Evaluating Applications

[Brianna H.]

Howdy!

My husband and I just bought our first investment property! We received our first applications for the rental, two friends in their mid-twenties. They are both living at home with their parents currently. Do I call their parents as a reference? If so, what questions do I ask?

I will also be calling their employers tomorrow. Please give me any advice you have. I know about the typical questions (are they currently employed there, can you verify income, how long have they worked there). Is there anything I am legally not allowed to ask?

Thank you in advance!

[Account Closed]

My criteria was that they must be employed for at least a year and have more good credit than bad. I always ran a credit check as well on every one who would be on the Lease Agreement. 

Since this is their first adventure away from the nest, I would ask if their parents would be willing to co-sign for at least one year, at which time, the parents would be removed from the lease and these two young whipper snappers would be on the lease by themselves after that.  (Parents would each need to qualify as well- e.g., credit check)

If the parents won't consent to this, then they don't have faith in their children, so why should we?

I started many young people on the way to learning responsibility and how to manager their finances by having their parents co-sign for the first year.

So the answer is...........CO-SIGNERS !!

Nancy Neville