80 years asked her son to co-sign the lease

80 years asked her son to co-sign the lease

Homeowner · Tampa, FL · Member since 2016 · 358 posts · 65 votes

One 80 years old applicants' income is not qualified for one property of us. She didn't show up on the viewing (should not let this happen) and asked her son come. Didn't check her credit and other information officially yet. Now she asked her son (in another state) to co-sign for this lease when I declined her. Never did this before. 

My understanding is parents co-sign for colleague kids.

Can I consider co-sign this applicant: elderly and adult son? 

Her son is living in another state. If move forward, I think need to check his background and income and need to consider his income for his living and then his mom's.

Can anybody share some experience?

Thanks!

Huiping

0Reply
9 views

1 Reply

Jump to latestLatest
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    Co-signers are more commonly older than the person they are signing for (parents co-sign for college kids) but I've seen older, retired people use younger family members as co-signers in situations like yours. I've never had a problem with it.

    I recommend you study this issue and create a co-signer agreement, separate from the lease, that spells out their rights and responsibilities.

    The DIY Landlord Book4.7248 Reviews
Join the conversationCreate a free account to reply, vote on answers and follow this thread.