Rental Property Investor · Santa Clara, CA · Member since 2017 · 59 posts · 12 votes
Hello everyone, I could use some advice on how to handle a request to replace an existing tenant in the middle of a lease. I have a 2bd condo with 2 tenants today. They are sisters. One of the sisters has decided she will be opening up a school in another city and would like to get someone else to take over her portion of the lease.
They found a possible candidate to move in. She doesn't currently make enough on her own to cover the rent comfortably, but her brother is willing to co-sign to make sure the rent is covered.
We are thinking that we restructure the lease so that there are the two tenants, each co-signed by their respective siblings, so that we have 4 people that will be responsible for making sure the rent is covered each month.
Would really appreciate some advice about what to do and would like to hear why our plan isn't a good idea (and why). Good to know your blind spots!
@Anne Whalen Do they meet your rental criteria with the cosigners, your lease should say jointly and severally so each individual would be liable for the whole rent. I rent to college kids and have their parents sign. I run credit checks on everyone. Don't lower your standards to be accommodating.
Rental Property Investor · Santa Clara, CA · Member since 2017 · 59 posts · 12 votes
7y
@Tim Herman, thanks for your response. Yes, credit and background come back clean. Together with the co-signer, they would meet the financial requirements. Appreciate the advise about the language. We'll update the lease to include those terms.