If you're having trouble making your monthly mortgage payment and the lender has you worrying about how on earth you'll be able afford the subsequent mortgage repayments, it's time to pool your resources together and possibly make some extra cash.  How does renting a room in your home sound?

Here's how you can do it. First, you'll need a place to put the new room-mate. If you have an extra room in your house, this is perfect! Place an ad on Craig's List, on the local college campus, on cork boards around town, or in the newspaper that you are seeking a room-mate. Make the price very reasonable for the market you are living in, so that you will have more than one random person to choose from.

I knew a lady named Octavia who first seeked my services as a Realtor to find a room-mate in the Miami real estate market a few months ago. She had a two bedroom condo which was $1600 a month. Since that was more money than she could afford, she rented out her extra room by advertising as a rental. She listed the room for $900, and within a few days she had 50 replies! Of the fifty she chose to interview a few of them, and on the third one she found the perfect tenant to move in, and rented the room to them on the spot!

If you are going to do this, there are a few things that you should keep in mind. Keep your price a bit below market value, so that everyone will want that room. Renters consider price to be the priority, whereas you consider the right person to be the priority. Make sure you get someone you can trust to be living in your apartment. You'll want to get the most money out of the deal as possible, but you also want to keep the room rented, so you will soon lose any gains from having a higher rent.

Interested in buying, selling or renting a condo, townhome or house, visit me at: www.OnePlaceOpenHouse.com   

Ready to refinance for a better rate, visit: www.JShambley.ApexLending.com