The following is from the Secret Information site where I have received permission to reprint excerpts for the Michigan Survival Guide.
I was living in a aging mobile home in a cold and cloudy northern Michigan town… That may sound like the story from a “get rich quick” program, but it happens to be true. It is also true that the rental rates were high enough in the area that single men and women were willing to pay me $75 per week to rent a small bedroom in that old mobile.
That’s $3,900 per year, by the way. And I had a couple rooms to spare.
Bottom line? Since I had paid off the mortgage, I lived for free and had income left over even after paying every utility bill and repair. A decent room in a house at the time went for about $100 per week. So if you live in your own home you may be able to start making money with it this week. I even rented out a carpeted shed for $45 per week – and it only cost me $250 to build it. If you have space you can even rent a spot for someone to park their RV on.
There are big mistakes you can make doing this. For example, you should never split utilities. I watched as others fought with roommates and left without paying because of these kinds of issues. I just charged enough, included everything, and raised the rent if my costs went up. I also charged by the week – the way my renters were paid. People who rent a room in a mobile home don’t do well at saving up for monthly rent.
If you decide to give this a try, go buy my book, Boarding House Profits – How To Make Big Money With Room Rentals”. Yes, this is shameless self promotion, but you need the information and it’s cheap. It will help you avoid a lot of mistakes. You can get the details here: