Rent hacking and Subletting

[Kieran Pearson]

for the past month and a half I've been listening diligently to the bigger pockets podcasts. I've listened to just about all of the real estate rookie podcasts and am on episode 2 of bigger pockets itself. I plan on being able to complete all 5 of the different bigger pockets podcasts before February. Bigger pockets has opened me up to the potential and possibilities that even though I don't own real estate that there's things I can do to position myself to be able to own real estate: the most important of which is saving money. And one great way to do that is through house hacking. Except I don't have a house period but I do rent an apartment with rooms. So instead of house hacking I'm going to do rent hacking. I have an opportunity that just fell in my lap. One of my former co-workers was looking to move out of his place and I told him I had spaces available for rent. He's a really great guy from Brazil. I'm curious has anyone dealt with subleasing rental contracts and specifically with non-US citizens? I'm looking for information on how to best vetting practices a potential roommate as a tenant myself?

When I first moved into this apartment 5 years ago I spoke with the landlord and was giving permission to be able to rent the rooms out as I see fit. Since the first year's lease has been up, I've been living here without a lease agreement. Should I rediscuss that spoken agreement to do a sublet?

Should I sign another lease contract with the landlord?

This is my first BiggerPockets post. My journey in real estate has been a long and arduous one in that I only now am being a serious about it as I should have been for years and years. the journey started of course just like everyone else when I read "Rich Dad/Poor Dad" in college back in 2003 I was so excited about the concept of owning rental properties. During the summer break, I recruited my younger brother to be my partner in real estate. He had no direction as far as what he wanted to do in his career coming out of high school and before I left that summer while cutting his hair on my way out of the door he told me that he was in. Two weeks later he was murdered. And with that my dreams of owning real estate send to have died with him. Since then I've spent my adult life doing some form of security work. Not really where I wanted to be. I never really fully committed to that because I often looked at it as part-time work and beneath me. Which is unfortunate because I really missed out on some opportunities to be more advanced in that particular career path. I bought crypto did very well with it. And have since had a mini-retirements. It was on one of these many retirement such furloughs from working in general contracting that I began to listen to the bigger pockets podcasts period it was also about two weeks into the podcast that one of my youngest brothers Isaiah, reached out to me about investing and real estate. And it is because of him that this interest has been reborn and has risen up in me like a Phoenix. He and I speak almost daily about real estate, investing, personal improvement, etc.