<p>Looking for ways to supplement income to the tune of $500 to $1000 per month. I love the idea of buying rental income; husband doesn’t. </p>
<p>Any good ideas?</p>
<p>we have found cutting expenses is easier.</p>
<p>Additional income is usually taxed. If you cut expenses, you get the full difference.</p>
<p>I have a bunch of dividend-paying stocks and they generate a lot of income but the volatility runs around 15%. If you can ignore the volatility, then high-yield stocks might be an option.</p>
<p>I found that once my kids were out of the house, I could supplement my income to the extent you’re talking about by taking on some freelance assignments in addition to my regular job. The decrease in family responsibilities allowed time for this.</p>
<p>But BCEagle makes a good point – the additional income is taxed. Also, not all occupations lend themselves to this sort of thing.</p>
<p>I would like to downsize to a smaller home. I think that the savings in terms of decreased taxes and utility bills would be worth it, even if the mortgage was not much less. Husband does not feel like moving, though.</p>
<p>I have wanted to rent out our guest bedroom, which is on the first floor (of a 2-storey) and has its own tiny bathroom. But DH will not hear of it. He thinks its weird. I think its $500.</p>
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<p>Trick is that if you can get along with strangers and how to screen for one. Its easy to find one, but not so easy to get them out.</p>
<p>cbug, In many areas the numbers for rental property are compelling. People say it is cheaper to own than to rent these days. That also means it makes sense to own rental property. My problem is I don’t want to be a landlord, but I have been looking - not at actual properties yet, just looking at foreclosure websites. Might talk to my realtor soon.</p>
<p>I also wanted to rent out our guest bedroom, but my wife doesn’t think it’s right to charge my mother rent when she visits.</p>
<p>I rent the spare bedroom from a nice lady so I can live close to my job during the week. She’s got it good – I pay her $500 a month, and I’m only here Sunday night through Friday morning. Plus, I leave the house every day by 7:00 AM and don’t return until at least 8:00 PM. Basically, I sleep, shower, flush a few times, and use her stove and microwave and fridge. That’s it – I’m low maintenance. I’d love to rent out a room in my own house, but hubby won’t hear of it.</p>
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<p>There’s got to be an easier way to make extra money than having rental property, especially if you’re going to do the maintenance and deal with getting renters, etc. My folks (like lots of other immigrants) had two rental properties. There was always something going wrong at one of them–repairs, problems with renters, etc. etc. My Dad worked a regular job and had another full-time job dealing with the apartments. If you can work it out so that someone else does the maintenance and still make money, then maybe rental properties are the answer. However, based on what I saw (I clearly remember going to over to the rental properties on most weekends, while my parents were doing maintenance work–it really can take over family life), I’d never in a million years want to take one on–it’s a huge responsibility.</p>