Author Topic: Renting out master bedroom- taking things too far?  (Read 3721 times)

mozar

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Renting out master bedroom- taking things too far?
« on: June 15, 2018, 11:31:20 PM »
[redacted]
« Last Edit: June 18, 2018, 01:08:44 PM by mozar »

alewpanda

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Re: Renting out master bedroom- taking things too far?
« Reply #1 on: June 16, 2018, 12:26:27 AM »
Could you make one of the smaller rooms your own and make 200 a week to make up the rest?  Depending on the situation and the culture in your area, having you living in the living room could be awkward.  Or it may not...depending on who is renting from you.

If there is space for a pretty sturdy divider though, you might be able to get away with it.  Or simply building a wall since you own the townhouse.   If you had a "room" it would make it less weird than if you were sleeping on the couch...people want to come and go without stumbling in on you in your pjs imho. 

Another option might be something like renting out the garage space to someone needing to store something.  If your townhome as the space for storage or even to turn the garage into a makeshift 'room' for yourself, it may get you by financially, even if it has to be temporary.



Fig

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Re: Renting out master bedroom- taking things too far?
« Reply #2 on: June 16, 2018, 01:28:15 AM »
Everyone needs privacy - for themselves and from each other - but with a proper divider it could work. Sleeping on a couch won't be good for your body or fatigue though, so I would at least buy a bed.

Igelfreundin

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Re: Renting out master bedroom- taking things too far?
« Reply #3 on: June 16, 2018, 06:00:53 AM »
I know people who have done this- it's not so unusual in cities like New York or DC. I think it is important to decide to do this before you get the next two roommates. When people rent a shared house, they expect use of a living room. It's fine to change that, bit they should know upfront what they are signing up for.

It wouldn't work for me, because I need lots of alone time (which is why I only rent out one room in my house) but I can see why you'd consider it.

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Villanelle

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Re: Renting out master bedroom- taking things too far?
« Reply #4 on: June 16, 2018, 06:10:59 AM »
Are you sure that people are going to pay that much in rent if suddenly there will be someone sleeping on the couch?  If I were renting a room, it would definitely be less valuable to me if the group living space went away and became a bedroom, even if it were somehow partitioned.  And to have to share the only bathroom with not one person, but now three?  No way would I pay the same for that.  So I'd think about that and maybe try to casually bring it up to the current roommate.  If both of the other bedrooms become less valuable because of the overall living situation, you could end up sleeping on the couch for no more money, or even a net loss. 

Perhaps you could consider renting out the current bedroom and the master, rather than the two small bedrooms. (So $600 and $700 vs $600 and $500.)  You'd get to keep a bedroom, albeit a smaller one, and you wouldn't be creating a situation where all the bedrooms are worth less.  Most people aren't going to want to share a bathroom with 3 other people, and have a dude permanently sleeping on the couch, so in addition to making the rooms worth less, you might also find it hard to attract reliable, quality tenants. 

flower_girl

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Re: Renting out master bedroom- taking things too far?
« Reply #5 on: June 16, 2018, 06:17:25 AM »
Financially I think it's a good idea.  I'd see the downside as less privacy (but then you already have one other person there so to me two wouldn't change a lot).

For me an important consideration would be whether I really liked the person I was renting to.

Roadrunner53

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Re: Renting out master bedroom- taking things too far?
« Reply #6 on: June 16, 2018, 06:58:29 AM »
Personally, I could never live in that situation and only one bathroom for 4 strangers. Is there a second bathroom in the master bedroom?

Have you looked your townhouse over for possible renovation? Like do you have a large closet downstairs that with a little renovation could be converted to a tiny bedroom? Or could you put in a half bath (toilet and sink) under a staircase. Not sure if you could put in a composting toilet if there is no available plumbing).

My Mom had a pantry closet in the kitchen and it was beside the staircase going upstairs. The new buyers put in a half bath in the pantry stair area.

