|
Learn
about POWER
INVESTOR, the screening software I recommend in my
books. It costs only $99 but tracks more stocks and funds
than MetaStock ($929) and Window on Wallstreet ($704). |
Articles
Room for Rent
by Jason Kelly
03/28/2002
"Hey,"
you think one evening
while looking over your unbalanced budget, "we're not doing anything
with that spare bedroom these days. Maybe we should get some nice,
quiet person in there and make an extra $400 per month."
So you put an ad in the paper and the phone calls
start. The first caller asks if you have room for her 700
parakeets. The second wants to know if you would mind if he operated
his Rottweiler-breeding business from your back yard. The third begins
her phone call this way:
Hi, listen, things are getting real bad with
my husband. Me and the kids have to get out of here right
away. How soon is the room available?
If you're laughing, you've never placed a for-rent ad. It always
goes this way. Even when you finally find that dream tenant, problems
can arise. Once that person is under your roof, things get tricky.
For example, my friend's mother rented a room in her home to a
seemingly qualified woman with a good job. A few weeks into the
arrangement, the mother's credit cards were missing. She called
the credit card company to close the accounts and order new cards.
A couple of weeks later, those were missing. After some investigations,
she discovered that her tenant was the criminal. The police could do
nothing to help, but they gave her an important tip for anybody
considering this venture: roommates don't have tenant's rights. The
simple solution to this problem was to put the woman's belongings
on the sidewalk with a note, then change the locks.
To avoid that situation, follow these tips to
find the right person for your spare bedroom:
Put your ad in the widest-circulating paper in your area.
Even if you live in a cute part of a big city and think that
the local rag is your best bet, go with the citywide paper.
It's worth the extra money. For instance, in my own personal
experiment in L.A., the Los Angeles
Times generated 50 phone calls in four days. Posted ads,
online ads, and regional papers combined produced no calls
in ten days.
Be clear in your ad so people can weed themselves out if they
bother reading it. For example: no pets, no smoking, no loud music,
only one car, and so on.
Do not be in a hurry. The right person is out there if you are
methodical and keep trying. Rushing into a situation like this
can be disastrous.
Ask them on the phone before they ever come to see your place
whether they mind providing letters of reference. The good people
are always thrilled that you asked because they know they'll
stand out. The bad people will provide a list of reasons why
they can't provide any. Save your time and their trip.
When the good people show up to take a look, dress nicely and
conduct yourself as if you're selling the home. Your seriousness
should bring out their best behavior, which you want to see. If
they are unable to rise to the occasion, think twice about them.
Talk with them about topics beyond your house. What are their
hobbies? Where are they from? Do they like to garden? Find out
if you like them. See if they can carry a conversation.
Look them in the eye. They should look back and you should
like what you see.
These simple guidelines will help you earn a few
extra dollars each month with minimal impact on you and your
family.
Oh, and keep a locksmith's phone number handy -- just in case.
Return to Articles
|
5–9 reader votes 
10–19 reader votes 
20+ reader votes