I'm going to bump my thread because, for one, it's been a fantastic idea that I have zero regrets for doing so far, and two, I'm thinking about downgrading to fOOL time living in a tent in the garage! I'm just tinkering with the idea at this point, nothing for sure yet.
So, I still have the same woman tenant. She's been great for the most part. Total introvert, and the only time she has company over is to have her parents over. Always pays on time, and I really don't even know that she's here most of the time. I hope she stays for a long time.
Oh, and I made a deal with her that if she pays in cash, I'd take $100 off the rent each month. So she pays $800 cash now, not the $900 stated in the first post. She pays the entire gas and electric bill too.
I'm really thinking I can get $500 per month MORE (that would put it at $1,300 total) if I rent out the two bedrooms/bath where I've been staying for the last year+. Rooms go for $400 locally, and that's without a private entrance, and would have "shared" areas. I think there are a lot of private people out there that'd prefer their own private space and not having to share any of it for a little extra.
I still haven't really done the finishing work in here......(I've been busy playing in the garden!) so I still need to button up some stuff, but it wouldn't take much effort to get it ready to rent. I could even build a little outdoor area for a washer and dryer right where the unused pool heater and pump used to be (power and gas line already installed). I'd just have to throw up some tin roofing material over it. Maybe even put a gas oven out there..... There is a very tiny fenced off yard back there too. For an extra $100 I might even consider letting them have a small dog........... I'd have to figure out utilities. It wouldn't be fair to keep charging my original tenant if I had another renter.....and of course I'd have to make sure that the new renter jived with us.
I was thinking of a pop up trailer, or a truck topper originally in the garage, but I think a tent is a better idea, and would be easier/cheaper to deal with. It wouldn't be as good as the house for sure, but that $500 more per month sure could justify the slight inconvenience.
So, this 1/3 acre property has the potential to pay me $1,300 per month, I still get to live on it, it produces quite a lot of food (thanks to my new raised beds)(plus 10 chickens), produces its own
compost (my in ground swimming pool is filled with wood chips that the chickens manure), and has the potential to have three distinct/separate living areas!
Hot damn! :) I just might do it!