Rent+if+had+cosigner

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Rent if had cosigner (by LITX [TX]) Oct 19, 2020 1:22 AM
       (by Robert J [CA]) Oct 19, 2020 3:24 AM
       (by Sisco [MO]) Oct 19, 2020 7:08 AM
       (by WMH [NC]) Oct 19, 2020 8:06 AM
       (by Ray-N-Pa [PA]) Oct 19, 2020 8:48 AM
       (by 6x6 [TN]) Oct 19, 2020 9:03 AM
       (by S i d [MO]) Oct 19, 2020 10:17 AM
       (by MikeA [TX]) Oct 19, 2020 11:09 AM
       (by Barb [MO]) Oct 19, 2020 11:50 AM
       (by LITX [TX]) Oct 19, 2020 3:35 PM
       (by Pmh [TX]) Oct 19, 2020 5:48 PM
       (by Jkj [MA]) Oct 19, 2020 9:23 PM
       (by Small potatoes [NY]) Oct 20, 2020 12:25 AM
       (by plenty [MO]) Oct 20, 2020 9:12 AM
       (by LITX [TX]) Oct 20, 2020 10:16 AM
       (by plenty [MO]) Oct 20, 2020 10:32 AM
       (by Pmh [TX]) Oct 20, 2020 5:48 PM
       (by 6x6 [TN]) Oct 20, 2020 6:36 PM

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Rent if had cosigner (by LITX [TX]) Oct 19, 2020 1:22 AM
Message:

Have an applicant that didn't meet 3x the rent. Would you rent if she gave you 2 months deposit and retired dad cosigned? I have not done cosigner in a long time, need to refresh myself on it.

TIA! --68.116.xxx.xx




Rent if had cosigner (by Robert J [CA]) Oct 19, 2020 3:24 AM
Message:

I'd add Dad to the lease as an occasional sleep over occupant visiting his daughter -- couple weekends a month. This way if rent isn't paid, you can file against the daughter and father at the sametime. --47.155.xx.xxx




Rent if had cosigner (by Sisco [MO]) Oct 19, 2020 7:08 AM
Message:

If you are able to quickly fill this vacancy with another qualified applicant, then don’t mess with the co.

If you must, the co must have minimum of 6x rent in income after all other obligations have been met, and be a property owner in your county.

You must be up to speed on obtaining and enforcing court judgement in your locale. --67.43.xxx.xxx




Rent if had cosigner (by WMH [NC]) Oct 19, 2020 8:06 AM
Message:

I get asked this all the time. But how do I collect from Dad if he doesn't want to pay for daughter? Suppose daughter finds new BF and Dad doesn't like him? Supposed she makes other life decisions he doesn't like? Etc.

No if the proposed OCCUPANT can't pay for the place without outside assistance from family, I'm not interested. Meet the criteria or find another place. --50.82.xxx.xxx




Rent if had cosigner (by Ray-N-Pa [PA]) Oct 19, 2020 8:48 AM
Message:

In light of what is going on now, I wouldn't waiver too much in my screening. Now is actually the time you beef it up --24.101.xxx.xx




Rent if had cosigner (by 6x6 [TN]) Oct 19, 2020 9:03 AM
Message:

I agree with WMH and Ray. --73.120.xx.xxx




Rent if had cosigner (by S i d [MO]) Oct 19, 2020 10:17 AM
Message:

To qualify as a co-signer for me, ALL of the following must be true:

1) Lives in the same state.

2) Owns real estate (usually personal residence).

3) Income 6x the monthly rent, MINIMUM.

4) Clean credit. I don't have a particular score, but any collection or charge off is a NO GO.

Caveat on #3: Income source must be GARNISHEABLE. You said dad is retired. What are his sources of income? If he's on a pension, IRA, disability, and/or Social Security only, then he's basically judgment proof because you cannot garnishee those types of income or seize any bank account that only receives deposits from those sources.

With CDC moratorium in effect until Jan 2021, we have to be very careful. I would prefer to see 12 months rent paid in advance vs. a co-signer. --107.216.xxx.xxx




Rent if had cosigner (by MikeA [TX]) Oct 19, 2020 11:09 AM
Message:

I'm with Sid except since Texas is a non garnishment state I'd look for cosigner that has cash equals that can be swept (non-retirement accounts at banks or brokers) and put him on the lease.

