parent co-signer
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parent co-signer (by Rick [TX]) Feb 27, 2024 5:01 PM
       parent co-signer (by don h [MO]) Feb 27, 2024 5:27 PM
       parent co-signer (by DJ [VA]) Feb 27, 2024 7:07 PM
       parent co-signer (by Ken [NY]) Feb 27, 2024 7:31 PM
       parent co-signer (by Ray-N-Pa [PA]) Feb 27, 2024 7:37 PM
       parent co-signer (by Just Tim [AR]) Feb 27, 2024 7:53 PM
       parent co-signer (by Still Learning [NH]) Feb 27, 2024 9:45 PM
       parent co-signer (by Small potatoes [NY]) Feb 27, 2024 10:44 PM
       parent co-signer (by BRAD 20,000 [IN]) Feb 27, 2024 11:06 PM
       parent co-signer (by S i d [MO]) Feb 28, 2024 8:47 AM
       parent co-signer (by Ryan24 [MD]) Mar 4, 2024 9:50 AM

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parent co-signer (by Rick [TX]) Posted on: Feb 27, 2024 5:01 PM

So, young 20 something pregnant girl shows up to view our rental. We think the girls mother is going to offer to co-sign so her daughter can rent our house. What are the up and downs of doing that for us?

parent co-signer (by don h [MO]) Posted on: Feb 27, 2024 5:27 PM

I did the co-sign thing with a young renter 8 years ago. I took his mother off the lease after two years. She oversaw the young renter to ensure he paid on time and I think developed some good traits. In your case, I would still ensure that your renter is capable of paying full rent and utilities given the increase in expenses right around the corner for her.

parent co-signer (by DJ [VA]) Posted on: Feb 27, 2024 7:07 PM

I don't do co-signers.

Every tenant must qualify on their own merits.

I "have to" ask. Why does the mother not want the young, pregnant (single?) daughter to stay with her?

parent co-signer (by Ken [NY]) Posted on: Feb 27, 2024 7:31 PM

Why would you want a 20 year old pregnant tenant to start with? how will she pay the rent?

parent co-signer (by Ray-N-Pa [PA]) Posted on: Feb 27, 2024 7:37 PM

Having a co-signer isn't an ideal situation but it can be alright as long that you screened the co-signer correctly.

1) Do they own real property near you?

2) How well do they exercise control over the person they are co-signing for?

It sounds like your lead isn't making the best life decisions out the gate. What makes you think they are going down a different path any time soon?

parent co-signer (by Just Tim [AR]) Posted on: Feb 27, 2024 7:53 PM

Be sure the cosigner has plenty of liquid assets you can levy if you have to get a judgment. Some non-homestead real property would be nice too. Employment income doesn't really help you since Texas wages aren't garnishable for ordinary judgments.

parent co-signer (by Still Learning [NH]) Posted on: Feb 27, 2024 9:45 PM

I have used co-signers but only as an insurance policy. The tenant still needs to make 3x rent amount but maybe is just out of college and itís their first job so they donít have at least 1 year at their current or previous job or they donít have 2 landlord references.

parent co-signer (by Small potatoes [NY]) Posted on: Feb 27, 2024 10:44 PM

IF I considered this the parent would be subject to the full screening. If the daughter won't qualify anyway then it's a nonstarter. Got to be weary of why the parent is willing to cosign and get rid of the kid instead of keep them and presumably be a support mechanism.

parent co-signer (by BRAD 20,000 [IN]) Posted on: Feb 27, 2024 11:06 PM


Terms are very important in this.

You want the parent to simply sign the lease as a leasee.

I have watched co-signors be released from paying by a judge.

I have watched judges dismiss (ignore) Addendums.

Also, the extra signature person is for the entire term of the lease, not released a year later or such, because deposits don't always cover move out cleaning and repairs.

We had such a resident. We helped them with a super cheap studio apartment. She was a wild child. The family's goal was to support her but give her her own space during this life transition period.


parent co-signer (by S i d [MO]) Posted on: Feb 28, 2024 8:47 AM

I agree with Brad. We don't do co-signers in the traditional sense: we just have them sign the lease as co-tenants/roommates/whatever.

We've used co-signers in the past, and it works out about 50% of the time. The other 50% end up in lease breaks or early move-outs. I've had to file eviction a few times. Here's how it usually goes.

The person who needed the co-signer isn't responsible enough to pay the rent, which is why they needed the co-signer in the first place. After 3-6 months, shockingly, occupant tenant stop paying rent. Then I have to go after the co-signer. After 3 months or so of paying the deadbeat's rent, the co-signer gets sick of it and decides they want out of the deal.

No way. They're locked in at this point. NEVER, EVER take a co-signer off the lease. I cannot stress that point enough. Once the deadbeat stops paying, the co-signer is the ONLY WAY you'll ever get paid. There's no reason to take them off anyway. If the occupant tenant pays, there's no negative effect on the co-signer. If the occupant tenant doesn't pay, the co-signer is the only way you'll get paid.

The only reason co-signers want off the lease is that they are afraid of what will happen if the occupant tenant stops paying. If they are afraid, you should be afraid too.

My criteria for cosigners.

1) Excellent credit (720 or higher). No late pays, no collections, no bankruptcies. I want to see zero negatives on the report.

2) Must have at least 2x the rent in disposable income AFTER all of their household expenses are met. I determine this by looking at the most recent 3 months of bank statements and ensure the balance never dips below 2x the rent for my rental unit. That shows me they have margin and aren't living paycheck to paycheck.

3) Must live in the same county as the rental or an adjacent county. This is so we can get them served papers should it become necessary.

4) Must own their own home.

All of the above are non-negotiable. There's no point in having a marginal co-signer. We don't do a lot of co-signers any more. The ones who meet the criteria and who are crazy enough to sign on for someone else are few and far between, and the hassle often isn't worth it. I do maximum security deposit instead, if the person's issues are what I call "fixable".

Fixable issues include:

1) No rental history

2) Less than 90 days on current job

3) No credit history

Unfixable issues include:

1) Insufficient income

2) Bad credit

3) Bad landlord references

4) Evictions

5) Fails criminal background check

And so forth...

parent co-signer (by Ryan24 [MD]) Posted on: Mar 4, 2024 9:50 AM

The way we look at co-signors is... no cosignors. Or roommates. Now, the exception that you could consider if you wanted to would be - if the person would qualify with you and you would rent to them alone but they still offer a co-signor, then you can accept it because it wouldn't change your mind. If they need a co-signor to accept them in the first place then they are not someone that is a high quality tenant and that is asking for problems.

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