Co-signers? (skittish from bad experience)

[Clare Cui]

Hello all,

I do a rent by room strategy outside of Denver proper, and in the past have been burned a common denominator of two tenant that I allowed co-signers were not a good fit. One tenant in particular that was a nightmare (we had to evict and learned some HARD lessons with house standards), which impacted another tenant who started also being difficult. 

Currently I'm having a hard time filling my rooms, and it's making me re-think should I allow cosigners if I screen them more? 

Or just hold on tight to my standards even if theres a vacancy? 

Open to how you screen and prevent problem children! 

[Bill S.]

@Clare Cui so I don't have an answer. Generally speaking, I avoid co-signers. If I allow them, they must own real estate and have impeccable credit. It has been my experience that problem children will present themselves in the screening process if properly screened. My advise would be to do more phone calls to past job references and living situations and ask open ended questions. If you are careful and listen well you will be able to see through the smoke and mirrors to the real applicant. Also the market has softened and it take longer to fill vacancies. Be patient. The days of posting on Friday and having an approved applicant by Sat pm are gone for the time being. Stay the course and look at upping your marketing approach. Get better pictures, stage the space and make sure it looks and smells great.