The following piece written by Deborah Cohen is an excellent idea provided you can trust whoever you briefly rent your home out to. I do mean briefly as the clever idea of Mark Mangum is certainly practiced nationwide on the weekends to defray the cost of high mortgage payments. Johnny Football alone probably increased the weekly value of Mangum’s house when A&M is home for a football game.
The loss of privacy and the potential for damage by hell raising drunken football fans are the two obvious risks to such a quick cash endeavor. I don’t think most homeowner’s hazard insurance would cover property damage or personal injury of a third party occupying the primary owner’s home.
Also every home has its own unique secrets that could lead to costly or unpleasant surprises.
Mark Mangum, who lives deep in the heart of Texas football(near College Station) country, has found a way to capitalize on his location. He periodically rents his house to football fans, a move that takes the sting out of his $1,300 monthly mortgage and has helped pay for costs associated with refinancing last year.
“It’s huge for us,” says Mangum, who expects this year to charge up to $1,600 for a weekend in his 1,650-square-foot ranch house. During Texas A&M football weekends, the couple decamps to his wife’s parents’ house.