Rented to Three Friends

11 Replies

Hi;  Just starting out in renting properties in  Delaware. I have a five year plan to quit my job! I just purchased my second property recently and remolded it and made the mistake of renting to three friends. The two guys agreed to split the rent until the other tenant  got a job.  I asked for a copy of their pay stubs, called their jobs to ensure they were employed and did a basic check by googling their all of  their names. I din't find any thing so  I had all three sign the lease.  They  seemed honest  and assured me they would pay their rent on time.  Of course;  Their  first month  Tenant one  paid his half of the rent  but Tenant Two disappeared not paying his half of the rent.  After threatening court  Tenant one agreed to cover the total rent  and did 15 days later. Tenant One  agrees to cover the rent from here on. Can I put tenant Two out ?

Does any one know if I can legally put Tenant Two out or am I still stuck with him since he signed a one year lease  with his two friends. Also are any free ways to do better credit  checks or should I be paying for credit checks!             

There should be a template form somewhere that just releases the second tenant from the lease. Someone just needs to say "sign this and I won't screw up your credit rating with an eviction, and then your gone". We've done it before.

Personally speaking though, we are taking a dim view on friends renting together these days, and new unmarried couples. We are landlords, not counsellors and not arbitrators. We started getting very tired of tenants standing on our doorstep telling us their woes.

TiVo only has a 30 minute buffer.

JD;

Thanks  for the advise ! I will google and find a temple out there. I think you are right! I have been a social worker for over twenty years and I'm trying to quit but the business seems very close!  No more Friends or Roommate situation for me, If I can help it.   

B

@Bridget D. - You shouldn't be wasting time with these grown adults to referee who is going to pay rent.

All of them who signed the lease are accountable. I would reiterate that and let them do battle between themselves and figure out who is supposed to pay the rent. 

If not, let them know forcefully that you will initiate the eviction process if they fail to pay. By the way, remind them of the added costs they will incur as well as the damage to their credit.

You can use either of the links below to do credit checks and let the tenant pay for this service in advance of your acceptance of them.

www.residentresearch.com

www.youcheckcredit.com

Medium stml logoLinval T., STML Housing Solutions, LLC | [email protected] | 678‑922‑2477 | http://www.stmlhousing.com | NY Agent # 40TA0997583

Thanks fort he inf information.  I will definitely use it to do a better  credit check. I 'm looking for tenants again.  Wish me luck, I have to get better at this.    

@Bridget D.

A lesson, I learned a long time ago.

No family, friends, employee, co-workers. Don't rent to them.

Originally posted by @James DeRoest :

There should be a template form somewhere that just releases the second tenant from the lease. Someone just needs to say "sign this and I won't screw up your credit rating with an eviction, and then your gone". We've done it before.

Personally speaking though, we are taking a dim view on friends renting together these days, and new unmarried couples. We are landlords, not counsellors and not arbitrators. We started getting very tired of tenants standing on our doorstep telling us their woes.

TiVo only has a 30 minute buffer.

 James, why would you want to release anyone from the lease?. I thought it would be better to have everyone on the lease in case you need to sue for rent or damages?

8057042156

Thanks!  Yes you are right but now I'm stuck with them for the news 11 months!  After calling there jobs I thought I was good.  The tenant who sought me out for the place has made good  on the first months rent and claims he will continue to pay the rent. Oh Boy ,On to the next!  Now I'm considering section 8. Pray for me!  

  

Take 1 check or money order for the full amount . let them hash out who owes who

I look to end the drama and take to your 1 paying tenant and see if they want out of the lease.  Move on to someone that can pay reliably.

Your screening process sounds light, I would use a service like Investigative Screening for a modest fee, paid by the tenant, you will get a solid background check.

Bob

Bob E. MBA, LD Funding, LLC | [email protected] | 909‑353‑3863 | http://www.LDFundingLLC.com

Originally posted by @Joe Kling :
Originally posted by @James DeRoest:

There should be a template form somewhere that just releases the second tenant from the lease. Someone just needs to say "sign this and I won't screw up your credit rating with an eviction, and then your gone". We've done it before.

Personally speaking though, we are taking a dim view on friends renting together these days, and new unmarried couples. We are landlords, not counsellors and not arbitrators. We started getting very tired of tenants standing on our doorstep telling us their woes.

TiVo only has a 30 minute buffer.

 James, why would you want to release anyone from the lease?. I thought it would be better to have everyone on the lease in case you need to sue for rent or damages?

 Saves you the cost of evicting someone. Give them the form, sign it, and they are gone.

What's the point of having a deadbeat on a lease? Do you suddenly think they are going to pony up the cash one day for a property they left 18 months earlier, or however long it would be? Course they aren't. Deadbeats are deadbeats, give them an exit and let everyone else live peacefully.

I agree with you but I did one better!  I decided to let the friends fight it out  as long as I get paid on the first. I have been assure that this will happen.  I put every one the lease so I can sue all of them and get my money from one or all if I have to take them to court. I will garnishee who ever has the money at the time in the bank  or who ever has a job at the time.

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