Posted by John Dockter on January 27, 2011 at 08:11:08:
Just make sure they both sign the lease and check out mama’s credit. Oftentimes people take good care of their first apartment, especially if mama is confident enough to co-sign. Have a heart, Ken.
Cosigners for apt - have you done this? - Posted by Erin
Posted by Erin on January 27, 2011 at 05:56:49:
I am a landlord and have experience renting, but have not come upon this (where I was willing to to look further). I have an apartment open at $450 per month witn an interested young mother (2 + 1 on the way) who receives $492 in state aid (plus food stamps). She is still living at home and this will be her first apt. I indicated she does not make our finacial requirements (min 2x the rent), but her mom indicated she would cosign for the apt. I am assuming (if I go forward) I would have to check her out (financially) just like I would anyone else. My question is - is there a special cosginer form I can use or would I just add her to the lease as if she were a tenant? Realistically, I have yet to collect money judgements from evicted tenants in this building, but I also remember getting the first place was difficult. To all the experienced landlords (and others with ideas), please let me know your valued advice. Thanks in advance of any input (and I shake my fist in advance of any spammers).
Erin
No - Posted by me
Posted by me on February 01, 2011 at 15:38:57:
I have a simple rule, if I have to ask, the answer is no.
Re: Cosigners for apt - have you done this? - Posted by Beachbum
Posted by Beachbum on January 27, 2011 at 22:02:40:
It has been common practice for me for many years-- “common”, NOT “preferred” practice.
Typically I will list the co-signer on the rental agreement as “guarantor, not an occupant”. Of course, the guarantor should be well above your normal credit threshold, as you must consider they have rent/mortgage and utilities of their own to pay, and trust me, they will pay theirs FIRST.
I will not accept a guarantor from outside the local area except in the case of parents taking responsibility for current students.
I will also not consider a guarantor if the occupant has poor (negative, vs. no,) credit or negative landlord references to begin with (income is a separate issue).
With any self proclaimed “first time” tenant (and, honestly, with ALL prospects), you need to make your expectations clear, up front, and explain the consequences of a “FAIL”. Just be sure to follow through. You may also need to explain how things work- like how to open sticky windows, how to use the disposer, how to handle their trash, etc. etc. Plan on spending time up front, and make sure they have adequate time so they don’t just rush out oblivious. This is MUCH easier, less costly, and less stressful than the process of reacting to problems after the fact.
One last tip- do not make the mistake of accepting a “Company” as guarantor. Always have a personal guarantee.
Re: Cosigners for apt - have you done this? - Posted by DJ-nyc
Posted by DJ-nyc on January 27, 2011 at 12:03:52:
you said it “she does not make our financial requirements”. Next!
DJ-nyc
Re: Cosigners for apt - have you done this? - Posted by Phil-TX
Posted by Phil-TX on January 27, 2011 at 11:57:39:
“young mother (2 + 1 on the way) who receives $492 in
state aid (plus food stamps). She is still living at
home and this will be her first apt.”
(2 + 1 on the way)…still living at home, this says it
all to me. Her mom wants to take her problem and make
it your problem and she is willing to sign a piece of
paper to get you to do it.
This young girl knows how to make babies. How many
daddies are there? What kind of “guests” will be
coming to your property?
I don’t want to seem harsh, but just from what you
posted here, my answer would be “NO, Thank you”.
Re: Cosigners for apt - have you done this? - Posted by Lin (NC)
Posted by Lin (NC) on January 27, 2011 at 08:48:37:
I name the co-signer on the lease along with the occupant. As for the situation you describe, unless the mother agrees to auto-deposit the rent straight into your account, I would pass on this applicant.
Lin
Re: Cosigners for apt - have you done this? - Posted by Ken
Posted by Ken on January 27, 2011 at 07:49:59:
I do not like to take people looking for there first apartment,they just cause too many problems.When I take co signors I just add them to the lease but they must be collectable or you wasted your time
Re: Cosigners for apt - have you done this? - Posted by Edwin
Posted by Edwin on January 27, 2011 at 23:54:30:
The applicant sounds like a loser. I wouldn’t rent to her. But in the future,when you accept co-signers always ask yourself what you’ll do if you need to ask the co-signer to pay the rent,etc. If they don’t have a good, steady job from which you can GARNISH THEIR WAGES, they are worthless as a co-signer. And that means a self-employed person is also next to worthless as a co-signer.