Guarantor for Renter

[Raveendra Singh]

Hi BP Community.... First of, thank you so much for all your comments and help. "Its like having elders for support when you are discovering the world."

I recently posted question about the screening criteria. I came across a situation where the renter has no rental history.  They have secured a very good job at a good company, they pass the other standard criteria such as good credit score, Income, etc.
I have 4 questions. 

1. What screening criteria should i have for Guarantor . in my case they are parents of renter and are retired. What should be my focus as a landlord.  
2. Should i request background check on Gurantor like I would for renter.

3. Should the guarantor fill the application, should their name be on lease or just as guarantor. 
4. What is your typical criteria to take guarantor off the lease - Once renter has shown "xyz" for how long ? 

Thank you !! 
RS
 

[Drew Sygit]

Quote from @Raveendra Singh:

Hi BP Community.... First of, thank you so much for all your comments and help. "Its like having elders for support when you are discovering the world."

I recently posted question about the screening criteria. I came across a situation where the renter has no rental history.  They have secured a very good job at a good company, they pass the other standard criteria such as good credit score, Income, etc.
I have 4 questions. 

1. What screening criteria should i have for Guarantor . in my case they are parents of renter and are retired. What should be my focus as a landlord.  
2. Should i request background check on Gurantor like I would for renter.

3. Should the guarantor fill the application, should their name be on lease or just as guarantor. 
4. What is your typical criteria to take guarantor off the lease - Once renter has shown "xyz" for how long ? 

Thank you !! 
RS
 

How "deep" is their credit report?

How many active tradelines at least 24 months old? 12 months old?

If they have enough credit why do you care about rental history?
- You could inspect property every 3 months if you're worried about damages.

If you go cosigner route:
1) Cosigner fills out app, supplies all same info and you do background check
2) They sign the lease as a, "Non-occupying Guarantor"
3) Maybe agree to remove them after 12 months of acceptable payments AND inspection showing the property in acceptable condition.