How do you qualify a young renter?

[Tony Crabtree]

Been sitting with a vacant property for far too long. I think it’s mostly because of some rednecks next door who are waving confederate flags in their backyard.... classy. I know.

But I have a renter who just applied.

Pros: willing to pay 6 months rent in advance

- large cash reserves

Cons: 23 years old

- no renter history.

- self-employed and no tax returns

Would you qualify this tenant?

I asked him to get a co-signer. He said he doesn’t have anyone who is willing to do that for him.

Thoughts?

I considered asking him to double his security deposit. But not sure that would fully help alleviate the risk. Mostly worried he will trash the place.

[Thomas S.]

Pass. Reasons..... 6 month pre pay bribe, no rental history at 23, self employed, no tax returns and no one willing to co-sigh are all major red flags.

A vacancy will be far less expensive than a eviction but if you are desperate take the bribe, charge a 2 month deposit, sign a M2M lease and take your chances.

Make sure you have all the money in cash before you hand over the keys.