rent question for those who have rommates

[Lead Shoes]

As someone who just graduated college, it is not hard to run into this credit issue with renting, 2 of my 3 roommates had no credit at all. 2 of us had jobs since 16 and paid our own way through our teen years and moved to college from rural areas. The 2 kids with no credit just had no credit because they never had to work dead end minimum wage jobs to buy their first car, pay insurance, or pay the cell phone bill, so they had no credit history personally. So the lawyers that the wealthy families had both advised against the co-signing of them for credit for obvious reasons. 2 poor kids who worked hard with credit just might not pay and they might be responsible for the whole sum, back out fees, damages, and ect. Since we were pretty good mates, we as a group we went the smarter route, we found a nice older man who had a descent house that just did background checks and needed proof you were getting enrolled and could pay, IE checks from employer or student loan proof. In your shoes I would not back the lease due to financial obligations exceeding the benefit, there are other options she has not checked out, and I know how flaky college women friendships can be since Ive seen them fall apart over alarmingly petty things during my 4 years at uni. If its a typical big apartment complex owned and managed by an office, be sure that they will take your signature and liability contractually for the full legal ride money wise. I'd rather see her commute 15 mins than be hooked in for the balloon sum on an east coast apartment cost.

 

[bvance554]

Originally Posted By: Rand
I wouldnt put my name on anything. You could end up paying for a year of rent if they go separate ways.

You can always help her out if she is struggling.
There will be places they can rent.

I know when you are starting out the rent doesnt seem bad but after it piles on for 6 or 8 months it can be a different story. + all the other assorted bills that get taken for granted by kids until they are out on their own.



Completely agree. They should be able to rent a place on their own merit. If your daughter needs some financial help then help her out if you choose, but don't sign a lease for them.

 

[Andrew1972]

Originally Posted By: aquariuscsm
My advice. They're both grown women. Do not co sign anything. They need to learn how to survive on their own as functional adults. Trust me,you'll be doing them both a favor in the long run.


This is likely is not TX as a guess with dirt cheap real estate. Rents can be quite high in certain areas to stay safe and keep bars off your windows......

My wife got a dirt cheap place for her first place in a decent town. Unfortunately latter she pointed it out to me and realized it was a halfway house was next door of those "friendly" guys who hung out. I'd be wary of my daughters not sure if you have them....

 

[SeaJay]

Originally Posted By: Brybo86
Since when does renting an apartment require a credit check?


Only for the past several decades, at least in my neck of the woods.

 

[Wolf359]

Originally Posted By: Lead Shoes
As someone who just graduated college, it is not hard to run into this credit issue with renting, 2 of my 3 roommates had no credit at all. 2 of us had jobs since 16 and paid our own way through our teen years and moved to college from rural areas. The 2 kids with no credit just had no credit because they never had to work dead end minimum wage jobs to buy their first car, pay insurance, or pay the cell phone bill, so they had no credit history personally. So the lawyers that the wealthy families had both advised against the co-signing of them for credit for obvious reasons. 2 poor kids who worked hard with credit just might not pay and they might be responsible for the whole sum, back out fees, damages, and ect. Since we were pretty good mates, we as a group we went the smarter route, we found a nice older man who had a descent house that just did background checks and needed proof you were getting enrolled and could pay, IE checks from employer or student loan proof. In your shoes I would not back the lease due to financial obligations exceeding the benefit, there are other options she has not checked out, and I know how flaky college women friendships can be since Ive seen them fall apart over alarmingly petty things during my 4 years at uni. If its a typical big apartment complex owned and managed by an office, be sure that they will take your signature and liability contractually for the full legal ride money wise. I'd rather see her commute 15 mins than be hooked in for the balloon sum on an east coast apartment cost.


Basically the nice old man is a noob landlord. They're not always that easy to find. I rent to college kids all the time and the parents are all willing to step and co-sign for their kid. If you're not willing to co-sign, it means you don't really trust your kid and as a parent, if you won't trust your kid, why should any landlord? It's really part of a test to see how qualified a tenant is. If they have people who are willing to co-sign, it's a good sign that they may be good tenants. If not, be very wary. As others said, make sure both parents are willing to co-sign if the parent is really worried about it. But yeah, in about 1/3 of the situations where roommates start out as friends, after living that close for a while, they may no longer be friends at the end so some contingency planning needs to be made in advance.

 

[Mr Nice]

What happens if one room mate finds a boyfriend and she wants to move out, they other is left on the hook.

 

[supton]

Don't recall needing co-signer nor credit application when I was in college ~20 years ago. Then again, Maine isn't quite the place you'd expect that.