If you had a small bedroom downstairs you could install a murphy bed which hangs on the wall and at night your pull it down. So during the day you could have room to walk around in the room.

Do you have an attic you can use as a bedroom? Can you convert your garage into a bedroom?

Tell us more about what the downstairs is like and what kind of space is available.

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #7 on: June 16, 2018, 08:17:34 AM »
I do have a tiny walk in closet downstairs that would just fit me. I can also convert the downstairs laundry room into a half bath. From a layout perspective I'm not sure how that would work because the room is a weird shape.
I do have a large attic but I would have to do research on how to make it habitable. The only way to get up there is a creaky pull down staircase.
I agree with everyone that sleeping on the couch should be avoided. My current roommate doesn't expect to use the living room but I do want people to feel like they can go to the kitchen without waking me.
[redacted]
« Last Edit: June 18, 2018, 01:09:11 PM by mozar »

Roadrunner53

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Re: Renting out master bedroom- taking things too far?
« Reply #8 on: June 16, 2018, 09:32:43 AM »
Depending on the size of your two other bedrooms are they big enough where you could take down the wall between them and make it into 3 ultra tiny bedrooms? Just enough for a single bed in each room?

In one of the pictures in the attachement is a really interesting idea. I looks as if they put a small loft above a closet area and put in a mattress.
https://www.apartmenttherapy.com/small-space-sleeping-solutions-201992



mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #9 on: June 16, 2018, 11:15:43 AM »
Nice link. I don't have any alcolves though. From my research so far it looks like the attic isn't habitable because it's a trap door style staircase. I don't think any bedrooms can be split while still following the egress requirement.

Roadrunner53

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Re: Renting out master bedroom- taking things too far?
« Reply #10 on: June 16, 2018, 11:23:45 AM »
I have a home and have a trap door thingie too to the attic. The stairs are horrible and no way I would try to live up there. It is a million degrees up there in the summer and freezing in the winter and you can't stand up. You'd have to be about 4 feet tall.

Is there a way to build a loft over the ceiling of your living room? I bet if you got a contractor in and bounced some ideas off of him you might get some interesting scenarios.

MayDay

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Re: Renting out master bedroom- taking things too far?
« Reply #11 on: June 16, 2018, 11:29:09 AM »
I might consider living in the living room under some circumstances but it would be so weird to rent a room and have the owner sleeping in the living room. Like no way. Nooooooo way. Creepy. Plus 4 adults, 1 bathroom, no.

I think you'll hurt your rental income if you try this.

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #12 on: June 16, 2018, 11:41:17 AM »
I've been looking into attic conversions. It's not impossible but it would be quite a big project. I would have to install a staircase for example.

Roadrunner53

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Re: Renting out master bedroom- taking things too far?
« Reply #13 on: June 16, 2018, 11:43:48 AM »
I might consider living in the living room under some circumstances but it would be so weird to rent a room and have the owner sleeping in the living room. Like no way. Nooooooo way. Creepy. Plus 4 adults, 1 bathroom, no.

I think you'll hurt your rental income if you try this.

Totally agree on the creep factor of the landlord sleeping in the living room. If I wanted to get a cup of coffee in my jammies, I would feel very uncomfortable. I would be moving in a heartbeat! LOL!

Kwill

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Re: Renting out master bedroom- taking things too far?
« Reply #14 on: June 16, 2018, 12:14:46 PM »
What if you move into the smallest bedroom, ask more for the master bedroom than you're currently planning, and then raise the rent on the medium bedroom when it seems an appropriate time? I wonder if furnishing the rooms and upgrading the furniture in the common rooms (via Craigslist or whatever) would help. As people have said, you probably won't get as much rent if you start putting in room dividers or sleeping in the common areas. Padmapper.com might give you a sense of what range you might charge.

