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

Ah, roommates. My favorite subject.

First, everyone needs to know that we're signing a legal contract between you (OWNER) and them (TENANTS) promising to pay XXX DOLLARS over YYYY PERIOD OF TIME.

I tell roommates, "Look, you're both responsible for the lease, Mr. A and Ms. B. You're in love now, but when B kicks out A and invites Mr. C to live there, guess what? A and B are still responsible!

"When C kicks in the door, it comes out of A and B's deposit. If A & C can't pay the rent, I evict A & B & C, and it goes on B's record. If I can't find A, I go after B, because my contract reads that you're responsible SEVERALLY (as in "severed")"

You'd be surprised how many people sign a contract and then come in and say, "Take me off."

The good news is that you have TWO people to go after if things go bad instead of just one. And if you can only find one, they are responsible for 100%.

With regards to paying rent, sometimes one will come in with "his half" of the rent and the other will be late. They will both be surprised when they realize you can't do a "1/2 eviction for non-payment." If this happens, I usually tell them "pick which one of you is more responsible, and have them pay the rent.

Answer 2

Everyone that signed the lease is LEGALLY bound for the ENTIRE term of the lease. Assuming you used a 'standard' lease format, you can hold any party liable for the FULL amount if the contract is breached. You do NOT have to pursue the party actually responsible for the breach.

I HIGHLY recommend you sit down FACE TO FACE with someone experienced in the field and learn what you need to know. This is the type of question you should know the answer to BEFORE you become a landlord.

Answer 3

you are perhaps confusing issues; or at least, confusing me.

Landlords own real estate. IF you have a lease, you are not a landlord,
you are a tenant. IF you rent out
a room that you are obligated on,
that is called a SANDWICH lease.

Please clarify.

Answer 4

only spell it out to the LL with a letter in writing with a 72hr notice to exterminate the mice or you will go away and vacate your employ. additionally, touch the county wellbeing dept on your section and cc the county of your strikes. This notice to the LL ought to be qualified and a signed receipt back to you. back, take pictures or the debris and mice, plus date each element so whilst and in case you visit courtroom in small claims, you have evidence of your claims.

Answer 5

looks like a large deposit will be required in your lease agreement.