All Forum Posts by: Christopher Lim

Thanks Bjorn and Julie, Applicant 2 is using a parent as cosigner, so I will at least consider this.

@Mary M. Thank you for bringing this up! I'll to double check local laws just to I protect myself from any discrimination.

Hi All,

I'm down to 2 prospective tenants for my first rental and was wondering if anyone had any experiences with co-signers? One prospective tenant has a decent income and is keeping under the "30% of your income as rent" guideline, while the other is above that, but with a substantial guarantor. Does the prospect with a cosigner present less risk with a cosigner or more risk based on income? Both applicants passed background checks, but different credit scores. Should I skip both and hold out for a better tenant?

Applicant 1 - Income 65k (29% of Income as rent), ~670 credit score

Applicant 2 - Income 50k (new job) + Cosigner 240k (39% of Income as rent). Both ~770 credit score. Based on estimation, they would have ~700/month leftover for food, gas, car, etc

Current rent 1600 (includes utilities)

Thanks everyone for your responses, based on all the incite it seems like it most likely will not be worth splitting the cost. I'll be letting the water company solely upgrade my water meter.

Most likely, I'll be following @Lam N.'s lead by including the cost of utilities into the rent itself.

@Joe Splitrock it didn't even cross my mind that my property can have a lien put on it due to a tenant's non-performance. It's a very good point and for that alone, not worth the risk. Really appreciate your thoughts.

Hi All,

My water company called out of the blue to have the water meter replaced; they are planning to replace all the meters in my neighborhood as part of their upgrade cycle. I figured this could be a a good opportunity to separate the service, but I am unfamiliar with the cost. Does anyone have experience doing this during an upgrade cycle / off cycle? I'm looking to get a better understanding of what this could cost and whether this makes sense to pursue?

I just purchased this duplex, in Northern NJ, as a house hack and my rental unit is about to go on the market. I'm willing to absorb the vacancy for a little longer if this would make sense to pursue.

Thanks!