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #15 on: June 16, 2018, 01:49:00 PM »
If no one will rent the smallest bedroom I'll consider it. I've looked at other rentals in my neighborhood so I don't think I can charge more than 700.
Thanks for all the encouraging responses.

civil4life

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Re: Renting out master bedroom- taking things too far?
« Reply #16 on: June 16, 2018, 03:56:26 PM »
My home is a 3 bedroom, but 3.5 baths.  I actually have my bedroom in the basement and rent the actual bedrooms.

life_travel

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Re: Renting out master bedroom- taking things too far?
« Reply #17 on: June 16, 2018, 03:58:01 PM »
We had roommates in our house in the last 3 years and have one bathroom. It was totally fine . 4 or at times 5 adults . The people who get shocked about that idea won't stay there so that's fine . All our roommates were fine people , we found that on average they stayed 9-12 months each .
Sleeping in the lounge is not good though , it will devalue the rooms and make tenants leave .
Sure your current one doesn't use the lounge but others might expect it .
Personally I would move into smallest bedroom and rent out master and room#2.

MrsTuxedocat

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Re: Renting out master bedroom- taking things too far?
« Reply #18 on: June 16, 2018, 04:17:51 PM »
Unfortunately, I do think that it is taking it a bit too far. I don't think that it is fair for your tenants to have the LL to all of a sudden move to the living room with or without a partition. At the very least, the tenants may ask for a price reduction.

lhamo

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Re: Renting out master bedroom- taking things too far?
« Reply #19 on: June 16, 2018, 04:19:45 PM »
I personally would not be comfortable without my own private space, and as a prospective tenant I would not consider renting from a landlord who lived in the living room. It is different with family/your own kids, IMO.

What about looking for house/pet-sitting gigs, and possibly Air B&Bing the master out when you have those?

SKL-HOU

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Re: Renting out master bedroom- taking things too far?
« Reply #20 on: June 16, 2018, 05:00:59 PM »
How long would you plan on doing this? It doesnít seem like a sustainable option to sleep on the couch.

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #21 on: June 16, 2018, 05:12:01 PM »
Air bnb is illegal where I live. I was thinking ten years. That's when my mortgage will paid off. I do hope I will make some  money someday before then. Im not thinking of sleeping on the couch anymore. If I was downstairs I would sleep in the closet.

SKL-HOU

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Re: Renting out master bedroom- taking things too far?
« Reply #22 on: June 17, 2018, 04:41:53 PM »
Ten years seems like an awfully long time to sleep in a closet or even to not have privacy in your own home. But only you can know what you can put up with and for how long. Nothing you do has to be permanent.

nessness

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Re: Renting out master bedroom- taking things too far?
« Reply #23 on: June 17, 2018, 09:30:47 PM »
I agree with PPs that having someone sleeping in the living room would significantly decrease how much I'd be willing to pay for a room, especially if he didn't work and was there most of the time. I'd feel like I was trapped in my room all the time, wouldn't want to have guests over, would feel uncomfortable using the kitchen in the late evening or early morning, etc. I think you'd have a hard time finding quality tenants who will be okay with those conditions long-term.

MrThatsDifferent

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Re: Renting out master bedroom- taking things too far?
« Reply #24 on: June 17, 2018, 10:09:34 PM »
Iím totally confused: you have a 3 bedder. You have one roommate. That leaves 2 rooms. You rent out the other. That leaves 1 room why are you sleeping on the couch? Why wouldnít you rent out the 3rd room?

Villanelle

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Re: Renting out master bedroom- taking things too far?
« Reply #25 on: June 17, 2018, 10:13:41 PM »
Iím totally confused: you have a 3 bedder. You have one roommate. That leaves 2 rooms. You rent out the other. That leaves 1 room why are you sleeping on the couch? Why wouldnít you rent out the 3rd room?

S/he said he has one roommate and is planning on renting the second room.  S'he was asking about also renting the third room (master) and sleeping on the couch.  So the question was 2 roommates or 3, plus him/herself.   Three bedrooms, 4 occupants, one bath. 

