All Forum Posts by: Vasudev Kirs

thank you @Atul Mohlajee!

Thank you @Nathan Gesner!

Thank you but I am referring to rental lease and not mortgage payment. I am a landlord who is trying to lease rental unit.

Does anyone have experience with out of country cosigner?

I have a prospective applicant who is interested in filling out application. So far they have seen pictures and recorded video of the place. Unit will be rented for their son who is going to university. 

What are the challenges with out-of-country cosigners?

Anyone?

Is it better to have both the parent and son on the lease and then have a separate guarantor agreement?

Are there any free public sites to verify criminal and rental history in california?

They did not mention if they will be the cosigner or applicant. What is preferable option - should I ask them to be the applicant or should their son be the applicant and parent be the cosigner?

Should I require both of them to pay application fee or only one fee?

Prospective tenant is interested in starting application process for my rental unit. They are out of state and their son is attending university and will be the co-signer. This is my very first time renting the unit as I purchased it a couple of months ago.

Though they are requesting application, but being out-of-state is not instilling confidence in me. 

I will be using mysmartmove for application. I did clearly mention the application criteria where I have minimum credit score required.

Am I overthinking? 

Is there anything I can do as a  due diligence to screen them? 

What are some of the criteria that you use to forego previous rental references as it is their son who will be renting?

Are there any sites where I can check their criminal and evictions if any? I think they are from CA.

Thank you!

Quote from @Dee Mandrekar:

What is frustrating here is that a tenant can do whatever they want and walk out clean to go next and cheat another LL. There should be a red flag for the next LL to know that this tenant is not to be trusted. So I am more keen on sending the dues to collection agency so at least it will be a red flag on their credit report. Has anyone seen issues with doing this? what can be some of the cons?

Extremely sorry to hear about your saga. Did they provide prior landlord references and did you talk to those references prior to approving them as tenants? Is there something you can change in your screening process?

Quote from @Eric Justice:

Quote from @Vasudev Kirs:

Quote from @K S.:

I would not buy a condo in san diego with all cash regardless of how high interest rates were/are. what was your reasoning behind buying it with cash - just curious.

The reasoning for all cash seems to have benefits. I think this would even make an entire economy better. If someone were to buy a property in all cash, there would be less of a need to rely on steady income to pay for housing/living. If someone only had to pay for homeowners insurance and property tax, savings would increase substantially (owner does not have a mortgage). A mortgage is, “a legal agreement by which a bank lends money in exchange for taking title of the debtor’s property. The conveyance of title becomes void upon the payment of debt.” (New Oxford American Dictionary)

If you pay for a property in all cash, there is no need for a mortgage. There is no interest rates when you have no loan. The owner would hold title. 

I agree. My statement was in reference to a condo which can have other expenses like HOA and low appreciation compared to a house.