Hello. I am trying to rent out a singlewide. A father wants to pay the rent for his daughter - 7 months up front. I am willing to sign a 7 month lease because then the lease will be up in summer when it is typically easier to find tenants. The daughter doesn't have a job now, but he says she can get one when she moves in to town. Should I do this? If so, should I run tenant screening on both father and daughter? Do I put both names on the lease? Thank you in advance for any advice you give.
Seems like a win win to me.
7 months cash up front, covering the full term of the lease, sounds fine to me. Worst outcome here, daughter doesn't have a job in 7 months and then you don't renew the lease. At that time, market rents have increased, and it in the middle of the easiest time to place a tenant.
Still do your due diligence...you don't want to be stuck with a filthy, drugged-out, drama queen with shady friends for 7 months. Take their situation into consideration...why is she moving, does she plan to get a job, etc. Make sure she can pay the utilities too if they are not included (or maybe increase the rent to include them so you get that up front too). If she's a responsible adult and her dad wants to pay upfront for the lease, thats awesome.
I don't see the harm in screening them both/putting both names on the lease. It could put you a little more at-ease. Call references for her for sure, see if you can find her on social media, etc.
Does the daughter have a lengthy/consistent job history that would tend to support her claim that she could "get a job when she moves in to town"? If she isn't able to get a job, or chooses not to, how is she going to pay the rest of her bills (i.e. utilities, etc) once she moves in? Just something to consider.
If you do decide to rent to her, I'd list her as the tenant/occupant on the lease agreement and the father as a guarantor so you have someone to go after if things don't go well when you get to the 7 month mark.
And I'd screen both since the daughter will be living in the house but you also need to assess the father's ability to pay as the guarantor.
Thank you everyone for the advice! I'm going to use it. They have agreed to both complete the application and screening process, so it looks like we are off to a good start. We'll see how the screening and references turn out.
@Patricia Taveras this should not be a problem. You should still screen her like you would any other applicant but you shouldn't be concerned about who pays the money or that she doesn't have a job. If daddy can pay seven months rent in advance, he can probably pay her utility bills, too.
Screen as usual. Do not expect to renew at the end of he lease. Chances are she is a dead beat, you will find out her employment record when you screen, but the father will not be assisting her indefinitely.
If the job she is leaving does not meet your income standards you should reject her application since her future job will likely pay the same or less.
I would make the lease with the father as the co-signer. Also check references from prior landlord because she could play the eviction game and stretch a few months out of you. It’s hard to say no to a good chunk of rent up front but stick to your vetting rules!
If you have no clue. You don’t since you ask us on BP
Go get property manager. You have no clue about rentals and contracts
Don’t be cheap
Put the dad on the lease also.
You just love telling people they have no clue, don't you? Like it's a shame to ask for help. Or it's a shame to admit not knowing everything.
You wouldn't believe what a long line of personal cleanliness accessories with nozzles just like you I have in my rearview mirror. You really wouldn't believe it.
If the daughter doesn't have the money for an apartment, doesn't have a job, and can't find her own apartment with out daddy doing it for her..........RED FLAG.
I had the worst tenant experience of my life doing something similar. Beautiful home destroyed, they never got a job, got obese and depressed in 7 months, clogged septic and backed up the sewage into homev, a bunch of animals unexpected, they threatened to sue me and squat a few months into the summer. I lost the home and $150k.
Screen screen screen and make sure that Dad is on the lease.
Understand the 7 months rent upfront is a BRIBE. It's purpose it to encourage you to ignore your screening standards. You must ignore the bribe and screen the applicant without consideration of a guaranteed 7 months rent.
Think long term not the immediate.
Keep in mind the money remains the property of the father. He legally can demand back any remaining money in the account at any point in time.
This would be a big red flag for me; I probably would not do it
You'll see differing opinions here (I didn't read all responses), but if she passes your application process and you'd rent to her anyway, sure. Just be sure to account for it monthly and keep unused rent in reserve just in case.
My first question would be why is dad having to do this?
Is the daughter a young student (for example) who will, at best, get a part time job while attending classes. Then it might make sense for a parent to pay the rent.
On the other hand, if this is a deadbeat adult, dad might be willing to pay anything to get her out of his hair.
As previously mentioned, screen both but be particularly mindful of any previous rental history of the daughter.
An investor told me that a "Security Deposit" can be taken back in a situation like this; but if it's labeled a "Reservation Deposit" then the land lord can keep the whole thing no matter what. Is this true?