NCSU2006 Posted November 29, 2006 Report Share Posted November 29, 2006 Does anyone know if money received from roommates each month can count towards my "income"?. I spoke with a friend whose broker said "yes", and have heard "NO" from others...and yet others have said "yes but only a certain percentage"? Link to comment Share on other sites More sharing options...
breathing_easier Posted November 29, 2006 Report Share Posted November 29, 2006 Are you saying you own the home, making you the landlord, and your roommates rent from you? Link to comment Share on other sites More sharing options...
NCSU2006 Posted November 29, 2006 Author Report Share Posted November 29, 2006 yes I will own the home and they will rent rooms from me Link to comment Share on other sites More sharing options...
sr28b Posted November 29, 2006 Report Share Posted November 29, 2006 That is considered 'boarder income' and there are a select few programs that will allow you to include that in your total income. Most programs do not allow it. Link to comment Share on other sites More sharing options...
PolarBearnCO Posted November 30, 2006 Report Share Posted November 30, 2006 Also remember that any "income" should be taxed, so approach cautiously. If the IRS catches wind of any "boarder income" from any applications or other sources, you could be in for a world of hurt. Link to comment Share on other sites More sharing options...
charlesa Posted November 30, 2006 Report Share Posted November 30, 2006 Sure, as long as you can show the proof that you are collecting the rent from your room mates. Link to comment Share on other sites More sharing options...
elyse449 Posted November 30, 2006 Report Share Posted November 30, 2006 Does anyone know if money received from roommates each month can count towards my "income"?. I spoke with a friend whose broker said "yes", and have heard "NO" from others...and yet others have said "yes but only a certain percentage"?Would you be relying upon these rent monies to make your monthly mortgage payment?Elyse Link to comment Share on other sites More sharing options...
NCSU2006 Posted November 30, 2006 Author Report Share Posted November 30, 2006 I hate these damn "ratios" anyway. They dont take real life into account. Say I have roomies who bail..oh no..who will pay??...umm ME. I will just live off $50 a week till my next check to make sure the mortgage gets paid, and replace the roomie.Also, when you add my current debts and my mortgage payment, I have $1300 a month left over. Now, not taking "ratios" into account I think thats more than enough money to live off. Link to comment Share on other sites More sharing options...
Methuss Posted November 30, 2006 Report Share Posted November 30, 2006 Never enter into a rental agreement with anyone on verbal. "Roomies" must sign a contract lease and provide a security deposit. Especially if you are the only owner of record on the property.If a renter bails you will have the contract lease as a means to file suit to recover your losses up to the point you replace the renter. If they stop paying and fail to move out, the contract lease is your only means of evicting them. Link to comment Share on other sites More sharing options...
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