I picked up a couple of places near a college. My standard rule is that everyone must have a full time job. If they are out of state and don’t have a job yet then I require 3 months rent + deposit. Now I have a few places by a college where the kids probably won’t have a full time job. I was thinking that I would require a parent to sign on the lease and provide employment info and backround check for both people.
What’s the best way to handle a college student, is it to have a co-signing parent?
Do I rent it to the parent and the student or what is a good way to include the parent on lease?
I’m currently renting one of my properties to a group of 5 college students. The lease is signed by one student and his father. I had the father co-sign so he would be responsible, if his son failed to pay the rent. I did a credit check and income verification on both the father and son. I only wanted one student responsible because I did not want to play any games with partial rent and roommates being short. I have had no problems as of yet and we are 5 months in.
Cosigners never sign the agreement and are never a party to it. Doing so gives them occupancy rights and the right to complain to you about the condition of the unit. You contact them when the tenant breaks the rules or isn’t paying. They never contact you.
All cosigners must be collectable and local, if possible. Cosigners aren’t a personal references or recommendations. They are people who will pay when the tenant doesn’t. Make your life easier by making it easy to collect from them. That means they own property, have liquid assets, and high paying jobs they won’t quit if you garnish wages. Cosigners do not rent or have dead end jobs. Do an asset search in addition to employment and credit verification.
Name one lead tenant as your point of contact. Notice to him is notice to all. In fact, notice to any of them in notice to all. You collect the full rent from the lead tenant. Do not collect partial payments. Let him chase the deadbeat. If you don’t get the full rent on time, then serve the non-payment notice immediately. The lead tenant can borrow from someone else. There is no reason for you to be a bank.
All roommates and their cosigners are jointly and severally responsible for the others. That means in the case of damage beyond the security deposit, you can collect the total amount owed from just one of them. There is no my share or so and so did that. They are all equally responsible as if they did the damage themselves.
This is a late response to this thread I know. I’ve had a rental for two years and no problems. My partner and I are looking for another property and are considering looking for property near a university. I like the idea of asking one person and their parent to take the lease, but what happens when that one person moves and the others don’t and turn into squatters?