Prospective Tenants?

Husband and wife with a two year old kid. Husband just got hired two months ago as a help-desk tech for $25/hour, there is a letter proof. Wife does not work currently. Their take home money is $750 less than the 3 times the rent requirement. No savings. Currently they are living with friends to save rent money because they just moved back to IL from TX two months ago.

Sine they are $750 short, the husband's mom would like to co-sign the lease. The mom makes the same as the son does.

What do you think? Signing with them or move on?

Thank you so much in advance!

--67.165.xxx.xxx

Prospective Tenants? (by OPM [OR]) Posted on: Jul 7, 2018 5:37 PM
Message:

DOES MOM LIVE IN IL?

THE VETTING REPORT LOOKS LIKE WHAT FOR HER?

KEEP LOOKING UNTIL SHE COMPLETES A FULL APP --162.247.xx.xx

Prospective Tenants? (by Small potatoes [NY]) Posted on: Jul 7, 2018 5:41 PM
Message:

If the mom rents I'd pass. Still might pass even if she owns but I'd see what the background check recommends --66.87.xxx.xxx

Prospective Tenants? (by S i d [MO]) Posted on: Jul 7, 2018 5:48 PM
Message:

Before you do anything, think of what purpose a cosigner serves. They make the payment when the resident can't or doesn't. Can she pay both her expenses and her son's? If not, she's no good as a cosigner. I've almost completely stopped taking cosigners. Only for college kids now who don't have garnisheablr income or rental history. Basically the parents rent the house and the student is an authorized resident. --172.56.xx.xx

Prospective Tenants? (by Linda [IL]) Posted on: Jul 7, 2018 5:50 PM
Message:

Yes. Mom lives in IL. Actually, mom lives pretty close to this rental. Once I decide to rent to them, I will do a full check on the mom, too. Right now I am still on the fence.

Thanks. --67.165.xxx.xxx

Prospective Tenants? (by moby [IN]) Posted on: Jul 7, 2018 5:52 PM
Message:

Seems like a hassle to get the rent, surely there is a qualified applicant. --68.60.xxx.xx

Prospective Tenants? (by AllyM [NJ]) Posted on: Jul 7, 2018 6:24 PM
Message:

No. It's better for them and the child to stay with the mother until they can make it work. You won't get your rent and the mother will be intrusive to the couple at the apartment. I just had this situation and it was a mess and they left to get away from the cosigner --73.178.xxx.xx

Prospective Tenants? (by AllyM [NJ]) Posted on: Jul 7, 2018 6:26 PM
Message:

You said "once I decide to rent to them I will do a full check on the mom". No. That is backwards. You do a full check on the mom and if she is wealthy then you decide. But I'm telling you this kind of situation falls apart. The couple resents the mother's intrusion and she resents every penny they spend on something she doesn't approve of.

--73.178.xxx.xx

Prospective Tenants? (by Lynda [TX]) Posted on: Jul 7, 2018 6:54 PM
Message:

Linda, I agree with the respondents above. I feel sorry for these folks trying to start over--BUT

1-you will not do them any favor to lock them into a rent you know they can't afford--and neither can the mom.

2-SOOO many factors may not work out (job too new, only 1 salary, baby's or mom's health, stress at home breaks up the family, etc. They will end up back with the co-signer and you will have missing rent, court costs, a cleaning job ahead and another tenant search.

There are better tenants for your business out there somewhere. Don't let the urge to get it rented, or your urge to help people get in the way of finding the right tenant. Sorry but pass on these folks. --108.87.xx.xxx

Prospective Tenants? (by Robert J [CA]) Posted on: Jul 7, 2018 7:22 PM
Message:

When I rent to tenants with a long term job, good credit and savings, I always receive the rent on time.

When I rent to tenants who have no savings, marginal credit and a new job, there is a good chance they will be late paying the rent and if something goes wrong, such as:

A) A unforeseen car repair ( average repairs on an older car is $2,000 a year)

b) Sickness

c) Check lost in the mail and it's going to take 2 weeks to resolve

Therefor I'd rather have a vacancy until I find the right applicant. An eviction, loss of rent and repairs can run over $5,000--while a vacancy is only $750 a month.... --47.156.xx.xx

Prospective Tenants? (by nhsailmaker [NH]) Posted on: Jul 8, 2018 4:34 AM
Message:

do not let someone's problem become your problem. --24.34.xx.xxx

Prospective Tenants? (by WMH [NC]) Posted on: Jul 8, 2018 5:25 AM
Message:

$750 LESS than 3x the rent? NO way. 3x the rent is the MINIMUM, not the goal, and $750 is a lot of money!

