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Old 07-06-2014, 03:35 PM
 
Location: Back to Colorado
14 posts, read 167,433 times
Reputation: 12

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Hi there -

Many apartments now want you to prove you can make three times the amount of rent. I do not though I have stable income and have never paid rent late or broken a lease, etc.

I have a family member willing to be a co-applicant or co-signer for me and my question is, does that person have to be there with you or can that happen over the phone and fax somehow?

I really don't want to have to drag my mother on some road trip to do this and am hoping to hear others' experiences before Monday when I make some calls and maybe someone gets back to me.

I almost would like to just apply for an apartment that I've seen from the outside and surrounding area without having to make an extra trip there to do it. Has anyone ever done that as well?

Thanks!
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Old 07-06-2014, 07:36 PM
 
86 posts, read 255,619 times
Reputation: 151
As a landlord for 20 over years with great tenants and awful tenants and everyone in between, this is where I come down on this issue. I would require any co-signer to participate in the rental process the same as the tenant: come in and fill out an application, submit to and pay for a credit/background check, and if accepted, have a meeting with me to go over the Lease requirements paragraph by paragraph before any money changes hands or anything is signed so that every person involved clearly understands what is in the Lease and what is expected. I know that may sound harsh, but that is the only thing that weeds out the 'bad' renters from the 'good' renters.

Now, if it were me? No co-signers. Period. It's a not the best sign to a prospective landlord when you can't afford the rent on your own or have the credit or stability of income. I understand that you don't want to drag you mother around. You definitely are a nice person. However, I would be suspect about someone who I can only contact over the phone/fax/email when I am reliant on them to make sure I am paid. You always have to keep in mind that renting to someone is a business and the point is to make money. Most landlords are not rolling in as much dough as you might think. Yes, they can cover expenses of you not being there for over a year or whatever, but that is not why they have rental property. It helps feed them, clothe them, put gas in their car same as a job does for you. It takes time and money to keep a rental in nice condition and deal with any renter issues in a timely fashion. It's a job in and of itself. So if you can put yourself in the landlord's shoes, it will serve you well.

Perhaps what you need is a roommate rather than a co-signer?

Listen, I'm not trying to be mean. I'm trying to give you the perspective of the other side so you can put your best foot forward. You are a risk as a tenant. You already know that. Do what you can to make yourself look better: bring your past rent receipts. They will show you paid on time and the amount you paid. Try to get reference from past landlords. I am always happy to give those to my tenants who paid on time and didn't make my life hell by destroying my property or not following the agreed upon lease. Do not fake that by getting your friends to do it for you either. If I get a reference from a landlord, I look up tax records to see who owned the properties where you claimed to live and I want to speak to that person. Those two things might sway me a little. However, proof of employment was a must with me.

Things to consider and check into further: Does your mother have a job? How would she be affording to pay me if you couldn't? Would she qualify to pay your rent over and above her own debt obligations for possibly the entire rental period if you don't have the money for some reason? Are you willing to put her finances in jeopardy for this? You realize if you get reported for non-payment of rent to the credit agencies, her credit will probably get dinged as well since you two would be financially linked?

Nevertheless, I wish you the best of luck and hope you get the apartment.
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Old 07-06-2014, 09:56 PM
 
Location: The GREAT State of TEXAS
292 posts, read 1,062,841 times
Reputation: 319
Quote:
Originally Posted by wiley66 View Post
Hi there -

Many apartments now want you to prove you can make three times the amount of rent. I do not though I have stable income and have never paid rent late or broken a lease, etc.

I have a family member willing to be a co-applicant or co-signer for me and my question is, does that person have to be there with you or can that happen over the phone and fax somehow?

I really don't want to have to drag my mother on some road trip to do this and am hoping to hear others' experiences before Monday when I make some calls and maybe someone gets back to me.

I almost would like to just apply for an apartment that I've seen from the outside and surrounding area without having to make an extra trip there to do it. Has anyone ever done that as well?

Thanks!
Is this in a large complex and not a mom n pop type apt?
If larger, ask your leasing agent how they address this. They will be your best source of information on this question as each complex can be different on what they will allow.

I know with ours we will allow the co-sign to be out of town but they have to be processed the same way as you would but income must be 5 times the rent. They also have to sign paperwork saying they will be liable should you not be able to make your rent.

As far as you not having to make another trip out, asking the complex if they have their application online that you can complete along with a rental payment processing site as well.

Now days with the larger complexes you should be able to do everything remotely via internet or fax.
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Old 07-07-2014, 10:25 AM
 
Location: Back to Colorado
14 posts, read 167,433 times
Reputation: 12
Thanks for your reply, but as I said, I have stable income. I have never not been able to pay rent. I just don't make three times the amount of rent and get help with other expenses. I don't want a roommate, thank you. I am not in that bad of shape. I just can't "prove" i make a certain amount due to I am on disability and have a part-time job and family help, but I've never not paid rent and have the rental history to prove it. I don't think people should be penalized for certain things. It was a simple question, but thanks for all the details.

Last edited by wiley66; 07-07-2014 at 10:38 AM..
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Old 07-07-2014, 10:26 AM
 
Location: Back to Colorado
14 posts, read 167,433 times
Reputation: 12
Quote:
Originally Posted by JLB001 View Post
Is this in a large complex and not a mom n pop type apt?
If larger, ask your leasing agent how they address this. They will be your best source of information on this question as each complex can be different on what they will allow.

I know with ours we will allow the co-sign to be out of town but they have to be processed the same way as you would but income must be 5 times the rent. They also have to sign paperwork saying they will be liable should you not be able to make your rent.

