How to Sublease to Build Up Rental Credit History

Renting out unused property creates extra income.

If you are renting or leasing an apartment, home or building and have empty space or rooms that are not being used, sub-leasing a part of the property will insure that you have the funds to pay your lease. Your own lease ,however, must state that you have the right to do so. If your lease doesn't state the fact that you can sublease, a quick consultation with your landlord will take care of it.

Instructions

1. Make sure the rooms, apartment or section of the building you plan to rent out are clean and ready to be shown.

2. Take a few photos of the property so you will have them for internet ads. Place ads in internet websites that may be used by someone in your community to find rental properties. Also place ads in your local newspapers and rental guides.

3. Create a sub-lease form to be filled out by your renters.. Standard types of these forms can be purchased at office supply stores such as Staples or Office Depot.

4. Create an application form so you can screen potential renters. This form should only ask for basic information and current and previous addresses.

5. Run background checks on anyone who applies. This will insure that you only rent to persons who have a reputation for paying on time. You can do this yourself by checking the public court records for civil and criminal records for the names on the application. Civil and criminal records are public information in most states and can be checked online. Check the current city or county and the cities or counties of previous addresses.

6. Make your decision based on the results of the background checks of the potential renters and your observations from meeting them and showing the property.

References

• Dallas Business Journal: Factors to consider before Sub-leasing
• Virginia's Judicial System