Do you have a condo? Do you own it? Maybe you are renting it? Do you live in your condo full time? Or is your condo simply for vacation purposes? Regardless if you own or rent your condo, regardless if you live in it full time or just certain parts of the year, your condo could actually be making you money. Of course, if you own your condo you know you can rent it out. But maybe you don’t want to rent the entire condo out. Or maybe you feel like because you do not own the condo you cannot rent it out entirely.
Renting out your entire condo, or a room in the condo and renting out a condo you are renting from someone is possible and legal. It is called rental arbitrage. Rental arbitrage is a growing way people are making extra income and some are making a massive five figure a month salary from renting out their entire apartment, condo or home. Some people choose to only rent a single room in their home. This is still rental arbitrage. Many people have chosen to do rental arbitrage because it helps them pay the rent or mortgage. Some choose to do renal arbitrage because it allows them to have supplemental income. Some are participating in rental arbitrage because this is how they are getting their feet wet with real estate.
You may be curious with how you will rent out a condo that you are renting from someone else. You may question the ethics or legalities of renting a piece of property that is not yours. It is legal. It can be done. It is called subletting. Subletting is simply renting out a space that you are renting. You would sign a sublease with the person who would rent from you. You would still be responsible for the property since the master lease in your name. But you would be a mini landlord over the person who subleases from you. People choose to sublease because they may want a temporary place to stay. They may be seeking month to month leases. Subletting offers people the opportunities of living in someone’s home for a temporary amount of time without signing a long-term lease.
For example, you could have a Single family condos Bankers Hill CA and you may be renting these condos. You can then list your home on a subletting website to find someone interested in temporary living there. Usually, you will want to sublet for at least fifteen days out of the month. You want to sublet enough days so you can make enough money to pay your rent and make some profit. Get a sublease and sign the sublease with the person. Charge them a daily rate. Daily rate calculators are available for your market. This is how you conduct rental arbitrage.
Rental arbitrage is becoming more popular and easier to do than what you may think. Rental arbitrage puts you in a position to start your very own real estate empire for less money than going out and purchasing properties. Research rental arbitrage to learn more about how you can get started.