MrThatsDifferent

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Re: Renting out master bedroom- taking things too far?
« Reply #26 on: June 17, 2018, 10:15:56 PM »
Iím totally confused: you have a 3 bedder. You have one roommate. That leaves 2 rooms. You rent out the other. That leaves 1 room why are you sleeping on the couch? Why wouldnít you rent out the 3rd room?

S/he said he has one roommate and is planning on renting the second room.  S'he was asking about also renting the third room (master) and sleeping on the couch.  So the question was 2 roommates or 3, plus him/herself.   Three bedrooms, 4 occupants, one bath.

Gotcha. That makes more sense. Ok.

Um, donít do this. You all will hate each other. A lot.

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #27 on: June 17, 2018, 10:23:44 PM »
Quote
Um, donít do this. You all will hate each other. A lot.

I will let you know if y'all are right!

Another Reader

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Re: Renting out master bedroom- taking things too far?
« Reply #28 on: June 17, 2018, 10:29:52 PM »
I think you need to get a job.  Starbucks barista would cover your remaining expenses and then some.

In the past, you have always been upbeat and focused in your posts.  Your tone and talk about not working and surviving on $6,000 a year is concerning.  In your shoes, I might see a doctor to determine if anything is wrong.

shuffler

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Re: Renting out master bedroom- taking things too far?
« Reply #29 on: June 17, 2018, 10:47:12 PM »
I think you need to get a job.  Starbucks barista would cover your remaining expenses and then some.

In the past, you have always been upbeat and focused in your posts.  Your tone and talk about not working and surviving on $6,000 a year is concerning.  In your shoes, I might see a doctor to determine if anything is wrong.
Not 6k/year.  That's just what s/he could get from their investments (via 4% rule, I assume).  They're looking to get an additional 1,100 - 1,800/mo via the roommates.
Expenses are 2,100/mo = 25.2k/year.

But yes to the rest of your post.
I'd be concerned about planning for a vacancy-rate, and whether that'd lower income below expenses.

JanetJackson

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Re: Renting out master bedroom- taking things too far?
« Reply #30 on: June 18, 2018, 06:37:58 AM »
I think this is a great idea, BUT I don't think you should sleep on the couch/living area.
Convert that walk-in closet into a bedroom.  You can find roll out Japanese sleeping mats for under $50 and those are just fine to sleep on, even long term.  Work on that closet to make it a functional living space.
If possible, add a small bathroom to the laundry room (and, of course, a lock on the laundry room door) - even if it's a composting toilet and a sink... This will make the whole space more rentable.

I am all for ultra-hacking your assets as long as you aren't miserable.  Be thoughtful and take time finding the right roommates, and perhaps do shorter leases (3-6mo) in case it isn't working out.  I think if you are precise, thoughtful, and organized, you can fit 4 people into your home and not be miserable.

I have not always LOVED every place I have lived, but here's a short list:
  • An oddly large laundry room- I used a roll out mattress that I strapped to the ceiling when not in use.
  • An RV parked at a friends property with access to the basement toilet and timing my showers at the gym
  • A "converted" garden shed... I say converted loosely.  It did have a very small functioning bathroom with a shower, and access to a laundry room detached from the main house... but I had to convert the closet into an actual functioning kitchen.  This cost me about $70 and an evening of friends helping me (and purchasing a pizza to feed everyone)... but that place cost me about $400 month all included and was my own separate home
  • A mostly unfinished basement apartment.  This one was rough, but I spent a little bit of money ($30?) on conversions (shelves, etc) and it did have a finished bathroom.  I was only here for about 5 months.
  • A barn loft, mostly converted into an apartment (it was ok, but a lil rough around the edges), and partially exchanged rent for care for three horses



....Honestly the list goes on and on

I've gone from very near homelessness to having a good chunk of FU money and on my way toward FI (I currently rent a mother-in-law apartment in a converted garage [very nicely done, one of the nicest places I've lived- but small, perhaps 250sq ft?] on a small hobby farm.  I often help with the farm work for reduced rent- when I pay full rent it is $450/mo all inclusive.  This month I cared for the animals for 8 days while the owners went on vacation and I owe $0 rent). 
I now use the living skills I learned when I was just scraping by in order to hack my current life and increase my savings rate.
Being organized has been the deciding factor. 
There's a HUGE difference between cramming oneself into a closet as a bedroom and renovating a clean, calm, organized closet bedroom in order to maximize profit/savings rate. 

