How to play the role of Landlord and Roommate

[Kristen R.]

Hi Everyone -

I purchased a 2 bedroom condo recently and I am renting out my second bedroom. I am facing some difficulty with how to balance the role of the landlord and the role of the roommate. Is anyone else in this situation? Do you have any advice?

[Pat L.]

My daughter did it for 8 years to pay off her 1st home. The home was an alternative to exorbitant college dorming costs. They laid out a schedule for chores etc & with 3 other girls in the home it worked well right up until they all finished Grad school. I did have to install an on-demand HW system as they ALL took 30-40minute showers & the 40gall tank was NOT adequate. I completely rehabbed that home & she recently sold it for 2x the initial cost.

She is self-employed & is currently considering doing it again as she has 3 friends that get along so well together & none of these girls can afford their own homes. So she is NOW looking for another home with separate bedrooms & definitely a separate full bath/girl.

Good luck !!