putting your name on a lease?

[arsoisaen]

situation: my friend's building complex is having a promotion for new apartment renters, first months rent free, which ~ 2000. since he already lives there, he cant get the discount, so i'm signing up for the apt with my other friend. basically my name and other friends name will be on the lease, my two friends will be living there (i'll be a couple hundred miles away)

question: other than the obvious operational problems such as dealing with management or whatever that will require proof of ownership and stuff, is there anything i should be really worried about? such as my credit score or having problems securing my own apt or taking out a loan. this happened a lot in college where people transfered leases to capitalize on rent control so i thought nothing of it back then, but ya if anyone could help me out that would be great

[donkeylove]

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situation: my friend's building complex is having a promotion for new apartment renters, first months rent free, which ~ 2000. since he already lives there, he cant get the discount, so i'm signing up for the apt with my other friend. basically my name and other friends name will be on the lease, my two friends will be living there (i'll be a couple hundred miles away)

question: other than the obvious operational problems such as dealing with management or whatever that will require proof of ownership and stuff, is there anything i should be really worried about? such as my credit score or having problems securing my own apt or taking out a loan. this happened a lot in college where people transfered leases to capitalize on rent control so i thought nothing of it back then, but ya if anyone could help me out that would be great

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I wouldn't do it. Helping friends is wonderful, but if something unforeseen happens and your friends happen to bail on the lease, you are left holding the bag. As far as securing your own apartment, most apartments don't report monthly to credit bureaus so it probably wouldn't have any effect upon you getting your own place.

The apartment complex will make an inquiry as to your credit and that will be public on your credit history. When you go to get a place they will see that another apartment complex checked on your credit, and may wonder what the situation is. If you do it, and your friends don't bail, it would have no effect on your credit and you would have a good reference and renting history. At $2000 a month it is a bad idea because sometimes things happen. Even if your friends are great, they could get sick or lose a job, and have no choice but to break their lease. I would rather loan my friends $2000 then put my credit at risk over a months rent. Also every inquiry into your credit has a small negative impact.