Any LANDLORDS out there. need advice?

Question

hi thanks for taking my question

I am a new landlord. I recently signed a lease with two roomates to rent out my co op apartment. I am not sure how my lease is going to work with roomates. What happens if one of the roommates decides to move out for example? Are there any other special consideration that i should keep in mind when dealing with roommates as a landlord? I'm a new landlord and i've never dealt with roommates.

Answer 1

Here is the deal: The roommate situation is THEIR problem not yours.

Remember that you are running a business...you are not a counselor or a mediator...they picked each other and choose to live together.

I rent to alot of college students and I have seen it all. I make it VERY clear to them...they are BOTH responsible for the lease...that means if Tenant A moves out and leaves Tenant B stuck with the rent....I am going to hound them both for the rent, but Tenant A is who I will expect a check from IN FULL or else he is getting evicted.

If I have to report it to credit, they BOTH get reported to the bureaus. If I sue someone, I sue them BOTH.

When they call me with roommate problems I always cut them off, and tell them..."I don't care about your personal problems...I just expect the rent in full by the 5th of every month."

PS: I don't know how it is for all areas...but around here I have never had to pay for a reconnection because a tenant runs out on the bill...the utility company always goes after for the individual whose name it's in.

Answer 2

It's always a problem, when you rent to roommates. Always!
One of them moving out is a classic example, but what about utilities?
Each of them will pay their share, but what if one of them doesn't pay? Your utility company will turn the utilities off and you'll be the one paying for reconnection, when the roommates are gone...
Well, I hope you got good people and will not have these problems.
As for your question, if both names on the lease, both of them are equally responsible to pay. If one moves out, the remaining one must pay full rent.
It's a good idea to make sure the lease states it in easy to understand language.
The main thing in dealing with roommates is to make sure they understand they cannot blame each other. They are responsible for everything the same way as a married couple would be.

Answer 3

Mary B has given you EXCELLENT advice. As a former landlord for many years I can attest to the accuracy of what she says. The persons signing the lease are ALL liable and will ALL be held accountable for the rent and any other costs including damage to the unit, etc.

On the few times that I had to file eviction proceedings, everyone on the lease was named as a defendant and former roommates (or ex spouses, boyfriends or girlfriends) were shocked to learn that they were being sued and would have their credit trashed if they didn't pay up.

Answer 4

WRITE IT DON'T SAY IT---#1 READ YOUR AGREEMENT FIRST, are you permitted to move in people in that where not on the original agreement?
If you can sublet your place, run a credit check on them before you give them a key to your front door. Have them to sign a regular rental agreement with your rulers and requirements. Set the duration three months, six months, and also states what happen it they move out before the time limit. What happens if they get behind with their portion of the rent; do you pay their portion??

I rented an apartment to three young girls, and they all had good credit histories. One was a full time student and her parents paid her portion. The other two worked and went to school part time. Everything was find until one girl wanted to move in with her boyfriend. The other two could not afford to pay 50% each of the rent. The original rental agreement had all three names on it. Once they had behind I no choice to give them a notice to move out or it would go on all of their credit report as they got evicted.
It is so easy to move people in, but getting them out is another story.

Answer 5

How many times will you be asking this same question? Maybe you should write what you are looking for as the answer so you can stop asking.