So, my son is at UCSB and wants to rent an apartment with 3 friends for next year. The first lease that he sent me is private rather than campus owned housing. It is a joint and several type with an additional guarantor requirement if the tenant doesn’t have an income. The whole thing is giving me an anxiety attack – even though I lived in what was probably a fire trap years ago in Ann Arbor with about 8 other people. I don’t even remember signing a lease. (The guy who was responsible for the phone bill never paid it and then called me asking for money because the telephone company was threatening to give him a “credit rating”. Those were simpler times. )
I don’t know the other tenants and am afraid that if they flake out we’ll be on the hook. Has anyone ever done anything like a private escrow or similar in this circumstance? Any and all tips from lessors (or anyone, really) will be appreciated. Thanks in advance.
All depends on prop management. Best to get an individual lease for each roommate. Some will, some won’t. Guessing around IV they are pretty hard core as that is where the parties are. Around the mesa where you would get a house you might rent from owner.
Be sure to photo/doc *everything* during walkthrough. This is a moneymaker for prop mgmt when kids move out and they claim all sorts of damage and stains. Test each light,plug and door hinges and locks. (even bathroom)
As scaredy mentioned, get in touch with all of the parents. They are probably expecting you to review the lease and advise them anyway.
If you are lucky they will all be in the same frame of mind and willingly work together. We were lucky in this respect.
Kids usually split internet/electric/etc equally with a different kid owning each bill. ie. kid 1 pays internet, kid 2 is electric, etc. The kids will VENMO money to each other when bills are due.
Best to have your name on the bill too so you have access and know it has been paid. Nothing is more frustrating than inquiring about a cable bill and they won’t talk to you as you are not on the account.
(ps. get used to this as when they turn 18 the school denies all access to school records; grades, finances, loans, to you. Magically, they have become adults, don’t you know;) Even though you are paying the bills!!!
Yes, you will still have to hold there hands a bit 😉
Boys are easy. They will find their own ratty furniture and trade for couches, tables, etc. Girls, .. well moms are going nuts with the nesting. All new glassware, plates, couch, decorations, you get the idea. Bet I spent $1000 for darling daughter’s first apt setup. That was 8 girls too. Turned into a huge party house. And these were all ‘nice’ girls with solid families.
Oh, and remind son that he will have to move and store everything he acquires. That means a rental unit for the summer or haul it home.
Good post Hobie. Unless times have changed, all leases in IV are 12 months. Which means that Jonny or Sallie can either sublet to someone for summer or stay. Storage optional!
Note to parents, don’t rent on Del Playa (the beach front street) That is party central, or so someone once told me.
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