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Updated almost 7 years ago on . Most recent reply

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Ryan N.
  • Royal Oak, MI
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Renting spare room to buddy and his girlfriend

Ryan N.
  • Royal Oak, MI
Posted

Good Afternoon BP Community!

Hoping to gain some insight. Recently I have purchased my first home, condo 2bd/2.5bth, and am looking to rent out the spare room to help with the cost of the mortgage. A good buddy of mine and former roommate from back in college has asked if he  and his GF of three years can rent out the room. 

Has anyone had experiences renting out a spare room to a couple? Should I charge them each 1/3 my total monthly cost of living there (mortgage, HOA, escrows and insurance) and we split utilities three ways? Or do I charge them 1/2 for everything like I would if I rented out to a single person?

Any advice, tips or insight would be greatly appreciated. 

Thank you all.

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