*** Official Landlord Thread *** (1 Viewer)

[Zegras11]

Thanks, I'll give it a look see. I thought they were affiliated with VRBO, so I never bothered to look.

It's like Uber vs Lyft

 

[ghostguy123]

I mentioned this in the real estate thread but figured asking it here would be a good idea.

My daughter and two friends want to rent a place.  They just graduated high school, all three are 18.

As a landlord, what would you require to accept them as tenants?  One parent as a cosigner?  All three sets of parents?

 

[BassNBrew]

I mentioned this in the real estate thread but figured asking it here would be a good idea.

My daughter and two friends want to rent a place.  They just graduated high school, all three are 18.

As a landlord, what would you require to accept them as tenants?  One parent as a cosigner?  All three sets of parents?

If they meet my income and credit qualifications I wouldn't require a parent co-signer.  Major pain for the parents to have that obligation impacting their debt to income ration.  I also usually give college students a pass on the income as I've never had them default.  

The smartest move for your daughter would be to live at home and bank some coin to get off to a good start in life.

 

[ghostguy123]

If they meet my income and credit qualifications I wouldn't require a parent co-signer.  Major pain for the parents to have that obligation impacting their debt to income ration.  I also usually give college students a pass on the income as I've never had them default.  

The smartest move for your daughter would be to live at home and bank some coin to get off to a good start in life.

Ok, so the rental market is silly.  We went to an open house for a rental, and it was packed with people right away.

So if we have three 18 year olds with no credit history, what can we do to make an application stand out?  Obviously there are differences between apartment complexes and a single family house owned by a mom and pop landlord, so I am curious what could help for either scenario????  

Offer multiple months rent up front?  Offer backrubs??  What??

Also, yeah the smartest move would be to live at home a while, but she is dead set on moving out

 

[BassNBrew]

Ok, so the rental market is silly.  We went to an open house for a rental, and it was packed with people right away.

So if we have three 18 year olds with no credit history, what can we do to make an application stand out?  Obviously there are differences between apartment complexes and a single family house owned by a mom and pop landlord, so I am curious what could help for either scenario????  

Offer multiple months rent up front?  Offer backrubs??  What??

Also, yeah the smartest move would be to live at home a while, but she is dead set on moving out

Double security deposit is something I like.  Be careful about rent up front.  Many years gone by but if the market heads south a landlord can pocket rent money and let a home go to foreclosure.  Also most legitimate landlords aren't going to want to pay 2022 taxes on 2023 rent.

I know having your own pad is cool.  Our 23 yo just moved back in and thinks the 40k he's banked is even cooler.  He's going to use it for a downpayment on a duplex so some youngster wanting to be cool can pay the mortgage for him.  That said, age 18-19 was a different story.

 

[ghostguy123]

Double security deposit is something I like.  Be careful about rent up front.  Many years gone by but if the market heads south a landlord can pocket rent money and let a home go to foreclosure.  Also most legitimate landlords aren't going to want to pay 2022 taxes on 2023 rent.

I know having your own pad is cool.  Our 23 yo just moved back in and thinks the 40k he's banked is even cooler.  He's going to use it for a downpayment on a duplex so some youngster wanting to be cool can pay the mortgage for him.  That said, age 18-19 was a different story.

If prices and rates werent as high as they are I would have her buy something.

But alas, even if you CAN afford something, you can't FIND anything.

If this was three years ago, much easier decisions to make

 

[ghostguy123]

Oh, regarding the double security deposit, that seems like a good idea.  I would kinda worry about them BS-ing a way to keep it all at the end though.  

 

[Ridgeback]

Can anyone recommend an online source for rental form templates including application, agreements, etc? I've found this one which is also includes local rules and regulations which have to be included (from Portland, Oregon, which has some of the most onerous and tenant friendly laws and regulations in the country).
The site I found has everything needed, but I'm not a fan of having to pay per form, and per usage, it's not a generic template I can download and reuse.  

Anyone else got a trusted source they use?

 

[Dragons]

And I'm out.

After 9 years, in the end I would say we didn't do so bad. Thank you all for the advice over the early years. We survived a deadbeat cop, Covid, even had a positive monthly cash flow for the past few years, but I am definitely not cut out for Landlording.

Latest tenant didn't renew, market was hot and caught it at the tail end. The actual selling process is a tale for another day (a-hole neighbor causing major problems, first offer pulled out after inspections, and more), but we closed today and I now only have to worry about maintenance of one home. Yay me.

 

[gianmarco]

And I'm out.

After 9 years, in the end I would say we didn't do so bad. Thank you all for the advice over the early years. We survived a deadbeat cop, Covid, even had a positive monthly cash flow for the past few years, but I am definitely not cut out for Landlording.

Latest tenant didn't renew, market was hot and caught it at the tail end. The actual selling process is a tale for another day (a-hole neighbor causing major problems, first offer pulled out after inspections, and more), but we closed today and I now only have to worry about maintenance of one home. Yay me.

Doing the same.