I think if you go about it with a firm plan, you can be perfectly content. :)



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Roadrunner53

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Re: Renting out master bedroom- taking things too far?
« Reply #31 on: June 18, 2018, 07:00:12 AM »
I posted this before but I don't think it posted for some reason. I mentioned putting in a pay washer and dryer where the tenants have to put coins in them to operate. It might also be weird but maybe you could put in a coin operated snack vending machine and soda machine in the garage.

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #32 on: June 18, 2018, 09:39:58 AM »
Lots to think about. Right now there are not a lot of people looking but it will get busier closer to fall.

Blonde Lawyer

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Re: Renting out master bedroom- taking things too far?
« Reply #33 on: June 18, 2018, 12:32:24 PM »
Lots to think about. Right now there are not a lot of people looking but it will get busier closer to fall.

Do you live near colleges? College kids tend to be happy bunking two to a room.  You could charge a per person rate instead of a per room rate, or raise the per room rate so that you will still make enough when it is split between two kids.  You could even offer them furnished with bunk beds and a dresser.

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #34 on: June 18, 2018, 01:08:18 PM »
I do but in my county you can only have one person per rented room.

Roadrunner53

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Re: Renting out master bedroom- taking things too far?
« Reply #35 on: June 18, 2018, 02:28:14 PM »
Here are a few ideas to increase revenue off of your renters.

Offer a shopping/errand service. Like groceries, drop off dry cleaning, do laundry, post office runs, taking their car to get an oil change, tire rotation, airport drop off, pick up. Any other shopping errands.

Offer a meal plan. Like make bagged lunches and have them ready to go when they leave for work. Offer them a limited menu to pick from and you shop and prepare the food for them. You could do a dinner plan too. Simple meals, nothing exotic. Washing all dishes would be included in the dinner service you would provide.

Offer a cleaning service for their rooms. Change sheets and wash them once a week, vacuum, dust.

MrThatsDifferent

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Re: Renting out master bedroom- taking things too far?
« Reply #36 on: June 18, 2018, 03:50:59 PM »
Here are a few ideas to increase revenue off of your renters.

Offer a shopping/errand service. Like groceries, drop off dry cleaning, do laundry, post office runs, taking their car to get an oil change, tire rotation, airport drop off, pick up. Any other shopping errands.

Offer a meal plan. Like make bagged lunches and have them ready to go when they leave for work. Offer them a limited menu to pick from and you shop and prepare the food for them. You could do a dinner plan too. Simple meals, nothing exotic. Washing all dishes would be included in the dinner service you would provide.

Offer a cleaning service for their rooms. Change sheets and wash them once a week, vacuum, dust.

Iím not sure how any aspect of FI involves sleeping on a couch and being a house servant to people in your own home. But, to each their own.

Roadrunner53

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Re: Renting out master bedroom- taking things too far?
« Reply #37 on: June 18, 2018, 03:57:28 PM »
OP is looking to not working so these are ways he can create some additional revenue.

solon

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Re: Renting out master bedroom- taking things too far?
« Reply #38 on: June 19, 2018, 11:13:53 AM »
Dangit. I came here because the thread title looked interesting. Now there is no OP?

mozar

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Re: Renting out master bedroom- taking things too far?
« Reply #39 on: June 19, 2018, 01:50:41 PM »
I'm around. Yeah, it would sort of be a job.