Updated almost 9 years ago on . Most recent reply
help with tenant screening
I just bought a duplex less than a month ago and am trying to rent it out. I have a couple that is moving to the cities and they have a savings. I haven't run their reports yet, but I wanted to get some thoughts before possibly moving forward with them. One will be going to school for her masters and her schooling supposedly covers room and board. They are married. Her husband is in marketing and doesn't have a job lined up. They are willing to pay 3 months rent up front and have cosigners available. So neither will be working when they move down here.
Am I asking for trouble by letting them move in? They seem decent. Does having a cosigner count for much? All of this assuming they pass a credit/background check, but I'd rather not even get their hopes up by letting them fill out an app and wasting their time and money if this isn't a good fit. Thoughts? Is there anything I'm missing? Thanks in advance!
Most Popular Reply
I wouldn't do it and here's why. Neither has a job at this point,so how are they going to pay the rent in month 4? You won't know if the husbands income will be 3 times your rent until he gets a job (if he gets a job). If the cosigner is out of state, you won't be able to collect anything even if you get a judgement. Even if the cosigners are in the state, collecting a judgement is almost impossible unless they sell a property and you have a judgement in that county. What is the cosigners credit like? Have you met them as well? Too many holes, I would tell them they don't meet your requirements and continue to look for a different tenant. You are always better off to not have a tenant then to have a tenant that isn't paying.