One more thing that I've done since I've lived for many years in the same place (front half of a house, 2 bedroom just off the beach and the local bars/restaurants/shops), my rent has never increased and I've locked in a lease with the landlord that secures myself as the main tenant with the option to sublet to whomever I want (as long as the landlord gets to run their credit). In addition, I wrote into the lease that I get exclusive access to park behind the two 1-car garages (of which one is mine). This took some convincing of the landlord, but the effort was worth it. See below:
I won't share my exact rent figures here, but let's say for example that my rent is $4,000 / month for the 2 bedroom place and 1 car garage. Instead of splitting that in half with whichever roommate I had prior, I listed the other room as $2300/month when advertising for a roommate with the stipulation that I get the 1 car garage (roommate can store some beach type stuff in there if they want) and the use of the parking spot behind the garage.
I went from having to share the 1 car garage (w/ my former roommate who was on the lease) and the parking spot behind (w/ my former roommate and the neighbors who have the other 1-car garage), to now I have a 1 car garage and parking space all to myself (crucial in at least half of the year). In addition, the roommate I sublet to effectively pays 15% of my rent. Both he and the prior roommate that I sublet to were happy with the arrangement and while I did take on some additional responsibility (if the roommate bails I am still responsible for ALL the rent), I came out a huge winner. It's not passive income, but it's basically a passive win every single month for me. I love it.
If I ever decide to travel, I could rent out my room and MAKE money while gone. Sure, details are key and you have to find the right person to sublet to, but who cares for such great flexibility, my own garage + parking spot, and my rent GOING DOWN all while continuing to live by the beach (for what I consider pennies on the dollar versus buying).
I won't share my exact rent figures here, but let's say for example that my rent is $4,000 / month for the 2 bedroom place and 1 car garage. Instead of splitting that in half with whichever roommate I had prior, I listed the other room as $2300/month when advertising for a roommate with the stipulation that I get the 1 car garage (roommate can store some beach type stuff in there if they want) and the use of the parking spot behind the garage.
I went from having to share the 1 car garage (w/ my former roommate who was on the lease) and the parking spot behind (w/ my former roommate and the neighbors who have the other 1-car garage), to now I have a 1 car garage and parking space all to myself (crucial in at least half of the year). In addition, the roommate I sublet to effectively pays 15% of my rent. Both he and the prior roommate that I sublet to were happy with the arrangement and while I did take on some additional responsibility (if the roommate bails I am still responsible for ALL the rent), I came out a huge winner. It's not passive income, but it's basically a passive win every single month for me. I love it.
If I ever decide to travel, I could rent out my room and MAKE money while gone. Sure, details are key and you have to find the right person to sublet to, but who cares for such great flexibility, my own garage + parking spot, and my rent GOING DOWN all while continuing to live by the beach (for what I consider pennies on the dollar versus buying).
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