Parents or Renter / Lease Guarantors - Tampa
Good morning all! I am a loan officer /lender and investor myself here in Tampa, Florida. I have had several rentals and a myriad of tenants, from full families to students. However, I have not dealt with lease guarantors. With my newest buy and hold in Seminole Heights, (Tampa, Florida), I am receiving several inquiries for students whose parents wish to be their guarantors to pay a majority of the rent. My plan is to vet/ screen the parent(s) the same as any other tenant and add them to the lease as a tenant or guarantor. But I was hoping to hear your more experienced insight, perhaps from other property manager or landlords in the Tampa area.
What additional steps do you take to protect yourself with guarantors? How do you calculate/factor qualified income from a guarantor who presumably has another mortgage/housing payment?
Thank you in advance!