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Posted
8 hours ago, jimmyjazz said:

The problem is the other party is adamant about moving in.

"I understand you want to move in.  However, the fact you have not paid for your portion of the security deposit and first month's rent is very concerning to me.  As I cannot afford, to pay your way.  And if you can't pay your way to move in, how are you going to be able to pay your way month to month?"

Then shut the fuck up.

Let the say whatever drivel they can come up with.  Then come up with this alternative.  

"Could you get one of your parents to co-sign for the unit? So that I am not fully liable for your portion of expenses?  Because as of right now I owe my rent and security deposit, as well as the $XXX you have not paid.  I cannot afford to pay your way, and I certainly do not want to be on the hook for a year of your rent.  I am looking at a potential liability of $Xthousands.  I want to move in, and I know you say you will pay rent. But if you cannot pay it now, how can you pay it for the duration of the lease?"

Then shut the fuck up.

I would think the parental co-sign option from their side would alleviate a lot of the concern.  Assuming the parents are credit worthy and willing to put their credit on the chopping block.  IF now that would really send up red flags to me, unless they can cover the expenses they have NOT PAID to move in.  I cannot commit to pay your want and mine.

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Posted

Yeah aim to get the parents to cosign. Honestly not sure how they didn't have to in the first place if these are college kids. Also I wouldn't be snide with the "you can't pay now how you gonna pay in the future" not at least in the initial email/conversation. 

Posted
22 minutes ago, Im_smarter_then_you said:

Section 8 vs college housing.  Which way would you go if you had some money to burn

Section 8 is a guaranteed government check.  College housing is deposit forfeiture and damage repair.  

I looked at a Quadplex thinking section 8 years ago, and I figured it was going to be endless sewer problems.  As that property already had folks flushing dumbass shit down the toilets.  So went with a single family house.  I would imagine I would prefer to have large deposits on college rental properties, and try to rent more to girls than guys.  Hoping the gals won't fuck up as much stuff.  But the flushing down the toilet issue might raise it's ugly head.  But I would spell out that plumbing costs related to clogged plumbing caused by tenant would be passed on to tenant.

ong term appreciation prospects would be a key factor.  Perhaps the key factor.

On the plus side for section 8, if you get a good tenant, you might have a check for years with minimal repairs.  As a solid counterpoint. 

 

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Posted
2 hours ago, UTPhil2006 said:

Yeah aim to get the parents to cosign. Honestly not sure how they didn't have to in the first place if these are college kids. Also I wouldn't be snide with the "you can't pay now how you gonna pay in the future" not at least in the initial email/conversation. 

There is a perception that the other tenant hasn't been paying his way for a long time, even though he's basically employed full time.  He's probably being floated by his parents.  We have a theory as to where HIS paychecks are going, and it's exactly what you're thinking.

Posted
3 minutes ago, jimmyjazz said:

There is a perception that the other tenant hasn't been paying his way for a long time, even though he's basically employed full time.  He's probably being floated by his parents.  We have a theory as to where HIS paychecks are going, and it's exactly what you're thinking.

Touché. Carry on then 

Posted
30 minutes ago, jimmyjazz said:

There is a perception that the other tenant hasn't been paying his way for a long time, even though he's basically employed full time.  He's probably being floated by his parents.  We have a theory as to where HIS paychecks are going, and it's exactly what you're thinking.

So he needs to start dealing instead of using? 😉  JUST KIDDING!!!!

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Posted
2 hours ago, horn4life said:

Section 8 is a guaranteed government check.  College housing is deposit forfeiture and damage repair.  

I looked at a Quadplex thinking section 8 years ago, and I figured it was going to be endless sewer problems.  As that property already had folks flushing dumbass shit down the toilets.  So went with a single family house.  I would imagine I would prefer to have large deposits on college rental properties, and try to rent more to girls than guys.  Hoping the gals won't fuck up as much stuff.  But the flushing down the toilet issue might raise it's ugly head.  But I would spell out that plumbing costs related to clogged plumbing caused by tenant would be passed on to tenant.

ong term appreciation prospects would be a key factor.  Perhaps the key factor.

On the plus side for section 8, if you get a good tenant, you might have a check for years with minimal repairs.  As a solid counterpoint. 

 

I’d go college with a requirement that parents cosign. And get a big deposit. Because you’ll get more appreciation potential than section 8.

 

But I would have a plan to be all up in the business of the tenants on a regular basis. People tend to take better care of something that is humanized vs anonymous. I stay very close to my tenants in my personal rentals, keep a good, open relationship with them. It also helps with retention. I’m not renting to college kids, which I get, but the gist is the same. 

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