All Forum Posts by: Rick McGuinness

If someone does not pass our background check, we are not going to rent to them, with a 1, 6, or 12-month lease. It would depend for me on where the property is located. If it is in a tenant-friendly city/state, I might pass altogether since it sounds like this family doesn't pay all of their bills, and it will be harder to evict them.

If you are in a more landlord-friendly area, and you are still interested in renting to them; I would increase the security deposit amount. I would want 2-3 months of rent as a security deposit.

Thanks for the reply Charles! We are in downtown Charleston SC and have had a longer than expected time trying to find tenants in what is a very hot rental market. This is the first real applicant that has shown interest and I think we might be seeing $$ where there may be just headaches.

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Hey think tank!

We have a property for lease with an interested applicant that is starting work at a government agency where they will be given a stipend allowance. They are right out of school and wont be making the required 3x rent and their credit score is lower than our minimums with some medical debt sent to collections. Their parents have agreed to come on as co-signers, they make a great salary (multiple 6 figures), steady and impressive employment, however their credit report shows a score less than our minimums with some high amounts of CC debt (5 figures) charged off as bad debt. I'm under the impression that a co-signer should be well above minimums however my partner is less hesitant. We've discussed a month to month lease option as a compromise?

Has anyone had experiences with a similar situation, would love to hear your thoughts and words of wisdom!

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All Forum Posts by: Rick McGuinness

Rick McGuinness has started 1 posts and replied 2 times.

Post: Co-signer has great income but less than stellar credit, wwyd?

Post: Co-signer has great income but less than stellar credit, wwyd?