New to Real Estate · Member since 2023 · 2 posts · 1 vote
We are closing on our first rental property with plans to rent to college students. My college daughter will also be on the lease as a primary. The numbers will work when she finishes college, moves out and this becomes an investment property. Just wanting to be sure we aren't putting her in a bad position later on by having her on the lease now.
@Zac Wells, why have all of them on one lease? Do you want your daughter responsible when there is damage caused by one of the others? You would need to sue her along with the others if it came to that.
I would rent by the bedroom to each student separately likely with their parents as cosigners. This way each is a separate agreement and they are renting the bedroom with shared common areas.
Since much of the house would be common areas, you might even consider hiring a cleaning service to go through periodically. That not only keeps things in order but gets you another set of eyes on the place to let you know if anything is amiss.
The only risks of putting your daughter on the lease is you would have to evict her too or sue her for damages if it goes that far, which it's unlikely to. You could rent by the bedroom and sign separate leases with each tenant to ameliorate that risk.