Housing Market

So a couple months ago I moved in with my girlfriend to a Small 2br/1bath house about 2 miles out of my rural area town, and the rent was split 4 ways between me, her, her sister, and her sisters boyfriend. It was $360.00 overall covering Rent, Water, internet, and Electric. We were getting a killer deal, and it was to stay that low as long as my girlfriend lived here.
Her sister, and boyfriend moved out not too terribly long after I had moved in.
At the time, Our combined income was around 1,400 a month, extremely low, enough to get by on, but we decided that roommates would be the easiest solution.
I got ballsy, and told them that the price to live here was right at $700.00, and that's still a reasonable price for the town I live in.
We were getting practically free rent, and the place was staying clean, and was actually less crowded then before the other two lived here.

Now that our money was freed up, i browsed around in town, and found another 2br/1.5ba located maybe a half mile from the house. It included Electric, Water, Trash, and Internet also, but the rent was a base $475.00
Since we had no rent to pay here, i figured lets try to actually make some money off this house. We signed a house leasing agreement for this one for exactly one year. I immediately went to some people i went to highschool with, and browsed around until i had fround a couple and another girl who were looking for a place to live. I got in contact with them, and sat down and explained that the rent for the house was going to be $600.00 a month, and split down the 3 ways was going to be $200.00 a person(clearly).
The couple jumped right on it, eager to move in, but the third took about 2 weeks to finally go in on it. They moved in about right before the first months rent was due, so i collected it, and then forwarded the actual amount to the owner.

Now today, I'm not only living at my house for next to nothing, but i'm also re-leasing out another house, making $125.00 a month, just by doing absolutely nothing.
Just saying, if you ever want to lease a house out, thats a lot bigger then you could want, and if you're willing to get room-mates, don't be scared to try and make some money, theres nothing wrong with making money, specially if you're the only one on the lease.

Just a random story i figured i would share out of my boredness.

 

Does your lease forbid re-leasing? Do you know that you are the one solely responsible for any damage that comes from the re-leasing of the property? You might get yourself in a legal conundrum if you don't be careful, because when it comes to leasing and re-leasing it can easily become a litigation mess.

 

The only way I was able to re-lease the house was to agree that I would take full responsibility over the damages, and repair costs. I do continue to visit the other house on a Biweekly basis, and I did require them to keep it halfway clean. I also signed them on an early termination agreement stating that if problems were to continually occur, I could prematurely end their lease, and evict them.

 

Lot of responsibility for only a profit of $125 a month.

Then again, risks outweigh the reward.