BiggerPockets Daily The Basics to Renting Out One of Your Rooms
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Jan 5, 2025 Got a spare room? It could mean extra cash if you navigate the world of rentals successfully! Learn about the financial perks and legal tips to kickstart your landlord journey. Discover essential steps for furnishing and listing your room, while ensuring compliance with local laws. Plus, find out how to screen tenants effectively, manage finances online, and minimize the hassles of being a landlord. Renting out that spare room might be the smartest decision you make!
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Know Your Local Laws
- Understand local laws before renting out a room, including landlord-tenant laws and subletting rules.
- Research city ordinances, zoning laws, HOA rules, and relevant federal laws like the Fair Housing Act.
Prepare Your Space
- Ensure the room is habitable, clean, and safe, addressing maintenance and sanitation.
- Furnish the room with durable, comfortable items and document their condition with photos.
List Your Room
- List your room on major platforms like Zillow, Trulia, and Hotpads.
- Leverage social media like Facebook Marketplace, Instagram, and TikTok for wider reach.