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Updated almost 3 years ago on . Most recent reply

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Pearla White
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Property owners, would you let me rent from you and sublease?

Pearla White
Posted

Income: > $200,000 (gross) before bonuses; Credit: mid/high700 to 800; Rental History: Great, references available. Clean background. No pets, no smoking. Quiet, clean, responsible. So are the people I tend to be around. 

Desired Rental: 3Bedroom, 3Bath @ $4500/month in an expensive, safe location. 3X income is routinely preferred in the area. 

Job is new but very secure. You do not lose it or get fired. I am a great tenant. Landlords love me because I keep a very clean unit they like to showcase when owner/investor house tour is needed lol 

My dilemma: I need to live very close to work, in a very expensive area. I am also very responsible financially and have always lived below my means. Hence, I am looking to rent a place and sublease 1-2 rooms to a responsible tenant, likely someone with similar background or a student whose parent or guaranteed loans are footing the bill. I am very good at screening people. 

*** I want to remain the master lease holder and be responsible to pay the landlord ***

Would you rent me a $4,500 unit under these circumstances? Would I have freedom to move 1-2 people in or is this something that is frown upon? Under what circumstances would you let the other people in? 

I am looking to be a long term tenant and remain the lease holder. The unit I am looking at is a RSO. 

What can I do to be more attractive to a property manager given my desire to sublease, at least the first year, as I want to quickly pay off some educational loans and then live by myself in the same unit. 

Thanks 

Most Popular Reply

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Matt Devincenzo
  • Investor
  • Clairemont, CA
2,637
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Matt Devincenzo
  • Investor
  • Clairemont, CA
Replied

From your title I thought I'd say no, but reading the description and more about your situation I'd be inclined to say yes. In my mind you're simply asking to move in with roommates, the difference in a normal RM situation is you don't already have two friends that you're looking with. But you by yourself seem to be able to qualify, so I can qualify you and we agree to some ground rules for your RM then I'd be comfortable with the coming/going.

Not having done this before I don't have a guideline, but my initial thoughts would be:

  • Clearly define are these 30 day stays or less than 30 day Airbnb type stays? 
  • Assuming 30 day + stays my tenant criteria are XXX (credit score, income, criminal etc), and you need to qualify each RM at that standard
  • Maybe we stablish a minimum timeframe for each RM e.g. 3 month etc to reduce turnover...though that's less important I think
  • Once you've chosen someone you and I do a single page addendum updating who it is you're renting to (or you at least agree to the minimum information you will keep in the event I need it). This is so I know who is/isn't in the home, but I will not be interfacing with them, that's your job. 
  • When you leave everyone else goes before hand, and all issues, damage etc are on you alone (you can pursue the RM for what they should cover)

Depending on the interest I already have in the property I may be looking for a bit of a rent premium. All things being equal if I can rent to a family for $4,500 then why rent to you with the possibility of a more involved tenancy? But for an additional $300-400/mo maybe that works. You would still likely save quite a bit on your monthly costs while being in the location you want, and I get a premium on the rent.

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