All Forum Posts by: Ashley Cann

I just wanted to thank those of you who replied.  We went with other tenants.  Got it rented for $1300 a month.  Yay!  Signed the lease yesterday and got first and last months rent.

Also we have someone coming to view the place tomorrow so if they put in an application and qualify without guarantors then maybe we should just go with them.  Or I can re-post the ad and hope for more interest.

Pam, I think you are right.  I need to stick to our acceptance criteria.  I did set that out in our application which states:

.Income. Combined monthly income of all tenants must be at least three times the monthly rent. You must be able to prove at least one year of employment immediately preceding the date of your application. If you have been a full-time student at any time within the past year, we will require you to have your lease guaranteed. If you are unemployed or recently employed, you must provide proof of a source of income (such as a hiring letter or pay stub). If self-employed, a verifiable tax statement showing earnings from the previous year must be provided.

Rental history. You must have satisfactory payment history or mortgage payment history. If you have ever been evicted or sued for any lease violation, your application will be rejected.

Credit history. Your credit record must currently be satisfactory. If it is not, your application will be rejected.

Guarantors. If you do not meet one or more of the above criteria, you may be able to qualify for an apartment if you can get a third party to guarantee your lease. The guarantor must pass the application and screening required for guarantors.

So basically from that, because of the lack of rental history, and the one guys credit history, that I should let them know that we can only rent to them if their parents are willing to cosign for them, and that their parents must pass the standards listed above.

I think it is both lack of history and one delinquent payment.  There is a $300 unpaid collection from his old college from 2013.  And it seems the only other credit history he has is from a cell phone which shows no missed payments.  His score is 551.  He has no credit card or any other inquiries listed.  

I used Tenant Verification Services to get an Equifax Credit Decision Report.  

So, my husband and I finally finished renovating our basement into a two bedroom apartment.  We have one application so far, 2 young men, 22 and 23, first time renters.  One of them has good credit, the other not so good.  Their combined income more than satisfies our criteria, but the lack of rental history and the bad credit on the one guy makes me wonder if we should pass on these guys.  The only way I would consider them is if the parents of the low credit score applicant will cosign for them.  Or should I have both of their parents cosign for them since neither have rented before?  Or should I just pass on them a wait for another application to come in?

Maybe check with First National for a mortgage.  They have a rental program for non-owner occupants on 1-4 units.  I have my primary mortgage with them and found that out while browsing their website.

I would be interested to know which bank you used.  Was it a major bank or a credit union?   I've been looking into hard money and private lenders recently, but if I could put a lien on our first property to buy our second with a conventional mortgage that would save on interest costs.  Knowing which bank or credit union you used would be good information to have to approach my own lender with.