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I am in the process of renting my two bedroom condo to two people who want to share an apartment together. I had planned to make one of the tenants sign the lease, be the point of contact, and be responsible for paying the full rent. I would prefer to deal with just one person, since it is one unit. They have asked me whether they can both sign the lease and pay me separately. I don't feel very comfortable with their request.
Any advice and/or experience on this would be appreciated. My condo is in Arlington Virginia.
Last edited by lmyzer; 12-19-2012 at 10:30 AM..
Reason: To further clarify
My advice is to have them both sign the lease but NOT to accept separate payments. That way, if one does a nosedive, both are legally "jointly and severally" responsible for any debts/damages and generally responsible for adhering to all terms and conditions of the lease agreement. Let them sort out which one actually makes the payments - that's not for you to worry about. In a worst case scenario if you end up in court with them, you can sue one or the other or both, whichever is easier. And of course you should do basic background checks on both of them. Good luck!
I agree with STT. And of course, both adults should be able to show enough income to prove they could cover the rent alone should something happen with the other tenant.
it is THEIR PROBLEM, not yours. dont make it your problem, in case one of them does not pay then you will have to go thru the trouble of tracking the other down, and it can get crazy.. no, you insist on the rules, not them. if they dont consent, then buy bye - nice knowing you!
Both of them should be 100% responsible for all terms so if one flakes out on you, you have the other's signature on a contract. We do this with ALL ADULTS that will be living in the property. Both should have good credit and rental history. We do allow roommates to use combined income because we allow married couples to do that, and you have to
treat everyone the same--every time. No exceptions.
Both sign. You don't want your primary to move out, leaving you a tenant who has not signed any rental agreement.
They each must be 100% responsible for the rent and damage. Make sure they know that they both get evicted if you don't get all the rent on time. However, once they understand that, I will accept 2 checks for the rent, as long as they arrive in the same envelope and on time.
I can't add much to what was already said above other than, read your state's landlord/tenant laws as well. Educate yourself on being a landlord and remember, this is a business..not a charity house.
I am in the process of renting my two bedroom condo to two people who want to share an
apartment together. ... Any advice and/or experience on this would be appreciated. .
1) Whatever their relationship may be now it is bound to change. Prepare yourself for that.
Each party should qualify to afford the expenses on their own so that WHEN one or the other leaves
the remaining party can afford to maintain until a replacement (that you will need to approve) is found.
100% of the expenses may be impractical... but never accept less than 75%.
2) Learn what the term "joint and several" means and apply it to your best advantage.
3) If they don't want to operate as a unit at the outset (separate checks?)...
don't expect them to remain together long on anything else either.
Thanks very much for your very helpful advice. I had them both sign the lease but they preferred to pay separately through direct deposit. I requested copies of their most recent four W2s and their credit reports and was satisfied that they can each manage rent on their own if need be. Thanks again for your replies.
^^^ This is really a very minor point but make sure that both of them receive a copy of the signed lease. All the best!
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