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Updated almost 7 years ago on . Most recent reply

User Stats

89
Posts
20
Votes
Patrick M.
  • Investor
  • Chatham County, NC
20
Votes |
89
Posts

Critique My Approach to Co-Signors/Guarantors

Patrick M.
  • Investor
  • Chatham County, NC
Posted

A single mother who work part time has asked me about renting my unit. My docs have a 3x the rent requirement. She says she is a preschool teacher working part time and her parents help her with the rent. She said that there could be multiple months prepaid up front for security, and that she has an "excellent rental and work history" on which I presume she is comfortable sharing details.

I would screen any guarantor the same way I would screen someone living in the unit, and I am thinking about a 6-month lease term with some level of prepayment, but not full prepayment to make eviction easier if things went bad.

What do you think? 

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