I have a prospective tenant looking to rent my sf house. Tenant is a single mother with 2 teenage kids and a boyfriend. Mother makes around 20k/year with an additional 2k/month from a part time job. The boyfriend makes around 70k/year. Boyfriend says he has his own home but will help with rent. Outstanding auto loans from both parties. Both their credit hovers around the low - mid 600's.
Rental = $3200/month
Any tips/advice for setting up the lease so that I can ensure the boyfriend will be liable for the rent?
Suggestions on whether or not you would rent to this tenant?
Pass. The Mother and kids do not qualify. The boy friend can not be relied on or held responsible.
He will not be BF next month once the honeymoon is over!
I think @Thomas S has it right— unless you can compel him to sign the lease and are willing to toss the dice on him splitting. Maybe you ask for (x) months up front....
(Definitely run his background— if he has another family, then you know. How many times have you heard, “oh, he’s going to divorce her...”.).
Just food for thought, there.
Don’t fall for it! I had felt for mother’s with little kids for two times straight when I was first starting out! I am a people person and sucker for cute kids. Both ended in eviction!
:( too much drama.
Are you having a hard time finding tenants? How much are they paying for rent at their current place?
I would let my property sit if I was in your shoes.
I can’t believe you would even consider the idea. Why doesn’t the boyfriend let them live with him? Or maybe they do and he’s trying to pawn them off on you. They cant afford it.
Pass. It's better to let a property sit for a month or two vs. having to spend the time and money to evict a bad tenant.
Thanks for the feedback,
The only reason I considered them in the first place was because we were nearing the winter months and we were afraid that we would not get another tenant in.
Luckily, shortly after rejecting the applicant, we got a new applicant that over qualifies (monthly income is 4x rent!) and has great credit.
Cheers to the new year everyone!