Would you rent to this tenant?

8 Replies

Hi

 I'm new to BP.  I have a question regarding a rental applicant who has moved from Korea to here recently so has very little credit history and has only a relative for rental history and is self-employed.  A relative has agreed to co-sign.  Would you process the co-signer in the same way as if they would be renting the place?

Thanks

Hi I just moved from south Korea as well.

What were they doing in south Korea?

I was an English teacher who had built up a good amount of savings.

if you want to rent to them but are unsure get a bigger deposit.

I don't make co-signers fill out the full application typically, but I make them sign the credit / criminal check authorization and still run them. 

yes process the same way

Look at there history etc

Yes, but I would make the relative a "personal guarantor" not a co-signer.  A co-signer would have the right to occupy the place, and I am assuming you don't want that, you just want a second person to chase in case this guy doesn't pay.

Ask for more deposit and also have the co-signer as a personal guarantor.

Be careful before you charge more as a deposit. My state has a limit that the deposit can only be equal to one months rent. 

Originally posted by @John Van Uytven:

if you want to rent to them but are unsure get a bigger deposit.

 This is solid advice. As long as the co-singer is good for it I don't see any reason not to rent.

Thank you everyone for all your input!

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