Who is THIS ^^^ GUY?!?!?? How's it going, Lo?
The federal Fair Housing Act does not prevent discrimination based on age, and if it did it would mirror the ADEA (Age Discrimination in Employment Act) which prohibits discriminating against persons older than 40, meaning that it's perfectly legal to refuse to rent to someone because they are in their 20s. The FHA covers the bases of race, color, religion, sex, national origin, disability, familial status and retaliation. Familial status means whether or not the renter/buyer/lessee has children, in which case you may not discriminate against them based on their kids. Retaliation means that you have reported the landlord/property owner for doing something illegal or you have filed charges against them in the past, and because of that they retaliate against you.
My experience investigating housing discrimination has been that 95%-99% of landlords/property owners are good, solid, honest people who will treat you right. That other 1%-5% are really nasty, though, because unlike the work world, housing is our private time, and for some reason they feel like it's much more covered up, therefore they can do more. Check the BBB, check any housing forums you might have in your community, and overall just educate yourself about the landlord as much as possible.
Phatferd wrote:We are all 24-26 years old, so I am a little worried about that aspect. I'm thinking it will be pretty difficult to find a place where the landlord will be happy to see 4 young men moving into his investment. Also, how does it usually work in terms of how much combined income a landlord will look for when renting out a house. Say rent is $2500 for a 4 bedroom, will the landlord basically want a combined income of $10k a month.
This is a legitimate concern, but maybe not as tough as you think. When you meet the landlord, dress well. Wear a shirt and tie, and be on your best behavior. That first impression is golden.
Phatferd wrote:One more thing. One of my friends who is moving in has really bad credit. He got himself into a lot of debt while in college (credit cards, not loans) and he has just started working on it. He has enough money to pay his portion of rent, but his credit is crap. Can he have a co-signer for his portion of the rent, or does that co-signer become responsible for all of our rent?
This is certainly no guarantee, but typically the type of landlord who owns two-three houses that he/she rents out to college-age folks is not going to check credit scores. This is slowly changing, but it has been my experience that this kind of fact-checking is rare for these smaller landlords. So this may be less of a problem than you might think. If you were going into a larger area like a townhouse community or an apartment complex I'd say it's almost guaranteed that they do this, but it's not typical of small landlords. If they check his history and find he has bad credit, then you can introduce the co-signer for his portion of the rent, but you need to make it clear up front that the co-signer is ONLY paying for his portion of the rent.