Wally Gower: 1) Building credit - It only can build bad credit, not good. If you are excessively late or get evicted, that will be reported. But making payments on time will not.2) Late payments - There's usually a grace period of a few days before you are charged a late fee. If the rent is due on the 1st, they might give you 5 days grace period, and on the 6th they start charging late fees daily. Your grace period and late fees should be explained in the lease.3) Ability to get student loan - It shouldn't. You do need to live somewhere while going to school, so I can't see why living somewhere would hurt your chances.4) Stay on your record - Not sure what you mean about this. If you move and rent another place, they will ask about your previous rental, and might call for a reference. But if it's a long period of time since you rented, they may not care. And an eviction will stay on your record for several years, but eventually fall off.Other advice:- Pay your rent on tim! e. If it's due on the 1st, pay it on the 1st. Don't use up the grace period because it could get to be a habit, and if you wait until the last day of the grace period, any number of things could happen that you don't pay it, and you start accumulating late fees.- Normal wear and tear are usually allowed, but don't go overboard. If you are going to do anything major, get the landlord's OK first. For example, if you want to install a ceiling fan to move air around, don't just do it - Ask the landlord first. They may want only certified electricians to install for the liability factor.- Get renter's insurance. It's not very expensive, and will cover your property in the event something happens. The landlord is required to have insurance on the property, but that only covers his property, not your items. If the home burns down for some reason, you will not get reimbursed unless you have your own insurance.- Don't forget about utility bills when figuring out if you can afford a ! place or not. Houses cost more to heat and cool, so the bills ! are generally larger than they would be in an apartment. And remember that the warmer you set the thermostat in the winter, and lower in the summer, the more it will cost you.- And make sure you can trust your friends to pay you their share of expenses on time. There can be attitudes between friends some times that they feel you will let them slide a little on paying you because of your friendship. If you can't cover them, and things get late, it goes on your record, not theirs (you stated it's in your name only). This is not saying that your friends will do it, but just saying that some friends take this attitude, so keep that in mind (went through that myself sharing an apartment with a couple friends)....Show more
Cyndy Grimes: 1 - not particularly; or at least, not positively (no issue if all is well, bad credit if you don't pay / get evicted)2 - you can get evicted (the lease requires you to legally agree you'll pay the agreed rent on the agreed date it's due; fa! ilure to comply by the lease means the landlord can levy late fees, or just start an eviction process. Basically; don't ever pay rent late)3 - no4 - what record? the only record it'll be on is if you fail to pay rent and get a court order for payments or an evictionOther information:- if you're all living together, you'll all need to be on the lease (those not on the lease may not be able to live there, the lease generally prohibits it)- you and your friends will need to prove you earn sufficient income to afford the rent (you need to be earning 2-3 x rent a month), plus have sufficient savings to pay the deposit and first month's rent up front- a lease is a legal agreement; you're bound to the rent value and duration of the lease, so if it's a 12-month lease and you want to move out after 6; you can't (or at least, not without the landlord and all tenants' written agreement, and probably an early termination fee)...Show more
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