My friend (with poor credit history and with poor judgement, IMHO) is asking me to rent an apartment in my name and sublet it to him. I want to help out, but I don't want to get myself in trouble. Besides making sure that sublet is allowed by the landlord, what esle should I do to make sure I don't get myself in trouble? What kind of possible trouble is there? (He doesn't do drugs and stuff like that.)
My situation: I do not want that apartment at all (if he were to back out in the middle of a lease agreement), but I will want to rent something else for myself in the nearest year. Is there such thing as a limit of how many apartment one can rent in their name? I don't have enough income to support two apartments, but I have enough to support one.
2007-01-07 14:18:55 · 13 answers · asked by Everybody's Favorite 5 in Business & Finance ➔ Renting & Real Estate
I'm in California
2007-01-07 14:21:20 · update #1
He says he'll pay me for the whole year ahead of time. It breaks my heart to say no...
2007-01-07 14:30:11 · update #2
My advice is to first contact the housing authority in the city you live in, and ask them for the landlord/tenant rules. These rules spell out the rights of landlords and tenants to each other. You may be able to get them online. One great risk that you are running is that your friend may cause damage, even accidentally, which you will become liable for. I would definitely insist, in writing, that your friend obtain rental insurance to protect you in case of fire, burglary, etc. Another risk is your credit. If your friend has a history of poor financial judgement or irresponsibility, then he may very well pay the rent and/or utilities late, or not at all. This can affect your credit adversely, especially if the landlord has to litigate for back-rent. Another problem with subletting to a friend is the risk of doing business with friends and relatives. If you have a falling out over something unrelated to the apartment, he could reason that he no longer has any responsibility to uphold his end of the agreement. Conversely, if he doesn't hold up his end of the agreement, you may lose your friendship. Most lawyers would advise you to risk the disappointment of not being able to help your friend, and just say no.
2007-01-07 14:32:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
NO! DO NOT DO IT! Listen to all the people on this site!
If your friend has bad credit, he can probably ask the landlord to take the first AND last month's rent ahead of time. Then if he ends up not paying by the 5th of the month or when rent is due, the landlord can give him 30 days' notice and keep the last month's rent and not be out anything.
Have your friend take responsibility for his own past behaviors - it's the only way he'll learn. DO NOT become legally responsible for his debts - what guarantee do you have that he will change? Do you want to be in the same boat he is because you were gullible enough to take on his problems??
2007-01-07 14:32:46 · answer #2 · answered by Rainfog 5 · 0⤊ 0⤋
If you are having doubts, do not do it. I think you answered your own question with the opinion your friend has poor credit history and poor judgement.
It's a huge risks and the landlord is renting to you based on your credit history and your ability to pay. If your friend is unable to get one on his own, he should try to negotiate with a landlord and not put you and your finances at risk
If your friend doesn't pay the rent, you are going to be responsible. If something goes wrong, you are out a friend, bad credit report and the possibility of a court judgement against you.
2007-01-07 14:26:12 · answer #3 · answered by Mindiwe 2 · 0⤊ 0⤋
Don't do what your friend is asking you to do.
First of all, he has bad credit and poor judgment (according to you).
Second, you are the one signing the lease contract, not your friend. That means if your friend fails to pay the rent, the landlord will go after you. Your friend has no legal responsibility to pay the rent insofar as the landlord is concerned because he is not a party to the contract. YOU are the one primarily responsible to pay the rent.
Third, sublease is usually not allowed by the landlord because of the obvious complications it creates.
2007-01-07 16:20:01 · answer #4 · answered by Belen 5 · 1⤊ 0⤋
Don't do it. Not only has your friend proved through his credit history that he is an unreliable paymaster, you will be responsible for any debt he incurs in that apartment. You've said that you cannot afford two apartments, well, that's what you'll be paying for if he skips out on the rent or causes major damages. You obviously have doubts, trust your instincts.
*Doesn't he have any family that can help him??
2007-01-07 14:23:01 · answer #5 · answered by C. J. 5 · 1⤊ 1⤋
DON'T DO IT! There's a reason your friend has bad credit. DON'T DO IT You'll be stuck paying out the lease if your friend doesn't pay. And most landlords probably will not let you.
2007-01-07 14:21:52 · answer #6 · answered by C C 2 · 0⤊ 0⤋
Break your heart or break your credit rating. You choose. Hate to be hard hearted but if he has poor credit it's a red flag to the landlord and for you too.
2007-01-07 16:18:32 · answer #7 · answered by coka-ko-lah 3 · 1⤊ 0⤋
on your case, you do not could be nerve-racking about being well mannered. basically tell them like the way it really is. in the experience that they did not comprehend they were being rude and abusive of your friendship, then i might want to assert try for somewhat tact. in spite of the undeniable fact that, there's no way they don't comprehend that what they're doing quantities to utilising a chum for his or her own own "benefit." You do have a third option even as it consists of permitting them to sleep over or utilising homestead. you are able to call the police and report them in the previous they get on the line. they are going to get a loose experience...instantly to detention center. truly do no longer supply them a key on your position. it is your position, no longer their hangout spot. it doesn't be counted in case you suspect them or no longer. the point is, they have houses. they favor to apply them. i might want to even supply up them from sometimes crashing there till they get the point that your position isn't a loose motel for the inebriated and disorderly. final analysis: tell it like it really is. do not project about being well mannered. "associates" who won't be able to also be to blame adequate to diminish their ingesting even as they comprehend they favor to rigidity do not deserve any slack. Neither do those who basically use others.
2016-12-28 08:54:01 · answer #8 · answered by ? 3 · 0⤊ 0⤋
Bad choice to do something like that for somebody that doesnt have good credit. They have defaulted before and will again, if he moves out early they will come after you not him and ultimately destroy your credit.
2007-01-07 14:21:56 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You will be ultimately responsible for any and all rent payments. If he doesn't pay you will. That's the risk.
2007-01-07 14:30:31 · answer #10 · answered by Anonymous · 0⤊ 0⤋