The following is a guest post from Mike from RentingOutRooms.com. In this post, Mike shares with us the strategy he used to pay his way through college using creative real estate investing. While this path may not fit for everyone, it’s another tool to add to your investor toolbox that may come in handy for you or a friend/family member in the future. Don’t forget to leave a comment below the post and share this on your Facebook wall!
Renting Out Rooms to Create Unlimited Possibilities
I didn’t have the intention of renting out rooms when I first bought my house.
I simply bought it because I thought it would be a better alternative to renting. The idea of renting out a room first materialized when I decided to attend graduate school and was faced with the choice of taking on additional student debt or trying to make more money to pay for tuition.
Because I already had a decent chunk from my undergraduate studies, taking out more loans was at way in the back of my head. Although, it would have been the easiest (just simply sign a bunch of papers), but in the long run it would have been the more expensive option.
The Extra Room
I was living by myself in a two-bedroom house. Needless the say, the other room wasn’t being utilized. With an extra room going empty, I thought about the prospect of renting it out to a roommate to make more money.
After sleeping on it for a few days, the decision boiled down to either: get a roommate and make more money or take on student loan debt and dig myself out.
The decision was simple. I needed to get a roommate.
I first thought about having a friend rent a room from me, but then I thought about ..