Co-signer screening? Advice? How to?

Question

Hi BP,

A prospective tenant has just started a new job and I requested having a co-signer on the lease.

How do I screen the co-signer? I have the addendum ready from Brandon Turners book but have no idea how to insure I am protected.

What do I do?

Thanks!

Constance Grandelli · Answer

Hi Adam,

When I have had to use a co-signor, they are screened the same as the tenant.  Hope this helps!  :0)

Stephen J Davis · Answer

Yes. Act like the co-signer is going to be a tenant and screen accordingly.

Michael Robbins · Answer

I do not allow co-signers but I they can add on a leaseholder.  Its also important to note that each leaseholder must meet all minimum qualifications (credit, criminal, etc..) with the exception of income (income may be combined).

Polo Vazquez · Answer

Must apartment managers charge the co-signer an application fee as well so they can run their credit and background check as well. Also look for a co-signer form that the co-signer signs that they are responsible for the lease payment if the tenant defaults. If it isn't in writting, chances are it won't hold up in court.

Sharlene Mulchandani · Answer

Like most others have mentioned, you would have your co-signer screened the same way you do your tenant screening. I would definitely recommend a credit and criminal check on the co-signer as well.

Jonathan Barr · Answer

also you make it clear to the cosigner that they are on hook if main tenant doesn't pay.   A lot times its someone's parents co signing for them.   So they are usually understand that.   I think its good to have that conversation.

Adam Sharp · Answer

Awesome thank you!!

Co-signer screening? Advice? How to?

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