Law School Discussion

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Would you do it?

Let him stay
 4 (100%)
no way
 0 (0%)

Total Members Voted: 4

Voting closed: July 25, 2005, 01:18:46 PM

Author Topic: Renting out a Room  (Read 697 times)

be10dwn

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Renting out a Room
« on: July 20, 2005, 01:18:46 PM »
Here's the situation.  My wife and I bought a house in Fayetteville to live in during law school.  I got an email from my Uncle yesterday asking if we wanted to rent out a room until December to this guy him and my aunt mentored during high school.  He just graduated from undergrad and he is going to Chicago in January for grad school.  He works two jobs, one from 8-5 and the second from 6-12.  If they vouch for him I trust he's a decent person, I just don't know what to do.  It will be the first time we have had a house of our own, and I'm kind of worried about my stress level this coming semester, and to add a rentor to that list may be too much.  On the other hand, it would be nice to ahve a little help with the mortgage while we are getting our feet under ourselves.  I don't know, what do you guys think?

wildcataz2004

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Re: Renting out a Room
« Reply #1 on: July 20, 2005, 01:49:38 PM »
maybe try it out, but just make sure the lease is month to month, so if it is not working out, you can end it

Contract2008

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Re: Renting out a Room
« Reply #2 on: July 20, 2005, 04:02:55 PM »
Seems like he has some good references.  It might be fun to have an extra friend in a new location, but, just make sure that he is not dependant of you for things such as transportation, etc.

If you have an empty room, an opprotunity to help out a good kid, and earn some money at the same time with some potential of having an extra friend, definately worth considering!





ScurvyWench

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Re: Renting out a Room
« Reply #3 on: July 21, 2005, 12:01:02 PM »
I somewhat considered this, but since my marriage is new on top of it all, I decided not to pose the question.

However, for you, if your marriage isn't new and is solid, it would probably be a helluvalot less stressful to have some help with the mortgage. Less stress on your wife to bring home the bacon, less stress on you to worry about making sure you do ultra-well so you get out and get an ultra-high-paying job, etc. Things fall into place when you have less money concerns.

Also, you probably won't be there that much. I'd expect you to be in the library. And the renter won't be there much either. Could be an ideal situation!

be10dwn

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Re: Renting out a Room
« Reply #4 on: July 21, 2005, 12:02:35 PM »
I somewhat considered this, but since my marriage is new on top of it all, I decided not to pose the question.

However, for you, if your marriage isn't new and is solid, it would probably be a helluvalot less stressful to have some help with the mortgage. Less stress on your wife to bring home the bacon, less stress on you to worry about making sure you do ultra-well so you get out and get an ultra-high-paying job, etc. Things fall into place when you have less money concerns.

Also, you probably won't be there that much. I'd expect you to be in the library. And the renter won't be there much either. Could be an ideal situation!

We've been married for six years so I'm not worried about that.  I think I'm leaning towards doing it.

Paperback Writer

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Re: Renting out a Room
« Reply #5 on: July 21, 2005, 12:04:53 PM »
If he looks like this guy, be sure to charge him for food.


eem

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Re: Renting out a Room
« Reply #6 on: July 21, 2005, 12:24:23 PM »
I would probably let him stay, but I would spend some time discussing with your spouse what ground rules you want to have, and then put it in all writing...there are a lot of things to think about...how is food going to be handled (I assume you don't have two kitchens)?  i.e. will it be totally separate, or will there be some sharing?  What percentage of the utilities will he pay?  Can he use the land line phone for long distance?  What about coming in late and making a lot of noise (personally, I would be pretty strict on that because your life will be stressful enough without having your sleep disturbed)?  What about having guests over?  You didn't mention kids, but if you have them you might not want him bringing home random girls from bars?  What about cleaning up after himself in common areas?  When does he pay the rent?  What happens if he doesn't pay on time?   I'm sure there are a ton of other things you should think about too...I would start making a list.  I also think that a month to month lease is best.  That said, I think that it could work out great and take some financial stress off of you and your wife...I would just be very careful about setting rules BEFORE this person moves in.