I recall at one place I kinda crashed there. I suspect the ones on the lease had been there long enough to be trusted, so the fact that I in for the summer was no big deal--the bill was paid on time, so no one cared. The place my name was on was with four other guys, and when one left, the rest of us just covered the cost until someone else was found. I recall my wife got left holding the full bill when a roommate moved out on her (good thing in retrospect). I wouldn't want to room with someone untrusted.

 

[raytseng]

Originally Posted By: Mr Nice
What happens if one room mate finds a boyfriend and she wants to move out, they other is left on the hook.


this is what you figure out before hand . it can go the other way and one finds a boyfriend and wants to KICK the roommate out or the roommate turns out to be crazy..
if you are the leaseholder then you somewhat retain more of the upper hand to get rid of the roommate you don't like. but you're also responsible for the lease in full.

although by law or by the lease it maybe that tenants must be on the lease and Sublets aee not allowed so you're all under the table in the grey area anyway.

if allowed,you should use a formal sublet agreement to get this all on paper, so the people have talked through those issues. there are also roommate agreements to bring up issues that they may need to talk over.
there are sure to be templates available that fit well with the customs of your area, or probably somewhere in the schools website

 

[Nickdfresh]

Originally Posted By: HerrStig
Originally Posted By: eljefino
I understood it was typical for one person to sign the lease and then roommates were under-the-table. No?

I would read the lease and what it says about roommates and what the local culture is. Then try to stick the roommate with the lease.

Anyone who signs a lease as the only one responsible is making a BIG mistake.


I agree with this...

 

[aquariuscsm]

Originally Posted By: Mr Nice
What happens if one room mate finds a boyfriend and she wants to move out, they other is left on the hook.



Or even worse,and I see this all the time,one of the girls decides to let her unemployed bum sponger loser moocher boyfriend move "in",and suddenly this no-count is breathing your air,sitting/living on your furniture,eating your food,using your stuff,etc.

 

[aquariuscsm]

If grown adults can't afford to live on their own,they need to live at home until they can afford to move out. Grown adults who are old enough to die for their country,vote,sign a contract,etc,should not be still on the nip.

 

[Mr Nice]

With student debt today, many grads still live in their parent's basement.

I agree with you on loser boyfriend mooching off dumb woman.

 

[Wolf359]

Originally Posted By: Mr Nice
With student debt today, many grads still live in their parent's basement.

I agree with you on loser boyfriend mooching off dumb woman.


It's a very common scam to pull on a landlord too. The loser typically has bad credit and never gets mentioned during the application, then all of a suddenly he moves in.

 

[eljefino]

Originally Posted By: aquariuscsm
Originally Posted By: Mr Nice
What happens if one room mate finds a boyfriend and she wants to move out, they other is left on the hook.



Or even worse,and I see this all the time,one of the girls decides to let her unemployed bum sponger loser moocher boyfriend move "in",and suddenly this no-count is breathing your air,sitting/living on your furniture,eating your food,using your stuff,etc.


And THEN with your $1000 rent, she and he will contribute $250 ea, because "they're just using one bedroom, so they're roommates inside of your mega-roommate situation."

 

[raaizin]

Originally Posted By: NormanBuntz
Have your daughter's roommate get her parent to co-sign as well. Then you're on equal footing if something goes south.


This is what we did. They are both nurses at two very good hospitals in philly. They have the income not the credit. I live about 70 miles from there so it is not an option for her to live at home especially if she has an overnight shift. My daughter just turned 22 and is an operating room nurse at a very prestigious hospital in Philly hardly an irresposible adult who doesnt desrve the support of a parent. I am very proud of her and I am fortunate enough to help her just wanted to know worse case scenario. I would rather give her some money now when I am alive instead of when I am dead. Thanks for all the positive responses.

 

[Wolf359]

Originally Posted By: raaizin
Originally Posted By: NormanBuntz
Have your daughter's roommate get her parent to co-sign as well. Then you're on equal footing if something goes south.


This is what we did. They are both nurses at two very good hospitals in philly. They have the income not the credit. I live about 70 miles from there so it is not an option for her to live at home especially if she has an overnight shift. My daughter just turned 22 and is an operating room nurse at a very prestigious hospital in Philly hardly an irresposible adult who doesnt desrve the support of a parent. I am very proud of her and I am fortunate enough to help her just wanted to know worse case scenario. I would rather give her some money now when I am alive instead of when I am dead. Thanks for all the positive responses.


For the record as a rental agent, every time I've had someone co-sign a lease, never had any problems with the tenant not paying rent so it gives the landlord peace of mind. When there were issues (condo fines, damages) the tenant or parent stepped up.