How much rent to charge?

Question

I have a 3/1 with plumbing problems. My dayghters friend needs a place to stay and was interested in me renting her a room. I have no idea what would be fair to her and me. Right now I use AC units but can't put one in the bed rm for her. I'm alittle afraid to use the central because of the high rates. I'm on unemployment right now so I've had to tighten my belt with utilities. Any help is appreciated.

Answer 1

You are correct to be hesitant about this "friend" becoming your tenant.  Once you occupies the house, you have to provide AC.  So you allow her in so you can get a little income and are ordered by the city or county to install a new $3,000 AC unit.  NOt a good deal for you.  You can not make her sign away her rights when she moves in.  If the temp goes to 100 degrees, she gets AC.  Same with the plumbing.  Sorry to be so negative but i've been a landlord ( a good one) for a long time.