Parent adult child (by Charles [FL]) Jan 24, 2023 9:12 AM|
Parent adult child (by Vee [OH]) Jan 24, 2023 10:09 AM
Parent adult child (by Ray-N-Pa [PA]) Jan 24, 2023 11:19 AM
Parent adult child (by Charles [FL]) Jan 24, 2023 11:22 AM
Parent adult child (by Jim in O C [CA]) Jan 24, 2023 11:30 AM
Parent adult child (by Allym [NJ]) Jan 24, 2023 11:32 AM
Parent adult child (by Scott [IN]) Jan 24, 2023 11:44 AM
Parent adult child (by Oregon Woodsmoke [ID]) Jan 24, 2023 12:49 PM
Parent adult child (by Deanna [TX]) Jan 24, 2023 6:09 PM
Parent adult child (by Busy [WI]) Jan 25, 2023 1:43 PM
Parent adult child (by Sisco [MO]) Jan 25, 2023 1:50 PM
Parent adult child (by Lana [IN]) Jan 25, 2023 7:08 PM
Parent adult child (by Busy [WI]) Jan 26, 2023 12:18 PM
Parent adult child (by zero [IN]) Jan 28, 2023 9:11 AM
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Parent adult child (by Charles [FL]) Posted on: Jan 24, 2023 9:12 AM
Your advice on this. Many cannot afford the 3x rent on their own now with insurance causing us to increase rents ( as well as all other increases these days) and the applicant is claiming that an adult child will live there too. My take is that they need the other person to meet the income criteria, and the adult child has no intention of living there. We do not take co- signers. What would you suggest about this situation? Has it occurred in your rentals? --76.242.xx.xxx
Parent adult child (by Vee [OH]) Posted on: Jan 24, 2023 10:09 AM
I think you answered your own question, applicant is not funded to fit your place - hearing a lot about this at our area landlord meetings. With a 23 percent property tax, 6 percent library tax, 24 percent water/sewer increase, 85 bux monthly lead test the raising of rent in many places is caused by guvemnt increase causing the young families and fixed income folks to become homeless. --76.190.xxx.xxx
Parent adult child (by Ray-N-Pa [PA]) Posted on: Jan 24, 2023 11:19 AM
What happens when life happens? --24.101.xxx.xxx
Parent adult child (by Charles [FL]) Posted on: Jan 24, 2023 11:22 AM
Vee . I do not take co-signers, yes, but the applicant will most likely say “who are you to tell me my adult child isn’t really going to live here”! Catch 22. We can convince a young adult we do not take co-signers, but this flips the narrative, when the parent needs the adult child as a co-signer. Tough times….. how, then, to “enforce” your criteria? Similar to the boyfriend, girlfriend situation where your tenant says they are just staying a “ few” times now and again.
Parent adult child (by Jim in O C [CA]) Posted on: Jan 24, 2023 11:30 AM
No tenant is better than a bad tenant. --99.23.xxx.x
Parent adult child (by Allym [NJ]) Posted on: Jan 24, 2023 11:32 AM
I have one like this and the adult child has some disabilities but is able to work. I would get a credit report and also make sure the lease says that each person is responsible for the rent "jointly and severally" so that if one has no income the other has to pay the whole rent. I am dealing with a situation there and the son is now unemployed since the pandemic shut his employer down. He has applications in but doesn't get through interviews well. He may have a job soon as I know the company that has lately interviewed him and they are likely to hire him to work overnight on IT as they have accounts all over the world. When that family rented the children were all in high school. --71.188.xx.xxx
Parent adult child (by Scott [IN]) Posted on: Jan 24, 2023 11:44 AM
I don't take co-signers either, but the adult child would be a tenant, not a co-signer and (as Allym said) would be responsible for rent if mom doesn't pay. --107.141.xx.xxx
Parent adult child (by Oregon Woodsmoke [ID]) Posted on: Jan 24, 2023 12:49 PM
If he is qualified to pay the rent and you have him on the lease, he isn't a cosigner. Just be sure he has enough income to pay her rent and his rent.
