Co-signer
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Co-signer (by Hoosier [IN]) Jun 11, 2018 8:12 AM
       Co-signer (by S i d [MO]) Jun 11, 2018 9:11 AM
       Co-signer (by NE [PA]) Jun 11, 2018 9:30 AM
       Co-signer (by rentON [PA]) Jun 11, 2018 10:36 AM
       Co-signer (by Oregon Woodsmoke [ID]) Jun 11, 2018 10:49 AM
       Co-signer (by Still Learning [NH]) Jun 11, 2018 1:47 PM
       Co-signer (by Rick [IN]) Jun 11, 2018 4:48 PM
       Co-signer (by razorback_tim [AR]) Jun 11, 2018 5:08 PM
       Co-signer (by Hoosier [IN]) Jun 11, 2018 5:19 PM
       Co-signer (by BRAD 20,000 [IN]) Jun 13, 2018 2:16 PM
       Co-signer (by BRAD 20,000 [IN]) Jun 13, 2018 2:17 PM
       Co-signer (by NC INVESTOR [NC]) Jun 13, 2018 5:12 PM

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Co-signer (by Hoosier [IN]) Posted on: Jun 11, 2018 8:12 AM
Message:

Under what conditions do you require a co-signer? I've only done this once, a couple had a short income history. What other things would cause you to require one?

Thanks

--99.92.xxx.xxx




Co-signer (by S i d [MO]) Posted on: Jun 11, 2018 9:11 AM
Message:

I require co-signers for people with insufficient positive references, but I do not allow co-signers for people with negative references. That makes the number of scenarios I will accept a co-signer very limited. For example, I will allow for a college student who has no rental history (and passes all other criteria), but I would not allow for someone with a criminal record or who was evicted and never paid off their land lord.

Co-signers are there for folks who are potentially good residents, not for people with bad history.

My requirements for a co-signer (actually, I make them co-tenants on the lease....makes it easier to enforce in my area):

1) Income minimum 6x the rent + their home payment.

2) Owns local real estate.

3) Has checking account with average monthly balance of $2000 (in case I need to garnishee)

4) No negatives on credit report, which usually translates to a credit score of 680+. --173.19.x.xxx




Co-signer (by NE [PA]) Posted on: Jun 11, 2018 9:30 AM
Message:

I don't take co-signers. I want qualified, self-sufficient people. --50.107.xxx.xxx




Co-signer (by rentON [PA]) Posted on: Jun 11, 2018 10:36 AM
Message:

I avoid cosigners too. If the applicant doesn't qualify on their own I don't want them.

--201.202.xxx.xx




Co-signer (by Oregon Woodsmoke [ID]) Posted on: Jun 11, 2018 10:49 AM
Message:

I only take a cosigner when the applicant is short on references. Never when the applicant fails an aspect of screening.

Cosigner must have excellent credit, 6 times the rent, and be able to show that he can meet all of his own expenses plus pay the full rent amount every month.

I took a cosigner for a college student who was just moving out of his parents. Parents owned their own house and had high credit scores.

I took a cosigner for a young couple just getting back from two years in Korea teaching school. Lack of landlord references, both already had jobs, both over 800 credit scores. Cosigner had a high paid job, owned real estate, and over 800 credit score (my only out of state cosigner)

I took a cosigner for a newly divorced woman who had never rented before. Her doctor cosigner got tired of paying her rent and bought a house for her to move into. He said if he had to pay for a place for her to live, at least he was going to build equity.

Those are the only times I've taken a cosigner. I get lots of offers from unqualified people to cosign for unqualified tenants, but I turn it down. --174.216.xx.xxx




Co-signer (by Still Learning [NH]) Posted on: Jun 11, 2018 1:47 PM
Message:

I typically use co-signers with grad students, someone coming out of their parents home without any landlord references and doesn’t have employment history, a young couple where one is still in school, or only one has job due to just moving to the area, etc. Primarily young people just starting out. --24.61.xxx.xx




Co-signer (by Rick [IN]) Posted on: Jun 11, 2018 4:48 PM
Message:

What rentON [PA] posted. --75.104.x.xxx




Co-signer (by razorback_tim [AR]) Posted on: Jun 11, 2018 5:08 PM
Message:

I would love to have a co-signer on every lease. I want them to own real estate in the county where the rental is located so that I can attach any judgment to the real property. I will take a co-signer on any lease but the tenant has to be someone I would rent to anyway. You would be surprised how many offer a co-signer or how many will have one if you ask. --70.178.x.xx




Co-signer (by Hoosier [IN]) Posted on: Jun 11, 2018 5:19 PM
Message:

Thanks everyone, great responses. I did one recently with a tenant that checked all the boxes except length of work history. The co-signer had good income and owned a home...which one of you mentioned was good so you can get judgment on property.

Thanks again! --99.92.xxx.xxx




Co-signer (by BRAD 20,000 [IN]) Posted on: Jun 13, 2018 2:16 PM
Message:

Hoosier,

If they cannot qualify on their own they don't qualify.

This has greatly reduced drama and chasing rent.

Also, I will not be their first LL. Helps a LOT!

BRAD --68.50.xxx.xxx




Co-signer (by BRAD 20,000 [IN]) Posted on: Jun 13, 2018 2:17 PM
Message:

19 to go!

BRAD --68.50.xxx.xxx




Co-signer (by NC INVESTOR [NC]) Posted on: Jun 13, 2018 5:12 PM
Message:

When I take full time students who have well heeled parents. If their parents won't guarantee them why should I? --71.75.xx.xx



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