Renting Rooms out...As a Renter

[Jacob Loyacano]

I am new to Real Estate and am thinking about dipping my toes in to seeing what it feels like to be a landlord. For a three bedroom home I would sign a lease from a landlord (and homeowner). I would live in one of the rooms. Then I would rent out the other two rooms. I suppose this is somewhat similar to AirBnB arbitrage but with longer term tenants.

1. As the leaseholder and not the home owner, am I able to write up my own lease and have other renters sign my lease? 

2.Has anyone else done this? 

3. Pros vs. Cons? 

4. Is this something I should steer clear from? 

[Jacob Loyacano]

Originally posted by @Bill B.:

You’re going to run in to some problems. First, everyone over 18 will probably have to be on your landlord’s lease. Second, most leases say everyone’s responsible for the whole rent if it isn’t paid on time. I don’t know if you’d be able to evict someone who isn’t paying under that arrangement. 

I like the idea, but it works so much better with a purchased property. Maybe you could sublease from someone else that bought a place until you save up enough to purchase a place? That way you ar saving on rent without so many of the legal hassles. 

I am currently living in a house where the leaseholder rented a room out to me and one other person. When I moved in I didn't have to sign anything. We were just going on good faith. The leaseholder moved out of state leaving me with an opportunity to pick up his old lease if I wanted to. If I were to do this I would want something in writing from my potential roommates/tenants. 

Thanks for getting back to me. I think you're right. It might be better to wait until I can purchase a property of my own to rent.