If you have an extra bedroom in your home that isn’t being used for family, you may be able to grab some quick cash by taking in a boarder.  Okay.  Maybe the idea of having a roommate isn’t exactly appealing.  And, granted you have to be careful when choosing someone to share your home.  However, if you find a good match you just may be able to create a win-win situation for the long-term.  This could ease your ongoing financial worries as well as your immediate urgent cash problem.

One good thing about this idea is that in this economy there are a lot of people out there trying to look for ways to save money.  So, your ability to find someone willing to share space is pretty good these days.  One of the best ways to find someone interested in renting a room is through word of mouth.  Ask family and friends if they know of anyone who is looking for a temporary or permanent living arrangement.  Chances are good that it won’t take you long to find several people who are interested in your offer. 

Naturally, you will need to meet with your prospective tenant to see if you click.  If you get a good feeling about the person then you can discuss the amount of rent and other details such as whether the tenant has kitchen privileges etc.  If you know the person well then you probably won’t need to obtain a check credit or get a security deposit.  However, if you don’t know the person then you will need to do both.

You can find a rental application online or in your local office supply store.  Be sure to obtain the tenant’s signature and an application fee to cover the cost of the credit check.  You shouldn’t have any trouble finding an online or local service to run a credit check for you.   Tenantverification Service Inc. is a good online service that has an easy application process and a quick turnaround.

The security deposit will likely be a modest amount that is sufficient to cover any damage to the room.  Make sure to research the laws in your state to determine what obligations you have in regard to the deposit.  Many states require the landlord to place the funds into a separate account.

Here’s Hoping Some Quick Cash Comes Your Way!