Dream of: 03 December 1994 "Rooms for Rent"
I had bought a large, two-story, frame house in Waco, Texas (which also reminded me somewhat of Columbus, Ohio) from an elderly lady, for about $20,000 cash. I thought if I had had a mortgage on the house, it would have only been around $125 a month. Before I had bought the house, I had lived a short while in it in a small upstairs room. At first I thought I would sell the house. But reflecting more, I realized there were four rooms upstairs, and that they could be converted into rooms for college students to live, such as a boarding house. There was a bathroom and all the rooms could be reached without going through one of the other rooms. I tried to remember whether there was another small room which could be used as a kitchen. I should be able to get one $150 per room, which would be $600 a month income. I would have to pay the water and heating bill; but I could still make money. And if I did decide to sell the house, I could use the rooms as a selling point, showing that the rooms could be rented and money made.
If a person paid for room and board at Baylor University, it would cost about $750 a month. If a student bought a meal ticket, it would only cost $300 or $350. Therefore, if a student rented a room in my house, it would be cheaper; plus the student would have privacy unavailable in a dormitory.
I recalled that when the elderly lady had owned the house, she had always had a sign out front which said "Rooms for Rent." Now I would also have to post such a sign.
My father came to the house to visit me. We were going to do something, but my father became tired and suggested that we lie down and rest first. I lay down, but I didn't rest. I was busy thinking about what I could do with the house. I recalled how my father, during his life, had rented the upstairs of the Gay Street House and had always made money from it. Now I was thinking of doing the same thing. Ideas went through my mind. There was a side stairs which people could use to go upstairs without bothering me if I were living downstairs. The stairs would be another selling point if I tried to sell the house.
Gradually, however, I realized I didn't relish the idea of becoming a landlord. I would prefer to just sell the house and try to make a profit that way.
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