Florida Homeowner Rents Rooms to Pay Mortgage

Dee McCord-Ochoa, 66, utilizes rental income from her Fort Lauderdale home to manage housing costs. She purchased the three-bedroom property in 1999 for $145,800. Following a loss of income in 2008, she turned to renting spare rooms starting in 2018. This strategy allows her to cover a monthly mortgage of $1,781 and a total overhead of approximately $2,500. She utilizes platforms such as Craigslist and SpareRoom to find tenants. The additional revenue supports home renovations and financial assistance for family members. She also cites the psychological benefits of shared living arrangements.

Dee McCord-Ochoa maintains ownership of a home she bought in 1999. The purchase price was $145,800, and she still carries a monthly mortgage payment. She noted that while most mortgages are paid off within 30 years, she experienced a significant financial setback in 2008. During the market crash, her income dropped from six figures to zero. To retain the property, she depleted her financial reserves.

She began renting out rooms around 2018 to achieve financial stability. The concept was inspired by friends who were also struggling after the 2008 crash. Since then, she has hosted at least five roommates. As a semi-retired business development professional without a full-time job, she relies on this income stream. She describes the arrangement as a business rather than a method for making friends, though she maintains a respectful relationship with tenants.

The rental income is deposited directly into her savings account. She charges between $800 and $1,100 monthly. Her current tenant pays $850 a month, which is a reduction from the standard rate of $975. She frequently offers financial breaks to tenants, particularly regarding security deposits. If a tenant cannot afford the first and last month's rent upfront, she allows them to pay an additional fee in their monthly rent until the deposit is fully covered.

McCord-Ochoa enforces a strict set of house rules to maintain a functional living environment. Because she works from home, she prohibits tenants from working remotely within the house. The rules also cover noise levels: loud music and speaking on the phone via speakerphone throughout the house are forbidden. There are also time restrictions on the use of common areas.

Specific limitations apply to the kitchen and laundry facilities, with usage ending between 10:00 PM and 11:00 PM. Tenants are required to sign a 12-month contract with a 30-day notice requirement for either party to vacate the property. She prefers tenants who come recommended by trusted sources, such as a church foundation, rather than finding them through random online listings.

The extra income has allowed McCord-Ochoa to significantly improve her property. Her monthly overhead, including utilities, cable, and phone, totals about $2,500. The rental revenue covers these costs and the mortgage, allowing her to save money. She has reinvested these savings into the house to increase its value for a potential future sale. Upgrades include new bathrooms, new floors throughout the bedrooms, and a new patio.

She estimates that the home, which is 25 years old, now looks like it was just built. Beyond the property, she uses the funds to travel and support her extended family. She specifically mentioned helping a family member raising triplets and a 1-year-old. She emphasized that her motivation is not greed, but rather the ability to share resources with others.

McCord-Ochoa highlights significant psychological benefits to having roommates. She argues that human connectivity and touch are critical for people living alone. Without housemates, she feels the need to go out more often to bars or dinners to fill a "lonely void," which she views as counterproductive. Having people in the home provides a sense of presence—she hears them come in and out and can say hello.

She strongly recommends that people in her generation and older consider getting roommates. She believes that relying solely on technology or phone calls is insufficient for mental well-being. The shared living space provides a necessary social structure that prevents isolation.