sarah Ackerman/ FlickR 
Once you've made space you need to place an advertisement in your local paper or get in touch with an Realtor to rent the space out. Insist on professional lodgers who have been screened using credit reports, criminal records, and offenders register so you have complete peace of mind that you're taking on a quality lodger. This process may take time however it's better to find a good quality lodger who can pay their rent compared to a low quality lodger who might be a criminal.

Make the living roomy and airy with all the modern conveniences such as cable and WIFI, having these extra services will allow you to charge more. You could even offer food and laundry space so you can charge even more. Remember your aim is to maximize the rent you receive on the space. 

Before you take on the lodger put in place some rules and regulation. Let the lodger know what they can expect from you and explain what you expect from them. Set up an automatic transfer to your bank account when the rent is due and keep a deposit just in case the property is damaged.

If you can offer a professional service you'll be able to attract professional lodgers who know how to respect other people and their space. If you can rent a room out for $100 per week and you have two rooms and a storage space you could supplement your income by $250 per week which means $1000 per month.

If you enjoyed this post then feel free to check out the other posts in the series titled I Need Money Right Now. Feel free to share the content using the social media icons below and leave a comment as it's always nice to hear from my readers.  

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