overseas co-signer anybody done this before?

Question

I was wondering has anyone rented to a young person who's family lives overseas? I am currently in a situation that a young girl who is living here going to school and working has no credit, and her parents gift her a large sum of money every month. I'm just wondering can you get a co-signer from china? Would it do any good? She seems very nice but no credit is always a concern. She does have 3 years of rental history but that's all.

Nathan Gesner · Answer

No. I don't even rent to people that are here on a visitor visa, student visa, temporary work visa, etc. First off, people from different countries may not know how to live in an American home. This may seem silly but many Europeans don't even have the same appliances, heating systems, sewer systems, etc. This can cause a lot of problems. Second, if they pull stakes and leave the country, you will be left with no recourse to get the money back.

I would only recommend this if they pay a significant deposit of 3x rent or maybe the entire term in advance. Check your state law to see if that's even allowed.

Al Williamson · Answer

Kevin,

I'd say her credit history is as good as her actual payment history at this point.

Kevin Lehna · Answer

@Theresa Frazier I'm sorry I never got a notification. I currently rent it for $1750 it's a 5 bed 3 bath. The most important thing is being on one level. The lease is one I bought off of the BP website.

Theresa Frazier · Answer

hey, saw your post about rent/leasing your house as afoster facility. I'm in the Medford, Oregon area and was wondering how much you ask for rent on a 4 or 5 bedroom? I have a house that would make a great foster residence.

Kevin Lehna · Answer

This is kinda what I was thinking thanks Bill.

Bill Hamilton · Answer

Having a co-signer in China would do you no good. How could you possibly collect from them if their child defaulted? Even if you got a judgment, I doubt you could enforce it and if you could, the cost would be prohibitive. But, the potential renter has a job and a three year track record. Ask for a large enough deposit to make you comfortable. Others will probably disagree but that is how I would approach it.

overseas co-signer anybody done this before?

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