Tenants with Guarantors
I’m looking to rent an apartment and have several interested people who are freelancers or students interested in having their parents be guarantors. How do you ensure that the guarantor is really responsible for the lease – have them co-sign? Do you check the guarantors’ credit and have them fill out an application? Not sure…
I’m looking to rent an apartment and have several interested people who are freelancers or students interested in having their parents be guarantors. How do you ensure that the guarantor is really responsible for the lease – have them co-sign? Do you check the guarantors’ credit and have them fill out an application? Not sure how to handle this. Thanks for the advice.
Yes, you should check credit and verify income. If approved, you should insist on getting the guarantor letter/lease notorized if they are not signing in person. I know some LL’s prefer Instate, tristate guarantors only so bear that in mind, the closer the better.
YES YES and YES.
Get a signed lease by the parent, get copies of their w2’s and paystubs as well as a credit check. You should be able to determine if the parents can pay all the bills for both places before you make your decision.
Treat it like a bank transaction. Obtain all the information from the parents that you had to provide when going for a mortgage.
Credit check
Paystubs
Bank Statements (in case you have to put a lien on their accounts in lieu of non payment)
w2s
Signed Lease
That should work.
Yes, definitely do credit check & get notarized signatures on the lease in their names.
My husband and I rent to college students and we have the parents sign the lease c/o their children who will be living there.
Ask for a copy of their drivers license and request a credit check as well. If they are serious about their children staying and they are mature enough it shouldn’t be an issue.