Accepting Rent Payments from Trust Fund

[Christopher Freeman]

Good evening all!

I have a rental applicant who does not currently work, and who wishes to pay for the rent out of a trust fund. His financial advisor reached out directly to explain that he can co-sign the lease and attest that the trust has sufficient funding to pay the rent.

This is the first time I've encountered this particular nuance in an application and, while balance of probability suggests this is most likely legitimate, I'm still a little leery. Has anyone encountered this before? What documents should I be requesting in order to confirm to my satisfaction that the trust is adequately funded?

I looked up the company that represents the applicant and it seems legitimate. The applicant is somewhat eccentric but seems both decent and qualified otherwise.

Thanks for the help!

[Zachary Corum]

The way we have always handled a situation that requires a co-signer is to vet them as if they will be living there with the tenant.  Full application, background and credit check as well as following up with any references, etc.  If this spooks the applicant we know to move on.