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So basically you want to know how you screw over your brother if you can't pay rent..well, tenant or cosigner, it won't matter....they will go after him until it's paid.
And I suggest you pay closer attention to what these leasing agents are telling you.....they are in business to make money, not lose it.
I would correct your assumptions, but it makes no difference in my life what you think.
Location: When you take flak it means you are on target
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We often do co-signers, or as they should legally be called a "Guarantor." This is done via a separate addendum to the lease. The guarantor must pass credit and income requirement sufficient to afford both their own home and the rental in question. They are guarantying payment but do not have occupancy rights.
This is normal for young people moving out for the first time and for undergrad students without income other than financial aid. Grad students usually have sufficient income. I also have young people who's parents subsidize the rent. To me the more people on the hook for the rent the better.
The issue I see is your spending your savings to pay for your apartment. What happens when your savings is gone? Then who pays the rent? That puts eviction into your future.
You might want to re-think this until your income is higher.
Also as a first time tenant and a young person you need to show great maturity. Landlords are scared of young people because of party and drug problems. Show the LL that you are an exemplary tenant, keep your place clean, use headphones if you like loud music and you will have a great reference for the next step in your future both as a tenant, possible homeowner and for jobs.
And finally - if you have a job, have you looked into BUYING a house, possibly with your brother? You could live in it and rent out the extra rooms. You are in the best market in our lifetime. That's how I started, I bought a house and rented the other rooms which covered my payments, I banked my salary and started buying more rentals.
We often do co-signers, or as they should legally be called a "Guarantor." This is done via a separate addendum to the lease. The guarantor must pass credit and income requirement sufficient to afford both their own home and the rental in question. They are guarantying payment but do not have occupancy rights.
This is normal for young people moving out for the first time and for undergrad students without income other than financial aid. Grad students usually have sufficient income. I also have young people who's parents subsidize the rent. To me the more people on the hook for the rent the better.
The issue I see is your spending your savings to pay for your apartment. What happens when your savings is gone? Then who pays the rent? That puts eviction into your future.
You might want to re-think this until your income is higher.
Also as a first time tenant and a young person you need to show great maturity. Landlords are scared of young people because of party and drug problems. Show the LL that you are an exemplary tenant, keep your place clean, use headphones if you like loud music and you will have a great reference for the next step in your future both as a tenant, possible homeowner and for jobs.
And finally - if you have a job, have you looked into BUYING a house, possibly with your brother? You could live in it and rent out the extra rooms. You are in the best market in our lifetime. That's how I started, I bought a house and rented the other rooms which covered my payments, I banked my salary and started buying more rentals.
Thank you for your thoughtful and thorough answer. My plan is to sign a 6-month lease and use both my income and my savings to pay for rent and every other expense. I have enough income to pay for rent - so that would never be a problem. I'm not using savings to pay for rent. I understand how stupid that would be.
I'll be graduating college in about 4 months and will be able to work full-time. If I find a good job, great. If not, I'll have enough money to fulfill my lease and move back with my parents. I already discussed this with them.
Again, thank you. I appreciate the manner in which you presented this information.
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