Fire Time Landlord: Would You Rent to These Tenants?
Hello All,
I just received applications for our first tenants ever. They have passed all of our screens (criminal, credit, etc) and in general, I feel good about it. But there are some quirks:
• It is 4 people total. A couple, plus two others that are not related. I think they may all be friends from "back home" This is in Denver, btw.
• They are young. 23, 23, 24, 24 y/o and working entry level jobs. A few of them are college grads, and a couple may have dropped out. Not 100% sure. Collectively, I think they cover 4x-4.5x rent amount. We are trying to get another guarantor, like a parent, especially if they are still in school.
• All have Good+ Credit but one, who is still currently behind on surprise med bills in collections. He wrote quite an authentic letter, and has recently worked out a payment plan with them, but was still late Dec/Jan bills. Seems like a good person that had some bad luck. I've actually been in the exact situation before.
My PM likes them and without having met them myself, I feel like it should be ok. We plan to rent to the under one lease, so if one goes down, they are all still responsible. That said they are young, and our house was completely renovated 2y ago. So part of me is terrified they will turn out bad and f-up my place. Always a risk though I suppose!
Would you lease to them? If you did, are there any caveats? Any tips, or specific legal clauses, or lease structures you recommend to keep my best interest protected?
Thanks in advance all! Cheers!