As far as you not having to make another trip out, asking the complex if they have their application online that you can complete along with a rental payment processing site as well.

Now days with the larger complexes you should be able to do everything remotely via internet or fax.
Thank you for your response. I appreciate the respect. I actually found a few places that allow online leasing. Having visited the area I am wanting to move to, it would be nice not to have to take yet another long trip out.

Last edited by wiley66; 07-07-2014 at 11:46 AM..
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Old 07-08-2014, 11:58 AM
 
Location: SoCal
14,530 posts, read 19,978,472 times
Reputation: 10539
There is no need I know of that a co-signer must be present to co-sign. It can all be done via e-signing, or that is my understanding. Of course the normal rental process will be required, including filling out an application, submitting to a credit and background check, etc. Your co-signer is in essence an absentee roommate, and will be responsible to pay your rent if you are unable. They will also be responsible for any damage beyond normal wear and tear.
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Old 07-08-2014, 12:41 PM
 
86 posts, read 255,619 times
Reputation: 151
Quote:
Originally Posted by wiley66 View Post
Thanks for your reply, but as I said, I have stable income. I have never not been able to pay rent. I just don't make three times the amount of rent and get help with other expenses. I don't want a roommate, thank you. I am not in that bad of shape. I just can't "prove" i make a certain amount due to I am on disability and have a part-time job and family help, but I've never not paid rent and have the rental history to prove it. I don't think people should be penalized for certain things. It was a simple question, but thanks for all the details.
So, let me get this straight: You think a landlord or any size is 'penalizing' you because you don't make enough in 'provable' income? Try that at a bank for a mortgage or anything else.

I don't mean disrespect, but you are taking in such a way as if the world owes you an apartment even if you can't afford it.

As I have said, it is a business no matter what size the apartment complex. It's not there to help you. And it concerns me that you don't feel like you can walk in and show papers showing how much you get in disability & part-time wages and regular payments from family to prove your income.

You asked for opinions. You heard one you didn't like, I wasn't trying to disrespect you and if you took it that way, than I sincerely apologize. I was trying to be truthful with you and the uphill battle you face so that you are armed with information. You don't want a roommate? Um, ok, don't know why you found that offensive. It wasn't as if you had already said that.

I went back here to read you original post and say to you that maybe you could ask the landlord for pics of the inside of an apt if you want to rent it sight unseen, but I will tell you some more honest harsh truth - not too smart to lock yourself into a lease without seeing it in person on the inside.

Again, I wish you all the best of luck and I do not mean that in a snark way. I think you are in a rough position and have an uphill battle, but somebody will end up renting to you.
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Old 07-08-2014, 08:05 PM
 
Location: North Idaho
32,481 posts, read 47,415,214 times
Reputation: 77681
Quote:
Originally Posted by wiley66 View Post
..........I have stable income. I have never not been able to pay rent. I just don't make three times the amount of rent ........... can't "prove" i make a certain amount due to I am on disability and have a part-time job and family help, ...................
My best advice to you is that you find a place with lower rent so that you do have 3 times the rent in income.

There should be no issues at all with proving income if it is disability and salary from a part time job.

Each landlord is going to have their own procedure about cosigners. Myself, I do not require the cosigner to be present. I will accept notarized signatures sent Fedex. The cosigner must go through a complete tenant screening and prove that they have enough income to pay for their own expenses plus the expenses of the tenant they are cosigning for. I am looking for 6 times the rental amount in income.

I only accept cosigners for a very few reasons and not having 3 times the rent is not one of them.

Also, any income that I can not verify independently from the "word" of the applicant, I assume does not exist. I require verifiable income. Almost all landlords will require verifiable income and won't just take your word for it.
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Old 07-09-2014, 10:33 PM
 
Location: Silicon Valley
18,812 posts, read 32,253,997 times
Reputation: 38559
I rented to techies and students sight unseen who were moving to the area. I had no problem with that. Many complexes would have no problem with that.

Many would also have no problem with an out of town co-signer.

All you can do is apply and find out. Call them and talk to them.

I did not accept co-signers, myself, but I also didn't care where the money came from - speaking of students.

I had one woman who wanted to move in, but her mother would be paying the rent. I checked them out and I was okay with it, but what I did was I made them co-tenants. That way I can evict them both, and they are both liable for rent. Getting money from a co-signer is much more difficult.

At any rate, what you want to do is not weird or impossible to do.
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Old 07-10-2014, 12:31 AM
 
Location: Kailua Kona, HI
3,199 posts, read 13,342,424 times
Reputation: 3420
Quote:
Originally Posted by wiley66 View Post
Hi there -

Many apartments now want you to prove you can make three times the amount of rent. I do not though I have stable income and have never paid rent late or broken a lease, etc.

I have a family member willing to be a co-applicant or co-signer for me and my question is, does that person have to be there with you or can that happen over the phone and fax somehow?

I really don't want to have to drag my mother on some road trip to do this and am hoping to hear others' experiences before Monday when I make some calls and maybe someone gets back to me.

I almost would like to just apply for an apartment that I've seen from the outside and surrounding area without having to make an extra trip there to do it. Has anyone ever done that as well?

Thanks!
It will depend on the policy of the property management company. For instance, ours is, yes, they have to be a resident and have a local bank account, and fill out an application just like a tenant would. I will run their credit and require proof of income, and their name will be on the lease as "guarantor". This has worked well for our company. Obviously, other companies will have varying policies so you'll just have to ask, If a co-signor is allowed? What are the requirements?

Best wishes. Your credit score and good rental hx would also be in your favor. You also need to be sure that you are renting within your income and budget. Rent what you can afford on your own would be my best advice.
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