Did anyone get started by renting out their own house?

[Gary Dezoysa]

I'm just curious if anyone else has gotten started in real estate by renting out their own house to improve their cash flow situation.

It makes sense to me, if I rent my first house to one person/family, I'll get $600-$650 a month.

If I split it three or four ways, I will get $350 per room, times 3 or 4. And I can save on my own rent by living in the basement. We'll see how that goes in a cold-weather state though.

As far as renting out your whole house:  Did everything work out? Did the roommates mostly get along, or did everyone live together like a bunch of strangers occasionally passing by each other in the halls?

[Shawn Mcenteer]

I am doing it right now. I rent out my former "office" to my friend, he pays us 500/month and we use that money to renovate our house which will allow us to list in the near future which will allow us to purchase a MFR. It is a great deal, I do most of the work myself so $500/month allows me to do a lot of work.

As far as everyone getting along we have no problems and it has been 6 months.  Our situation is a landlord dream, our tenant is never home and pays on time every month.  On the nights he sleeps at our house he is in bed by 9 and out by 6am.  We are all very laid back so making it works is not really an issue, I think a lot has to do with personalty and how well everyone gets along with each other.