4 Tenants in a SFR

[Chris Adams]

Oh the joy of having to find tenants in November !

One of my tenants is moving out over Thanksgiving weekend, he gave me 60 days notice and understands he will not be receiving his last months rent back if I can not place a tenant prior to the end of December.

The house is a 1650sf 4 bed 2 bath w a nice size 2 car garage, on a 1 acre lot with a good sized driveway.

I have had 1 phone call about the house in the week it has been on Clist, this person is looking for a 4 bedroom home for her and her brother along with 2 other friends/boyfriend. They plan on splitting the rent 4 ways.

My initial thought was no, hell no. But the ore I thought about it, I'm starting to feel like a hypocrite. I'm constantly trying to teach my nieces and nephews about being financially responsible, and here in front of me are 4 people that might be trying to do just that.

I realize the pitfalls here, 4 people would have to be named on the lease. If 1 person leaves then there are 3 left to pay rather than 4. 4 people will put more wear and tear on the house that 2, but then a family with kids would probably be worse than 4 adults.

Typically in any situation where i feel less confident about the tenants I raise my Sec Dep requirements. As it is I require 1st/last and 1 month sec dep.

I'm meeting with them today to show the property, so I hope to get a better idea of their character. I also run credit & background checks.

I still have 7 weeks to find a tenant so I am in no rush here.

I'd love to hear some thoughts on the idea of 4 adults as tenants in a SFR

Thx