I'd be really careful though in this market. I'd only consider if she is close to 3X and has no large monthly bills (car payments, student loans, etc) that would put her in the red and has a long stable job that is not in the service industry. --64.130.xx.xxx




Rent if had cosigner (by Barb [MO]) Oct 19, 2020 11:50 AM
Message:

I only do a cosigner if the cosigner lives in a nearby county (I have one in an adjacent county and another 3 counties away, but I know a lawyer there) and they own real estate in that county. I want to be able to put a lien on the house if the resident doesn't pay. --67.43.xxx.xxx




Rent if had cosigner (by LITX [TX]) Oct 19, 2020 3:35 PM
Message:

You guys are right, she is too risky. Dad is moving out of state. Going to pass on this one. It is scary how out of the 6 applications, this is the only one that was most truthful. So much fake applications going around, definitely taking more time to screen and run these applications.

Thank you for all the great advices. --68.116.xxx.xx




Rent if had cosigner (by Pmh [TX]) Oct 19, 2020 5:48 PM
Message:

not sure where Robert’s head is on this. is just wrong advice. I get co signers for all first time renters. As I did for my kids when they got their first apts. I get co signs for out of state parents for my college student renters. never been an issue. I run credit checks on co signers. --107.77.xxx.xxx




Rent if had cosigner (by Jkj [MA]) Oct 19, 2020 9:23 PM
Message:

I don’t do co-signers, just another headache I don’t want or need to deal with. --173.48.xxx.xxx




Rent if had cosigner (by Small potatoes [NY]) Oct 20, 2020 12:25 AM
Message:

Pmh, many here echo Robert's advice, are against cosigners, never out of state ones and say put em on the lease indtead. My b rental may be similar to your college one. I have med residents typ, and they might need fsmily support. As long as they have property i take their child. It's worked out so far.

I even took a cosigner for a c tenant and took them to court and won, and got funds. They pressured the kids family (nephew) to pay up and not tarnish them. --99.203.xx.xx




Rent if had cosigner (by plenty [MO]) Oct 20, 2020 9:12 AM
Message:

Wait, honestly traits get extra of my time. How close were they to your income standards? Did you look closely at expenses? Did you ask for 2 months bank statements and evaluate where they spend theie money and if they have money left over at the end of the month to pay rent? I look at deposits and withdraws and whats left at the end of the month, saved enough to pay rent for two months? Have a savings for emergencies? Is this an inexpensive place appropriate for the number of people? Studio? One bedroom? Cheap rent? Include any utilities in that monthly rent? Lots of deciding factors with first timers. Trainable? Honest? Cooperative? These are fantastic opportunities to train up a good resident. How do they spend their extra time and money? Many i pass on, but once in a while a responsibile young person applies and like to really stop and look at their application differently. The ones that i have given opportunities to have excelled and stay with me until life moved them forward. Success to your business! And no i have never taken their cosigner but appreciate that they offer. --99.203.xx.xxx




Rent if had cosigner (by LITX [TX]) Oct 20, 2020 10:16 AM
Message:

This person have like $100 balance on her account, $1000 away from meeting 3 X. Still in school and working part time. Dad and fiancé sending her money on her statements. Record of paying late, but no eviction and clean background. She mention Surety bond for her deposit, something I never heard of. I’m like no thanks. The more I look at it, she is definitely not a good candidate. --68.116.xxx.xx




Rent if had cosigner (by plenty [MO]) Oct 20, 2020 10:32 AM
Message:

I'd pass on that one too. Not ready. And you'd just be helping thrm fail sooner --99.203.xx.xxx




Rent if had cosigner (by Pmh [TX]) Oct 20, 2020 5:48 PM
Message:

so more info from OP. I would definitely not accept. I understand some LL not wanting co-signers. Then I would suggest do guarantor instead. --72.180.xx.xxx




Rent if had cosigner (by 6x6 [TN]) Oct 20, 2020 6:36 PM
Message:

Pmh, how do you do that? --73.120.xx.xxx



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