That is an easy question to answer when you think about it. In my twenties, I had roommates for years until I could afford to buy a house. Later on in life I got divorced and my finances were in ruins so I placed an ad in the paper for a roommate then. I was 52 years old at the time. Bob, my first roommate in over 20 years, was a great roommate and we still are still good friends.
You may have never had a roommate, but I’m sure you had friends that did. It’s a system that has worked for decades and still does. I think having a roommate makes even more sense now with all the housing shortages and skyrocketing apartment rental rates in most areas.
I started out with Airbnb to see what it would be like having “strangers” living in my house with me and I actually enjoyed it. Having the interaction with people I would have never met was a great benefit I didn’t expect.
I decided that the consistent income from long term rentals was a less stressful and more profitable route than Airbnb plus I didn’t have to pay a percentage of my rental income to someone else.
I can tell you from personal experience that, after over seven years, it has been one of the best choices I could have made. I rent out three bedrooms in my house for $650 a month each. How else could I generate an additional $1,950 a month in income for doing almost nothing to earn it?
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