Hey everyone! Enjoy this article by Mike. I was able to meet him at FinCon and he is super awesome!

Michelle makes regular updates on her side income and one of the things she does is rent out her spare room to her sister.  It’s a great way to make some cash for anyone that has an extra room and as one see it definitely contributes to the bottom line at her end of month tally.

Just like Michelle, most folks are more inclined to rent out a room to friends or family because they know the person and likely have an understanding on their behavior and lifestyle.

I’m going to go out on a limb and say that these folks are less likely to rent out their spare room to people they don’t know simply because the unknown will cause more headaches than it’s worth.  Or is that really true?

To this day, I’ve been renting out my room for the past 7 years and had 13 different people cycle in my two spare rooms that I didn’t know prior to having them move in.  All of my roommates were people I found via the internet.

With that said, I want to debunk some myths about renting out rooms to strangers. [Read more…]