Hi

How do people feel about renting to 19 year olds. I just got guy and girlfriend with baby. His FICO is 699. They can get a cosigner with 780 credit (Dad). This is their first place. I am concerned about them being so young. He works two jobs.

Double deposit

Get in writing who is paying deposit (him, her, or split)

More detailed move in instructions and how to take care of a house

Explain what happens if they do not pay rent

Some of my best tenants are a 20 year old couple. I pulled a Dave Ramsey and explained that their $500 a month car payment would be worth $6 million when they are 60 years old. That was a wasted effort on my part.

Good luck!

I have no issues renting to a 19 year old, so long as:

a) they have at least 2 years on their job, or excellent a history of earning consistently with tax returns, pay stubs and a letter from their employer saying their job is secure -- not a temp worker.

b) their credit history is almost flawless. No late bills and little credit debt.

c) money in the bank so if they get sick or have issues, they have some reserves to pay their rent

d) do not drink, smoke or do drugs.

I and most of my friends growing up had summer jobs when we in our early teens, savings in the bank to go to college and purchase a car. We were responsible.

Some LL's don't do first time tenants. That's fine. I do. I was a first time tenant once. Someone needs to be, and I don't mind being that someone.

A few thoughts...

1) Credit SCORES are meaningless. I was fresh out of college in May 1999. No paycheck yet. Teaching contract for Sept was signed, but first payday wasn't until Oct. I'd had two dinky credit cards (limits around $1000 each), no student loans, and had rented a room in a house with 4-5 other folks, then my own "garage" apartment. I had a 720 credit score that some bank was dumb enough to loan me $105,000 based on to buy a house. Whhhhhat!?!?

2) They likely won't know how to write a check or balance a checkbook. There will possibly be some teaching involved. Best case for them is to set them up on auto-draft payments so you are TAKING the money vs. waiting for them to remember to pay it.

3) There's a popular song out called "Young Dumb & Broke." There's a reason it's popular. Look it up, read the lyrics and assume they apply to your tenants. They may not, but better safe than sorry.

First time renters can be a good risk because they shouldn't have built up a ton of bad habits. They won't have had any lazy land lords letting them get away with everything. On the flip side, they won't have a lot of good habits either. Make your system of rent payment stupid-proof, because stupid almost surely will happen.

When you move them in, go over the lease carefully, line by line. Expect them to forget 95% of what you say.

2 weeks later, stop by and inspect the place: inside and outside. Remind them they cannot move in 'guests' and (extra) pets. Don't be surprised if you find several of each. Be firm and fair to yourself and them.

These could be some great kids: do whatever it takes to ensure they don't end up with an eviction tarnishing their record straight out of the gate.

I just had this, although they were both 20 when they moved in, not 19. They are gone now. They did each have a year of prior rental history before renting from me. There were issues with bring in extra pets without permission, and doing other things. They always paid rent though.

Basically as Sid stated, you have to be very hands on when it comes to enforcing the rules and keeping aware of what's going on at the property.

Not renting to the young ones, you are denying yourself a big chunk of the population.

"They likely won't know how to write a check or balance a checkbook"

Peter,

Re-read Ken's post. It is illegal to charge more based on age.

You CAN charge more based on a deviation from your standard criteria - previous LLs.

And as others have said, if they sign plan on extra time to manage this lease.

Thanks y'all

I appreciate the feedback.