Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This is new to me - a prospective tenant aged 25 would be having his parents pay his rent (the reason is bona fide) - does the rental agreement get written in their name? Do they all sign it?
Why would you rent to a 25- year-old who can't pay their own rent? Are they disabled? Is it safe for them to be living on their own? It sounds like a lot of red flags in addition to the name on the lease.
I've listed the parents as co-tenants... right down the board.
They all sign the lease, they all fill out credit applications and they all receive a key to the unit.
I also explain should a default occurs... it will be in all names as listed on the Rental Agreement.
Never had one 25 years old... typically student 18 or 19... moving from the East Coast to the West Coast for school.
Just beware it can complicate things... had one Mom that signed for her son and he dropped out of school and basically dropped out of life... she offered to pay to take her off the lease... told her the only way for her name to be removed was when the unit is vacated and keys returned... she made that happen! I was not out any monies... so it worked out that way... tenancy only lasted a year.
Why would you rent to a 25- year-old who can't pay their own rent? Are they disabled? Is it safe for them to be living on their own? It sounds like a lot of red flags in addition to the name on the lease.
Well, it sounds above board, he's had some problems with depression and needs time to get back on his own feet again. He is hoping to be employed within three months.
Ultrarunner, thanks!! that all makes sense. This would be a month to month arrangement - I've stopped doing one year leases. So that helps a little bit.
Well, it sounds above board, he's had some problems with depression and needs time to get back on his own feet again. He is hoping to be employed within three months.
Ultrarunner, thanks!! that all makes sense. This would be a month to month arrangement - I've stopped doing one year leases. So that helps a little bit.
I wonder if I should ask to speak to the parents?
Last apartment I was in the super rented out to the father of a lady in her late 40s. He never met her until she moved in. She seemed like a drug addict or drunk or manic depressive, very low life, knocking on my door saying she locked herself out, asking for $20 for medicine. In the end she switched her SSD payment back to herself, her father was paying them, stopped paying rent. and was looking to cash in when a dog bit her while she was riding her bike.
A couple pf options. You can list them as cosigners, which is the weakest option. Cosigners get a complete screening, including credit report and criminal background. Verify that they have enough income to pay all of their own expenses plus all of the son's expenses
Or, you can list them as tenants, have them sign the lease and do an addendum that states that they are fully responsible for both the unit and their son, but will not be living on the premises.
Co-signers get a copy of the lease and all documents, plus an additional contract that gives their responsibilities as cosigner, plus very clearly that they can't decide to remove themselves from the contract until the tenant / son is out and the unit returned to you.. Either way, you send them copies of all notices that you give to the tenant.
I've occasionally had parents who wanted to pay the rent, but it has been for college students. I'd be a bit worried about a tenant who is so mentally ill that he can't take care of himself. But, I didn't do the interview and I haven't met the son who will be the tenant.
Be sure to check with at least two prior landlords for this kid to see what they have to say about him.
I've also had, incidentally, people try to dump problem relatives on me, by offering to pay the first months rent. It's more common of a way to get rid of a frail old grandmother. It's cheaper than a rest home, but the tenant can't take care of herself. Make sure your contract has the parents on the hook for all expenses and damage until the tenant is completely out. I suggest a 6 months lease, just in case taking this tenant turns out to be a mistake.
Well, it sounds above board, he's had some problems with depression and needs time to get back on his own feet again. He is hoping to be employed within three months.
Ultrarunner, thanks!! that all makes sense. This would be a month to month arrangement - I've stopped doing one year leases. So that helps a little bit.
I wonder if I should ask to speak to the parents?
I want to strongly discourage you from renting to this guy. Just look at the facts. Your applicant is unemployed with no income of his own. He is also unemployed due to severe depression. This guy is not likely to land on his feet. He will, at best, probably get SS disability, and will never make enough money on his own to qualify.
First of all, if your normal criteria says you don't rent to people who are unemployed without enough income of their own to qualify, then you have to deny him.
If you'd told me the bona fide reason his mother was going to pay his rent, was because he was getting his PhD, and could prove it, then I'd reconsider.
What I did with students whose parents were going to pay the rent, was I used a month-to-month agreement. I only put the actual tenant on the agreement. I did not accept co-signers. I told them I don't care where your money comes from, but you are responsible to make sure I get paid, or you will be evicted.
I also verified that they were current students in good standing, and I ran their credit report and verified previous landlords, if they had any.
The only time I rented to a 25ish year old adult without her own income, was when the market crashed and the owner told me to lower my standards. Nothing but problems. The baby daddy moved in, they had screaming arguments, cops kept being called, and they got kicked out. Fortunately, I did not put her mother on the lease or used her as a co-signer either. So, I just kicked out a tenant who was causing problems, who did not fix the problems. Even she was going back to school part time, though, to be an x-ray tech.
Her situation was similar to yours, though, in that she was living with her mother, and wanted to move out, no doubt, being pushed out the door by mommy.
Don't rent to this guy. Even if the rent keeps coming in, he could commit suicide in your apartment. I know that's a horrible thought. But, you have a valid reason to deny him, because he doesn't have enough income, so you really should just deny him.
I want to strongly discourage you from renting to this guy. Just look at the facts. Your applicant is unemployed with no income of his own. He is also unemployed due to severe depression. This guy is not likely to land on his feet. He will, at best, probably get SS disability, and will never make enough money on his own to qualify.
First, I'd hate to be one of your loved ones who is going through a hard time. The OP said the lessee was "having some problems with depression", and you immediately concluded that this was SEVERE depression and they would never be able to be employed again, AT BEST getting SS disability. WOW.
Depression is actually very easily treated, and goes away. There is no reason to assume only the worst case is possible. The vast majority of the time, people go back to their normal lives.
Now, I'm not saying this is a good candidate for a tenant, but, I, in no way feel they are heading for disaster.
When Kevin went back to work after he was hit by a car & lost his house we asked the HUD office to put us in 2-1 bedroom apt. He had his lease I had mine. When 2 months later he couldn't keep up phy to work demands & lost the job I paid his rent & electric Plus my own rent! Lease was never changed. People on here are Quick to kick folks into Homelessness!
Last edited by Ultrarunner; 05-27-2015 at 06:13 PM..
This is new to me - a prospective tenant aged 25 would be having his parents pay his rent (the reason is bona fide) - does the rental agreement get written in their name? Do they all sign it?
If you do accept it, yes they all sign it, they are each and all responsible for the rent, they are each and all responsible for having an eviction on their record and a possible hit on their credit report. Let them know this so they are aware and will abide by it, if they seem scared, then they were trying to scam you.
Check their credit and income to make sure they can pay their own rent or mortgage as well as 2.5 times the rent you are charging.
There is a saying.... No good deed goes unpunished.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
