Oklahoma - Cosign A Lease For Freshly Graduated Students

[Sarah Nguyen]

I would like to ask for instructions on how to handle the Cosign Rental Application package.

2 College students want to apply but they don't meet the financial/income requirement.  They said the four parents can and would be willing to cosign the lease.  My question is, would you recommend both sets (4 people) of parents to fill out the Co-Signer Rental Application   separately or do I just need 1 co-signer (either dad or mom) for each tenant?

Also, is the Tenant Application form different than the Co-Signer Application form?

Thank you so much in advance for any knowledge you share on this subject.  If you can list the steps of the application process it would be very helpful.  This will be my very first rental unit and I will document every piece of information I am learning along the way.  Thank you for taking your time to post your information.  I love and have learned so much from this BP forum.

[G. Brian Davis]

Hi Sarah, and congratulations on the first rental!

Regarding whether to have all parents fill out rental applications, I would, to be on the safe side. It's probably not necessary if only one parent is the breadwinner, but better safe than sorry.

You can use a standard rental application form for co-signers.

Once you've collected rental applications from all applicants and their co-signers, run credit reports, criminal checks and eviction reports on them. Either charge these directly to the renters, or collect application fees to cover your costs. 

Call the applicants' employers to verify their income, employment history, and likelihood of continued employment. 

Call their current and former landlords, to verify their housing history and rent payment history. 

I also like to visit applicants at their current home as well, to see how they treat it.

Also make sure you sign a comprehensive, state-specific lease agreement!

Best of luck!

Brian