Best Practice Question: 4 Friends Moving Into Our Rental

2 Replies

There's going to be a group of 4 friends (girls, recent college grads) moving into one of our rentals. Is it better to have each of them sign a lease or pick a single signer to manage the group? Simply wondering what the Pros and Cons of both options are from someone that has had experience.

Thanks in advance,

David

I've done this type before.

. Have each sign the lease AND have the parents co-sign. All it takes is one party to trash a rental.
This way you have 8 people who are responsible for ANY repairs.
Parents always pay up when it comes to damages.
. Make sure they initial the clause that states that the property is ONLY to be occupied by signers of the lease.

Also make sure each person is individually responsible for the entire amount of the rent, so you aren't getting 3/4 of rent. Tell them one of them will write a check for the entire amount, you don't want 4 different checks.