Should I allow neighbor's daughter to rent my property?

Question

Just closed on my first deal last week-- a duplex househack. I was planning on starting to advertise for the vacancy this week and have it available within a few weeks. I was moving in over the weekend and the next door neighbor and his daughter (mid twenties) came over to introduce themselves to me. They said that she wants to rent the unit and asked me not to list it. He's older, retired, and lived there 15+ years, so I believe so he'd like to have her close by. She is a single mother with two daughters no pets. The only problem I can think of is that it is a higher end rental for my local market and I'm not sure if she'd qualify making 3x income to be able to afford rent. However, my agent told me he thinks her dad would be willing to help her on the rent if she can't afford it all herself. I know this contradicts basic landlording 101, but due to the fact that he's literally next door and wants her to move there as well, should I make an exception due to the circumstances if this is the case? This obviously would be contingent on her meeting my other minimum standards, passing a background/credit check, and getting good references. Any thoughts? Thanks

Albert Bui · Answer

Qualify her as any other tenant requirements and have her father co-sign on the contract to make it rock solid or require additional first and last months rent or additional security deposit if the law allows for it.

Michael Diossa · Answer

Stick to Requirements not feelings. If the neighbors seem really nice overall, as a backup they should be open to a cosign.

Ken Livingston · Answer

As long as she passes all of your requirements for renter's I see this as a good thing. if she is a responsible enough person to move next to dad to take care of him, has the looks of a good quality tennant. Also, for as long as he is next door it gives her incentive to stay and reduce your turnover.

Theresa Harris · Answer

I agree with the others. Does she pass your screening criteria, her dad can co-sign. Tell them what the screening criteria are and the rent and let them have first go. If he's been there for a while, she's likely to stay for a bit.

Nathan Gesner · Answer

I'll join the chorus. You should stick to your standards every time, period. Tell her what your requirements are. If she chooses to apply, screen her like you would anyone else and move forward.

Personally, I would not rent to her if she can't qualify on her own. Daddy's checkbook could make up the difference, but what happens if they have a falling out and he stops supporting her? Too much risk in my book.

Jon Q. · Answer

Have a set of requirements. Apply all requirements equality to all applicants that apply.

That said, I would not want them as a tenant because if things do turn south, got a disgruntled neighbor.

Curtis Mears · Answer

Sounds like an easy decision. Run your process like you would with any potential renter. If she does not meet the income requirement, ask dad to cosign.

John Underwood · Answer

Let her apply and see if she qualifies.

Matthew Kwan · Answer

HI Taylor, as long the set a reasonable expectation and requirements to your prospects then the relationship shouldn't matter that much. @Carlos Valencia @Albert Bui

Katie Linder-Jesse · Answer

I also think you do the screening and if she meets your criteria go for it. The Dad is likely going to be helping her with childcare too so she seems like she will be a very steady tenant. If there's issues with her income, add the Dad to the lease as well!

Should I allow neighbor's daughter to rent my property?

Should I allow neighbor's daughter to rent my property?

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