Do you have a large section of your house that you rarely use? Could you use a few more dollars at the end of each month? If so, it might be time to start considering having a tenant. You can go all the way by creating a little separate granny flat in your home with a separate entrance, or simply get a roommate.
Depending on which you do, you’ll be able to charge a substantial amount. A full on kitchenette, living room, bedroom, and bathroom for rent will be worth way more than just a room. Even better if you really make it nice, for example with granite countertops. St Louis has many places that sell these types of countertops for cheap prices.
Once you’ve decided how much of your home you’re going to be renting out, it’s time to place the ad. It’s recommended that you make all your requirements clear in the ad to avoid wasting anybody’s time.
Things you can include are: whether the tenant may be a smoker, whether or not children or pets are allowed, how many people can live there, and etc.
This will prevent any applications that fall outside of what you’re comfortable with and make it easy to find a tenant. You can also do this through an agency. This is often recommended since they will perform credit checks, but you could do it yourself and ask prospective tenants for previous references and a security deposit.
Renting out a room or section of your home is a great source of passive income that really won’t require you to do anything. You’ll be richer for it and you’ll barely even have to lift a finger for all that extra money.