So if you’ve ever researched passive income before you will see the top two passive income sources that are recommended are stocks and bonds (boring!) and rental income. As a property owner I have dabbled in rental income. The joy you feel when someone signs on that dotted line and says they will pay you £450 a month just to live in your spare room – AMAZING! However, if you do rent out a room in your house, you actually have to live with that person. This seems obvious I know, but what I mean is this stranger will now be in your house, constantly!
During my “lets rent a room” phase, I had 3 different tenants. All of which came with an unbelievable twist! If I was to write this out it would probably need to be published as a novel. So instead I’ve done a story time that can either be listened to on the podcast, or watched on YouTube. Both of which I am linking in below for your entertainment.
Your sanity is much more important than a little extra money.
If you do plan on renting out the property you live in, please set more boundaries and research your tenants more than I did!