All Forum Posts by: Iesha Padilla

If I had multiple applications I would pass

if not I would say WOW you are so close but not quite. However if you would like to put up an additional month for security deposit I can make it work 

I love that you're recognizing the red flags. I see a lot of them as well.

I would sit down with your husband and write out criteria for who you will rent to.
Minimum credit score (650is a number I see frequently)
Minimum income (3X rent, verifiable by check stubs and a call to HR) 
Maximum number of tenants in the unit (most places state 2 per person, plus one additional person)
Pets (yes or no. Deposit or fee? A deposit is refundable, a fee is not)
Past Evictions? (some states do not allow you to screen for past evictions, learn your landlord tenant laws)
Criminal History? (Again, some states do not allow you to screen for criminal history.)
Landlord Referral (not the current landlord, the one before that. If they won't answer, that's an answer itself.)

Please note that you cannot discriminate against any number of reasons that are found in fair housing, including familial status, race, gender, sexual orientation among many others.

Write out your criteria and do not deviate from it. So many new landlords will let their criteria down a little for someone. Don't be tempted. It never ends well. I've heard countless stories of landlords who say "My worst experience with a tenant was when I made an exception.

Screen over the phone before giving the address and setting up a showing. If they don't meet your criteria, then they don't get the information. 

If you catch them in ANY lies, they are out. 

Get yourself a rock solid lease. 

Never accept partial rent payments or partial deposits. You want tenants who can easily afford the property, not excuses for why their rent is late.

In general, having a solid co-signer--or even better a guarantor-- is better than not having one, but none of this seems great. Pass. A co-signer has some rights to communication etc but a guarantor is just putting their money and credit on the line to support the applicant.

@Iesha Padilla good.  Whew.  It appears to me that these applicants don’t meet your income criteria.  Always be careful that you don’t say (verbally or in writing) any more than you have to. I would continue your search.  The father has presented himself as a co-applicant and resident, yet you have now found out that he will rarely be at the property. Chances are he will never be at the property. You didn’t agree to add a cosigner, you agreed to add a co-applicant and a resident.   Thank them for their time in coming to the walk-through, and take some more applications.  This will hardly be the last applicant that you have to disappoint.

@Iesha Padilla Where are you in the process?  Do you have a fully-executed lease, or was the walkthrough simply showing them the unit?  What is your legal responsibility if you decline to rent to them at this point?  Just trying to get more info here....

I'm sorry, but is there any reason you don't want him on the lease or being used as a co-signer @Iesha Padilla? If yes, then be worried. If no, then proceed as you normally would. 

What is father's mortgage taxes, insurance HOA? Take that out of the $4500 can he make it alone? My thought is pass