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Hi, I'm Damon Thompson, I've been a landlord for over ten years and I have five multi unit
buildings. This is what is, Renting Out a Room in Your House. Renting out a room in
your house is just that, it's renting a room to a stranger, you're allowing a stranger
to come and share your home with you. So there are some things that you need to do to make
sure that you're protected and to make the experience goes smoothly. The first thing
you want to do is decide what room that you want to rent and what amenities that you want
to include. Is it a bedroom, is it an attic, the basement. What utilities are included,
is there cable included or are we, you're going to split the cable bill with the potential
roommate. Who's going to clean up, who's going to, how are groceries going to be handled,
how's cooking and dishes going to be handled, all these things need to be spelled out, but
you need to think about these things before you actually place an ad to find a potential
roommate. Then once you have found this roommate you want to create a clear agreement. You
want to make sure that everything is spelled out. You want to make sure that no matter
how small the item or the issue, you want to make sure it's put on paper. If you have
a concern or your potential roommate has a concern you want to address that concern and
you want to have everything in writing. Then you want to also advertise, you want to make
sure you take out an ad either in a newspaper, on the Internet, post fliers, something like
that. You want to make sure that you get the information out there, that you have a room
for rent so that way you have a nice potential pool of tenants to choose from. Then after
you do this, you find, let's say you found some people that you really like; you want
to make sure that you interview these people. A one on one, face to face interview is always
good, it's good to have good human contact, it's good business. Finally you make that
decision, pick that great person that's going to gel with you, you're allowing a stranger
to come into your home and you want to make sure the transition and the overall experience
is great for you and your potential roommate. I'm Damon Thompson and that is, what is Renting
Out a Room in Your House.