Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago on . Most recent reply

User Stats

59
Posts
5
Votes
Fili Aguirre
5
Votes |
59
Posts

Do they have to sign if they're 18+?

Fili Aguirre
Posted

I know that everyone 18+ has to submit a separate application to rent a property. But do each person who will live in the property who's 18+ also have to sign the rental agreement? /and submit a background check?Like for example mom and dad and their son who's 18 years old

Most Popular Reply

User Stats

28,076
Posts
41,089
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,089
Votes |
28,076
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Fili Aguirre:

@Nathan G. Thanks for answering, Does each applicants gross monthly income must equal three times or more the monthly rent?

I combine income for two people. For three or more unrelated by blood or marriage, I require each individual to make 2x the monthly rent. This prevents five 18-year-olds from pooling their McDonalds paychecks and renting a nice house. And if one roommate leaves, I want the rental to be affordable for remaining people, which is important because roommate situations fall apart all the time.

Fir example, five people wanted to rent a 5bed/3bath home. Plenty of room and affordable based in combined income.. But when I looked more closely, I discovered One of the applicants made 2x the rent, two of the applicants each made 1x the rent, And two of the applicants did not have any income. Combined they made 4x the rent. But if the highest earner were to ever leave, the remaining four people would only make 2x The rent and it would be unaffordable..

Make sense?

  • Nathan Gesner
business profile image
The DIY Landlord Book
4.7 stars
165 Reviews

Loading replies...