How to collect rent from student tenants?

[Jonathan Feliciano]

Hi BP Community.

I’m interested in investing in a multi-family property near a local university. As such, I expect to get student tenants.

In most cases, students typically don’t pay the rent bill; their parents do.

I know some people screen the student and make the student responsible for paying the rent. However, they may have their parent sign a second document saying if the student doesn’t pay, then the parents will pay the rent.

1. For those of you that handle student tenants, what is your process for screening and accepting rent for student tenants?

2. Which person do I screen: the student or the parent?

3. Who do I make responsible paying the rent: the student or the parent?