Potential tenants' parents have financial issues

amother

Firebrick

Thu, Mar 23 2017, 9:55 pm

There are yeshivish newlyweds who are very interested in renting our property. Problem is, we know the parents, and they have financial issues (we know firsthand from business dealings with them). We are worried about renting to their son (this is the yeshivish system where often the parents pay rent).
How do we go about this?

groisamomma

Thu, Mar 23 2017, 9:57 pm

Don't do it unless the couple has 2 areivim to back them who also sign the lease.

Last edited by groisamomma on Thu, Mar 23 2017, 9:58 pm; edited 2 times in total

amother

Oak

Thu, Mar 23 2017, 9:57 pm

Get the wife's parents to cosign.

amother

Firebrick

Thu, Mar 23 2017, 10:06 pm

What's a nice way to tell them no?
Until now I just kept putting it off. They saw the apt but want to see it again before finalizing; I kept saying it's not a good day to stop by. But I feel bad...
I think it would be better if I just end it, but what do I say?

amother

Plum

Thu, Mar 23 2017, 10:07 pm

I feel for them but to protect yourself, don't do it. I'll give you the flip side, my landlord is in a very tough spot right now financially. Our electricity has been shut off numerous times because he didn't pay the bills. I feel really bad, but I pay the rent on time. Don't do it.

agreer

Thu, Mar 23 2017, 10:35 pm

Don't do it.
Find another tenant.

I feel bad for them, but you can't KNOWINGLY get into a bad deal. It's not fair for you.

doctorima

Thu, Mar 23 2017, 10:36 pm

Either you can say that you've heard of landlords being burned and to protect themselves you need a 3-6 month security deposit (plus co-signers if you wish), or else say that you changed your mind and it's not currently available, or find somebody else and make up a reason why you gave it to them instead.

amother

Firebrick

Thu, Mar 23 2017, 10:36 pm

agreer wrote:

Don't do it.
Find another tenant.

I feel bad for them, but you can't KNOWINGLY get into a bad deal. It's not fair for you.

Any suggestions on how I can tell them no?

TwinsMommy

Thu, Mar 23 2017, 10:40 pm

Why not just have a policy that you only rent to couples paying their own rent and if the COUPLE'S income and credit is fine and you get a security deposit (and first month/ last month/ whatever you require), then you're good? Obviously, you either KNOW their income is fine, or you KNOW their parents are likely helping, based on their income. If their income is fine, who cares that the parents have financial issues, even if you ASSUME they're helping because they're young? If their income isn't sufficient to get a lease on their own, there's your out. You're not required to least to anyone who can't show sufficient income/ credit.

imamom7

Thu, Mar 23 2017, 11:03 pm

My parents were burned by a similar situation and now always say don't do cheesed with your income....

amother

Aquamarine

Thu, Mar 23 2017, 11:22 pm

You must ask a competent Rav.

amother

Firebrick

Thu, Mar 23 2017, 11:29 pm

amother wrote:

You must ask a competent Rav.

It happens to be that we did ask for advice but the rav did not answer our question.

And twins mommy, I live in Lakewood, where it is normal for the couple not to have substantial income.

amother

Firebrick

Thu, Mar 23 2017, 11:30 pm

Twinsmommy, how would I know what is considered an income that's capable of paying rent? How can I figure out the numbers?

chocolatecake

Thu, Mar 23 2017, 11:39 pm

In lkwd its the girls parents that r helping the couple not the boys. When I signed my lease I had to show that my yearly income was 40 times monthly rent or have a cosigner.

amother

Firebrick

Thu, Mar 23 2017, 11:40 pm

chocolatecake wrote:

In lkwd its the girls parents that r helping the couple not the boys. When I signed my lease I had to show that my yearly income was 40 times monthly rent or have a cosigner.

But his parents were the ones who first came to see the apartment, which leads me to believe they will have a part in it.

MagentaYenta

Thu, Mar 23 2017, 11:47 pm

amother wrote:

Twinsmommy, how would I know what is considered an income that's capable of paying rent? How can I figure out the numbers?

Here in the PNW we expect income to be 3x the monthly rent with a low debt to income ratio. If you are in a metro area where the rents are excessively high and you may ask for 4x the rent in verifiable income.

agreer

Fri, Mar 24 2017, 1:42 am

amother wrote:

Any suggestions on how I can tell them no?

You said you know from personal dealings with the family.

You can either tell them that you have another potential buyer who is willing to pay more rent (I.e. lie to make them feel better, for the sake of shalom), or be honest and tell them you don't feel comfortable having dealt with them in the past.

However, when you are honest, you open yourself up ... they'll tell you that this time it will be different...and they might try, for a few months...and then what? You'll be stuck.

Lie and tell them you found someone else. Then find someone else.

Hatlzacha.

seeker

Fri, Mar 24 2017, 2:04 am

I don't understand why it would not be sufficient to have the girl's parents covering, ask for co-signers on the contract, and take a security deposit. That should both show them that you're serious about rent getting paid and to make sure it will get covered. Why should this new kallah be denied a place to live because her in-laws have some kind of problem that doesn't have much to do with her except that she'll probably not see any helpful generosity from them? I think it's really cruel to string along this couple acting like you're about to give them an apartment but just don't have time to meet up, and then turn them away without serious grounds to suspect that they won't pay the rent (again, it's one half of the couple's parents who are in financial distress - not the couple themselves, not necessarily the in-laws, you don't say in your posts if you have some other information about this causing you suspicion.) I remember when I was engaged and looking for a first apartment, they weren't so easy to come by, if you did find something to look at you had to pray it wouldn't be taken before you made a decision, but you had to rush that decision or someone else would snap it up. And it gets closer to the wedding and the pressure is on and you have a hundred other things to stress and worry about at the same time. And then you find a place that you think will work for your needs and it's available and you tell the landlady that you're ready to sign and she tells you to come back and sign next week, you breathe a huge sigh of relief, call off the search, move on to the next wedding-prep detail, start imagining your new life in the apartment you toured. And then when you come to sign with every intention of paying the rent responsibly, suddenly you hear that you're back to square one.

If there were a very good reason to think this couple won't pay up then you may be justified, but I just don't understand how most people on this thread seem to take this so lightly. FTR neither my parents nor my in-laws had any kind of money when I got married, and my husband was in yeshiva, and we live in NY where rents are obnoxious, and I was still in school but ready to work my behind off at the same time to meet our expenses, because I'm a grownup and responsible for my own housing. And I did. Every month until we outgrew the apartment.

At the very least get a clearer answer from your rav. What does that mean he didn't answer your question?

amother

Orange

Fri, Mar 24 2017, 2:52 am

My parents came to see my apartment, dh parents came to see my apartment. Neither set of parents paid, or helped pay, our rent. Ever.
Dh was in kollel. I worked. Our rent was paid every month.
Don't the couple sign a lease?

Iymnok

Fri, Mar 24 2017, 2:54 am

Draw up some financial criteria that must be met.
Pull their credit. Ask who will be responsible for paying rent. Have an adult conversation and make it clear that you only feel comfortable renting if you can be guaranteed on time payments.
They may have a nestegg saved just for this.