You can check with the current landlord to see if he has given notice. --76.178.xxx.xxx
Parent adult child (by Deanna [TX]) Posted on: Jan 24, 2023 6:09 PM
I have an elderly Cuban couple in one of my more recent turnovers. Their adult daughter is my tenant and pays the rent. The elderly parents are waiting on their immigration paperwork to go through so they can be authorized to work in the US. When they get jobs, they'll become the tenants-in-possession, with all the rights and responsibilities. In the meantime, they're her guests, and my contract is with her, even though she lives the next town over with her husband and kids--- just like my previous tenants in that house, which was a hunter (who my contract was with) along with his assorted guests (various friends and adult children, not on the lease, but who would spend weekends hunting dove and deer with him.)
As long as I can understand their situation and where they're coming from, I don't mind how they handle the details. But I also only do things mtm, so that if I need to get rid of someone, I can stop doing business with them just as easily as they can stop doing business with me. For someone with a more desirable geography, and a HCOL area, and a less stagnant population pool--- they don't have to be as flexible as I am, and can rent to someone who has a more straightforward situation, and leave the tenants with a story that needs to be understood for someone else to do business with. --137.118.xx.xxx
Parent adult child (by Busy [WI]) Posted on: Jan 25, 2023 1:43 PM
My last tenant I hired has this situation. I'm fine with it, as parent keeps house spotless, rent is paid perfectly, AND, should the retired parent pass away in the home, I know EXACTLY WHOM to contact.
For the son, he has an address, and a rental contract, should his girlfriend's landlord ever ask for proof he doesn't live with girlfriend. ( I'm supposing on that one; its never been discussed. Not my business.) Also, the adult child and retired parent share custody of one big, friendly doggo, that happily goes between my rental, and the girlfriend's place. I'm happy that my tenant has a very observant, big furry companion to prevent break-ins, in a not-so- great neighborhood. AND, because happy dog goes to Grandma's when Dad goes to work, then I know that the retiree has someone checking on her daily. Adult child works a full-time and a weekend job, so pretty much every day, drop off and pick up.
The retired parent wouldn't qualify for my house, as wouldn't meet 3X income, but the adult child easily does. However, the parent is the one paying the bills for THIS place. As a retiree, the parent has very few expenses, lives a thrifty life. Not saying all retirees do that; not at all. But this tenant does.
Works for me! Very well, too. --70.92.xxx.xxx
Parent adult child (by Sisco [MO]) Posted on: Jan 25, 2023 1:50 PM
Charles, you have described people who you have reason to believe are lying to you. For that reason alone, you should not approve their application for tenancy.
Now, had they not lied and the offspring were going to pay rent for parents, then more screening would be appropriate response. --149.76.xxx.x
Parent adult child (by Lana [IN]) Posted on: Jan 25, 2023 7:08 PM
I don't like these situations as they go sideways. I had a mother/son situation. He was early 20s with a decent job and she was stellar and recently divorced. End of story....she dumped her lazy, dirty son on me and I had to evict them in less than a year. --216.23.xxx.xx
Parent adult child (by Busy [WI]) Posted on: Jan 26, 2023 12:18 PM
Looks like we have distinctly different experiences. So, no ' one size fits all ' answer. --70.92.xxx.xxx
Parent adult child (by zero [IN]) Posted on: Jan 28, 2023 9:11 AM
I have had this happen twice. One time the mom moved on and the kid stayed. Worked fine. Changed lease for the son and his GF to be in the place.
Second one was a set-up. Mom was on the lease. Son was not but she said he would be staying with her. I didn't run him.
Mom bailed and son wanted to stay. I just filled out a lease and didn't run him. (My bad) He and his GF were something else. He ended up leaving in the middle of the night and I was happy about it.
Everybody gets at least a criminal background check if I know they will be staying. I don't always include boyfriend or girlfriend if the tenant passes all the checks. --107.147.xx.xxx
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