Outline:
- Dee McCord-Ochoa earns additional money by leasing rooms in her house.
- She stopped earning income in 2008 and continues to have a mortgage for a house she purchased in 1999.
- The additional income enables her to improve the house and provide financial assistance to family members.
This first-person essay stems from discussions with Dee McCord-Ochoa, 66, a business development specialist and resident of Fort Lauderdale, Florida. She has welcomed roommates into her three-bedroom house to assist with saving money and covering her housing expenses. She has utilized Craigslist and SpareRoom to locate suitable roommates. The dialogue has been edited for brevity and clarity.
I purchased my home in 1999 for $145,800, and I still have monthly payments for the house.
Typically, within 30 years, most individuals would have their houses fully paid for, but I experienced a setback in 2008 during the market collapse. My income dropped from six figures to nothing.
I used up most of my money to keep the house.
I’d heard of people renting out roomsand I had never really encountered it before. I chose to check Craigslist and began leasing out rooms.
The thought occurred to me because of some other friends who were also facing difficulties due to the 2008 crisis. They were discussing with me over dinner, saying, “Dee, I’m renting out a room. Perhaps you should think about that too.”
And naturally, I did, and it has been going well for me ever since.
I segued into renting out rooms to become financially stable.
I began in 2018, and I have had a minimum of five roommates since that time.
I could always use extra money, especially since I’m semi-retired and don’t have a full-time job right now. So, it was an ideal chance for me to make the most of my real estate, and sure enough, by 2025, it’s become one of the top successes I’m experiencing.
It’s a professional endeavor for me, but occasionally I offer people some leniency.
It’s an enterprise. It doesn’t focus on making friends or being kind to people — although we do — it’s a mutual exchange.
Typically, individuals require a place to reside, and they seek a location that is pleasant, tidy, and cozy.
What they receive is a 12-month lease agreement that allows either the tenant or the landlord to give a 30-day notice if they wish to leave the property. You are required to provide the first and last month’s rent as a security deposit.
Regarding the house, I work from home, so we couldn’t have remote workers here either — that wouldn’t be feasible for me.
Secondly, the house enforces specific rules: no loud music and no phone conversations using the speaker throughout the entire house. Some areas also have restrictions due to the layout of the house, such as the kitchen and laundry area — these must be quiet by 10 or 11 o’clock.
I charge between $800 and $1,100 each month, and it is directly deposited into my savings account.
My present roommate pays $850 each month. He is a young man who was in a difficult situation and really wanted to escape, so I thought he might need a place to live. He came from a church-related background, which holds significance for me. I reduced his rent from $975 to $850.
And I do this frequently. Regarding the deposit, in particular, most people don’t have the first and last month’s rent. They might be able to come up with the first month but not the last. Sometimes, I allow them to pay an extra fee each month until they cover the security deposit.
The advantages extend past monetary stability
Are there advantages that go beyond money? Absolutely.Psychologically, the loneliness, that human element, the interaction, all of those aspects are extremely important for individuals who live alone.
It’s extremely challenging if they don’t establish a socialized way of life where they participate in activities they enjoy. You might find companions in the park and take walks, but you can’t spend every day isolated in your home. Humans require social connections. They need physical interaction. They require meaningful communication with one another, beyond just phone calls, the internet, or computer interactions.
I strongly and completely suggest that individuals of this generation and those of older ages shouldconsider getting roommates.
Having people live with meI hear them entering and exiting through the door, I see them, I speak with them, I greet them. Without that, it means I have to go out more and more, spending my time perhaps at bars or dinners doing activities that might be unproductive, but at least help fill that sense of loneliness.
I’m not only using my additional funds for my own benefit
My monthly overhead is approximately $2,500. My mortgage costs $1,781 each month. This $2,500 covers utilities, cable, phone service, and all other essential expenses required to maintain a home.
With the additional income, I set it aside and apply it toward the mortgage, helping me manage the expenses.
However, my objective was to save money, which I achieved by renting out rooms. In return, I began improving the house: installing new bathrooms, replacing floors in all the bedrooms, and constructing a new patio at the back.
I’ve renovated the house so that its value continues to increase, and if I decide to sell it, it will be a fast and easy transaction. When you enter this 25-year-old home, it seems as though it was just constructed.
Some of the savings were also used for travel and supporting other family members financially, which they enjoy doing.
For instance, I have a relative with triplets and a one-year-old—meaning she has four children around the same age. So, financially, I occasionally help them out a bit.
When you’re part of a large family and your children have grown up, there are numerous activities happening that you wish you could be involved in.
I’m saying this because I didn’t undertake this solely for personal gain. For me, it was necessary to earn money so that I could distribute it to others as well. This brings me joy and makes me feel fulfilled.
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