Co-signer requirements for rental applicant

[Kara Jordan]

My husband and I are in the process of finding tenants for our first true investment property (second rental). I’ve had two inquiries but only one who has responded to my prescreening questions so far. In my ad I am clear about my requirements (3x rent, no pets, no smoking, credit score 650 or above...). In her response she said that she has an ESA and her roommate has a dog. She also said that since they are young they meet the income requirements but may not meet the credit criteria and asked if we accept co-signers. We have never done a co-signer before, so I’m torn if that would be a good idea or not. If we do I would want to verify income, and do a credit check but I’m not sure what income level we would look for. Wondering if we should pass since they technically don’t meet two of the criteria (I know can’t deny due to ESA). Or I’m wondering if the co-signer seems reliable if we should be flexible on the dog part and require a non-refundable pet deposit and pet rent. Or wondering if we should do twice the security deposit if not meeting credit criteria? Thanks everyone for any advice you have!!

[Thomas S.]

What I have read in your post is that you have screening standards but are prepared to completely ignore those standards and accept a applicant that does not even come close to qualifying. If that is the case you are off to a very bad start in this business if you go down that road.

If you have screening standards why would you be considering accepting any applicant that does not qualify.

If you compromise your standards you are opening the door to failure. Don't ever try to find ways to make a clearly unqualified applicant fit. Co-signers do not provide you with any more security.

You need to add a new screening standard...we do not accept co-signers.

Why are you wasting time on this applicant, are you a despirate landlord ????.  Pass please.