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Updated almost 7 years ago on . Most recent reply

User Stats

318
Posts
156
Votes
Isiah Ferguson
  • Investor
  • Charlotte, NC
156
Votes |
318
Posts

Potiential tenant wants to have her dad to co-sign!!

Isiah Ferguson
  • Investor
  • Charlotte, NC
Posted

Over the course of 1 week I’ve had roughly 8 potiential renter leads. It is not listed on no platforms but I do have a For Rent sign in the yard. It’s a newly renovated 2bd/1bth and I have it listed for 795$ Per month. 795$ I believe is at the very top of the rental market in the area and most leads mention the price is too high. 

I did do a showing today with a young couple in their late 20s and their expecting. They both have job and potential income for both monthly is roughly $2,400. They were excited about the unit and is willing to pay $795. Their income is kinda low and the woman has a prior eviction from 4 years ago. 

I might be thinking to much into it but I’m not sure if I trust the potiential of the tenants and their ability to pay. 

They did mention getting a co-sign from their father. How do I go about that when it comes to renting the unit to them ? Do I put the dad on the lease ? Or should I make a separate agreement for him ? 

Most Popular Reply

User Stats

9
Posts
4
Votes
Amber Knight
  • Boise, ID
4
Votes |
9
Posts
Amber Knight
  • Boise, ID
Replied

If you're in a high demand market, I'd recommended holding off for a better applicant. 

Tenants with co-signers can have less respect for a property- the fact they have an eviction on record means paying rent isn't their highest priority and the high rent-to-income ratio is a third warning indicator. That's enough to move on if you have better options. 

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