Rent out your spare rooms for passive income??? (2)
We read but we may not fully understand it. But; when we personally experienced through it then we may become super conscious and risk avoidance. Chinese saying: No see coffin. No tears drop. One option of passive income gone for Uncle8888 when his children move out in the later years!
The main issue for elderly renting out rooms is safety. 60+ maybe still ok. How about 70+ or 80+? That's why most won't do it --- many will rather downgrade or even reverse mortgage then to rent out rooms.
Preferably you also need to be quite sociable type, don't mind strangers sharing your house, and like to make friends with strangers type. Again, most Asians are not like that.
So when you see people renting out rooms and still staying in the flat, it usually means they really need the money. :O
Domestic helpers are medically assessed and cleared before working in our home and some diseases will take some time to be detectable.
ReplyDeleteMy friend in law move to his house and rent out entire 3 room at $2K as passive income.
ReplyDeleteSo it depends on individual circumstances.
Good move
DeleteThe main issue for elderly renting out rooms is safety. 60+ maybe still ok. How about 70+ or 80+? That's why most won't do it --- many will rather downgrade or even reverse mortgage then to rent out rooms.
ReplyDeletePreferably you also need to be quite sociable type, don't mind strangers sharing your house, and like to make friends with strangers type. Again, most Asians are not like that.
So when you see people renting out rooms and still staying in the flat, it usually means they really need the money. :O
True!
Delete