How deeply do you look at credit risk?

[Albert Johnson]

Hi, I have an upcoming unit that will be available. My current tenant is saying her son wants to rent one of my units to be closer with their kids. The current tenant says their son's credit score is really low because of his divorce. 

However I have a pre-screening rule of having major concerns such as bankruptcies, bad credit, crimes against people etc..  My minimum credit score I will accept is 620. I mentioned this to other tenants who were interested.

However, the tenants mom is saying they can co sign for them. I have never done this with another tenant.

So how deeply do you look at credit risk? And your thoughts on how to proceed?

[Jay Thomas]

You've got a situation on your hand, but there are ways to navigate it while protecting your investment. The current tenant's son has a low credit score, possibly due to past financial struggles from a divorce. However, his mom's offer to co-sign shows commitment to ensuring rent payments. Remember, a credit score isn't everything, so stick to your screening criteria but also consider rental history and employment. Co-signers can add security, but check their creditworthiness and have a clear agreement. Gather all info, review thoroughly, communicate openly, and consider a higher security deposit if needed before making a decision.