Accepting applications and Guatantors
Hello my fellow landlords,
I have listed my first property and have my first applicant. I have a couple of questions regarding doing due diligence on applications. I have set a minimum standard of 3x income. rent is 1500/month so annual income of 54K or 4500/ month. Applicants income is 4450 per month and has listed a guarantor. Tenant has put down a guarantor on application. Does Guarantor need to fill out application as well and does guarantor put any money down as well? In addition to that Guarantor is tenants current partner and they currently live together so the current landlord is also the guarantor. Meets credit score requirements of greater than 625 although did have an account that had some issues on record, but was paid off and has had 100% on time payments for the last 3 years. No criminal or eviction history. Any advice would be greatly appreciated.