Rent A Room In Your House

This might be the easiest way to earn extra money without very much work. You do have to give up some privacy, but taking on a renter is income from day one. Personally, I would not want a random person living in my home while my daughter is young, but we would consider it once we’re empty nesters. There are ways to find a good tenant if you don’t want to advertise to the general public.

You can offer a room to student interns or residents. When I was in my last year of optometry school, students had to do three month rotations in different cities throughout the year. It was almost impossible to find housing unless you had the money to live in a hotel or had relatives in the area. Luckily on one rotation, I found a lady who rented out bedrooms in her basement, exclusively to students. I believe it was something like $300 a month. I had my own room but shared a bathroom and kitchen with two other interns. I guess you could get a party person, but for the most part, medical students are pretty focused on their training and won’t even be home most of the time.

Another option is Americorps volunteers who have their housing costs covered through the program. I believe the ones in our area get $200 a month to use for rent. Student teachers, graduate students, or seasonal employees are also in need of a short term place to live. These renters might not be able to do a traditional lease, which means quick cash with the promise that they will be moving on soon, a plus if renting turns out not to be your cup of tea!