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newlanlord

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Posts: 3
Reply with quote  #1 
Hi everyone,
two room mates would like to rent my condo. 
I charge $30 for credit repot. Should I run two separate credit reports? Also, should a Ask for two separate lease agreements, so they will share rent? 
Sorry if I asked stupid questions, I am new to the landlord business.

Thanks
Marytmary1978

Registered:
Posts: 445
Reply with quote  #2 

You want to run seperate credit reports to make sure that each one is a good risk. 

Unless you plan to rent by the room, you want one contract with each one jointly and severally liable

 

1.      IF THE UNIT ISOCCUPIED BY MORE THAN ONE PERSON, TENANT’S ARE INDIVIDUALLY, JOINTLY, ANDSEVERALLY, LIABLE FOR THE RENT, PROVISIONS, TERMS AND CONDITIONS AS STATEDHERIN.  If one tenant vacates, theremaining tenant(s) may be required to re-qualify within 30 days of the changein occupancy.  The security deposit, and last months rent if applicable, shall staywith the unit until final termination of all tenants.

OHlandlord

Registered:
Posts: 3,718
Reply with quote  #3 

I agree.  One lease with both tenants listed, making them individually and severally liable.  The only difference is that I don't have the remaining tenant requalify.  Each needs to be qualified prior to move in and both remain liable for the rent, including the departing tenant.  Tenants need to know that moving out does not relieve them from the responsibility of rent.

12Jgoldt

Registered:
Posts: 30
Reply with quote  #4 

1. Yes, you should run credit report on each of them. If you don’t want your tenants to pay for those checks, then you can use this service https://rentberry.com/tenant-screening/credit-report for running reports. Thus, none of your applicants won’t be charged any fees, but only if they apply for property via this rental platform.

2.  I advice you to sign one contract with two roommates. When two  people sign the same rental agreement, each of you are legally responsible for upholding the terms of the lease. There is also another option, you can have only one roommate on the lease and have another roommates just sign on as 'occupants' so you don’t need to collect the rent from multiple roommates.  The one, who sign the lease is responsible for his rent and the portion of rent of another roommate.

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