Two college kids, one with full year up front

[Michael Fortier]

Hello BP

I just closed on my first SFR rental house less than a week ago. I put an ad on the popular rental sites 2 days before closing and got flooded with applicants before I could even show it. Yesterday we were close to choosing a tenant, but I still had a few more people to show the house to. Two college girls came over to look at it, neither of whom is working or has any job history or past rental history. So i have no way to screen them. About an hour after I get home from showing it to them they email me saying "I forgot to ask but if we were chosen would it be OK if my roommate pay her of the rent for the year up front". So now I am torn and the rent up front sure sounds good. The girls are also in their second year of College so in all likelihood if all went well they would probably be in the house for at least 3 more years. My wife is calling the parents today to find out more info on them and to see what they are thinking about being responsible for the rent and lease agreement. It appears they are quite well off and I assume college dorms they are paying for are not that cheap either. I have looked to bigger pockets for advice many times while I was on my Journey to become a Real Estate Investor. So what would you do BP. Would you rent to the girls and have the parents cosign on the lease, if so should i just add a cosigner line under each tenant. I was thinking of putting something in the lease saying all parties tenants and cosigners are jointly and separately responsible for the above lease. I look forward to your responses. 

Thanks for all the help along the way BP.

[Deanna McCormick]

Have parents co-sign. if you go ahead. 

If you take payment up front make sure that the person paying their rent,  knows it goes against the account for the property, so basically they would be paid in full for the first 6 months not 12,, it's not considered a split portion of rent it goes towards total rent for the apartment,  and your not dealing with incidents if other person ditches and 1st person is stuck.  follow me..??

Be current on landlord tenant laws for your state.