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Raising cash in a hurry #11: Take in a boarder

Anne Gelhaus
Jun 20th 2008 at 1:00PM

Filed under: Debt, Home

Late on rent? Loan shark breathing down your neck? Can't fill your car with gas to get to work on Monday? Assuming all available funds and traditional sources of credit are tapped out, here are 25 (legal) ways to raise cash in a few days. We list them in order from least to most desperate.

When my friend Michael, an inveterate couch surfer, turned up on my doorstep a few years ago, my boyfriend had just moved out, and I was wanting company and needing extra rent money. Thus Michael took up residence on the couch my ex had recently vacated, and I went about adapting to having a roommate who I didn't want to see me naked.

Aside from having to close doors and don a bathrobe more often than I was used to, my new living arrangement worked pretty well--for a while. Michael was paying rent and lending me a supportive shoulder. We had agreed when he moved in to check in with each other after a few months to make sure there were no major problems, and when we did so, there weren't. So Michael stayed on ... and on ... and on, and I commenced to kicking myself on a daily basis for not having set another check-in (or would that be check-out?) date. When he finally did move out after about a year, our friendship had been sorely tested.

The biggest lesson I learned? Sharing living expenses can put more cash in your pocket. However, If you ask someone to move into your spare room--or onto your couch--draw up a lease agreement, even/especially if your prospective boarder is someone you know. Have conversations about how to share living space, particularly if, as in my case, you only have one bathroom. Make sure to outline kitchen privileges, including whether or not you want to share food.

I was unprepared to be a landlady, and I wouldn't do it again in my current living space. If I ever move into a house with a granny unit, I might consider renting it out--as long as the unit has its own kitchen and bathroom.

All 25 ways to raise quick cash.

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