Co-signer is useless.

Let them stay with mom until they are on their feet. --50.82.xxx.xx

Prospective Tenants? (by Vee [OH]) Posted on: Jul 8, 2018 5:27 AM
Message:

If the mom is the best rent producer you need to verify her before considering the younger generation who moved back to the area. --76.188.xxx.xx

Prospective Tenants? (by JR [ME]) Posted on: Jul 8, 2018 6:09 AM
Message:

How much is the rent? Utilities included? If he makes $25 an hour x 40 hours a week is $1,000 a week gross, probably $700 net. Times 4.33 equals approx $3,000 a month net. Plus the $750 a month this is short equals $3,750 times 0.33 = $1,250 a month rent.

$3,000 - $1,250 = $1,750 for everything else a family of three needs. This is tight, but absolutely doable. $25 and hour Mom as co-signer probably won’t be able to help much as she is stretched, too. Do as you see fit. --174.192.xx.xx

Prospective Tenants? (by myob [GA]) Posted on: Jul 8, 2018 6:27 AM
Message:

My thoughts are consistant on this. Is the mother 'collectable" if sonny boy defaults? what is her credit?

double or 2.5X's deposit and get co signer. --99.103.xxx.xxx

Prospective Tenants? (by Jim in O C [CA]) Posted on: Jul 8, 2018 6:58 AM
Message:

Put me in the PASS column. --75.22.xx.xxx

Prospective Tenants? (by JB [OR]) Posted on: Jul 8, 2018 10:55 AM
Message:

Pass/Fail:

Verifiable rental history??? NO

New Job: NO

Living with family NO

Savings NO

Chances of success...........NOT GOOD

I'm passing.

--50.45.xxx.xx

Prospective Tenants? (by cjo'h [CT]) Posted on: Jul 8, 2018 2:48 PM
Message:

Linda,Dr.Mike in Maine did the math for us.A lot depends on the kind of a day it is,your own mood and Heaven knows what else,will still boil down to your own decision..............charlie................................................... --174.199.x.xxx

Prospective Tenants? (by cjo'h [CT]) Posted on: Jul 8, 2018 3:00 PM
Message:

Linda,$25 an hour is pretty good.I made $1.25 an hour and only £20.00 in my pocket,all I had in the world,survived,He should be able to also........charlie......................... --174.199.x.xxx

Prospective Tenants? (by Andrew, Canada [ON]) Posted on: Jul 9, 2018 4:24 AM
Message:

In my market, I could find tenants with a much lower risk.

Is this stnd calibre of tenant for your area?

Have you done credit checks on the mother and father?

Personally I would pass, as ontario is landlord hostile and we simply cant afford to take unnecessary chances on tenants. --70.29.xxx.xxx

Prospective Tenants? (by Jen Z. [CT]) Posted on: Jul 11, 2018 7:00 PM
Message:

I wouldn't rent to these people. Here's why - they have been living with friends for 2 months to save $$ yet they have no savings? Not to mention the whole co-signer thing. Two adults with children who need a co-signer from the grandmother. --32.211.xxx.xxx

Prospective Tenants? (by Jen Z. [CT]) Posted on: Jul 11, 2018 7:00 PM
Message:

Prospective Tenants? (by Drew [CO]) Posted on: Jul 11, 2018 8:29 PM
Message:

Not sure what your rental pool is like there, but I pass on those who do not meet min income requirement (3x) and are staying with family or friends “until they get on their feet.” I have rented in similar situations and while they were good people, they had regular difficulty in coming up with rent on time and seemed to take more of my time and energy. Add a 2 year old terrorist? Nope. --172.58.xxx.xxx

Prospective Tenants? (by bet [MA]) Posted on: Jul 13, 2018 6:50 PM
Message:

All great advice. I look at like this. 3 people in the apt, one person making the money 1/3. What happens when he doesn't. I like to make sure as many occupants as possible have income. 2 adult/ 2 kid ok. one adult 3 kids no good --74.104.xxx.xxx

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