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Old 05-06-2008, 11:16 PM
 
36 posts, read 85,822 times
Reputation: 14

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Hi,

I recently put my townhome for rent. There is a prospective renter. The prospective renter house is being foreclosed. But they have a cosignor whose credit is really good.

If I rent it to them what are the things I need to consider.

Thanks
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Old 05-07-2008, 06:49 AM
 
3,649 posts, read 9,051,429 times
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Well - if the person was irresponsible enough to forclose on a home - do you really think he will be able to handle his finances any better when he is a renter? I think he is a bad risk.
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Old 05-07-2008, 08:15 AM
 
36 posts, read 85,822 times
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Even though they have a co-signer?
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Old 05-07-2008, 10:07 AM
 
2,462 posts, read 8,586,027 times
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How much hassle do you want to put up with? Why rent to a "red flag" tenant if you can find another tenant with no issues? Will you be living nearby or are you relocating? Can you arrange for rental payments to be automatically withdrawn from the tenant's bank account? Do you have the financial means to pay an attorney to pursue the co-signer if the tenant fails to pay the rent? Do you know how long it takes to evict a tenant for non-payment of rent?
These are the things that I would consider before quickly deciding to find another tenant. Life is too short to spend it in landlord-tenant court....
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Old 05-07-2008, 11:40 AM
 
1,261 posts, read 5,918,719 times
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Quote:
Originally Posted by claremarie View Post
How much hassle do you want to put up with? Why rent to a "red flag" tenant if you can find another tenant with no issues? Will you be living nearby or are you relocating? Can you arrange for rental payments to be automatically withdrawn from the tenant's bank account? Do you have the financial means to pay an attorney to pursue the co-signer if the tenant fails to pay the rent? Do you know how long it takes to evict a tenant for non-payment of rent?
These are the things that I would consider before quickly deciding to find another tenant. Life is too short to spend it in landlord-tenant court....
I agree with Claremarie. Why take chances with someone with poor credit? It is worth waiting for the right tenant than, in the end, possibly missing out on rental payments or even having to recur to eviction. I have a condo we've rented out since getting married and have only had 2 tenants in 7 years because finding a responsible tenant is SO worth it.

My brother-in-law rented out a home to a tenant with poor credit based on the co-signor's credit rating. The house was DESTROYED during the time they lived there: holes on the wall, doors gone, light fixtures gone or broken, carpet was majorly filthy, kitchen was always full of dirty dishes piled up high, lawn was never mowed, etc. They stopped paying the rent long before the problems started, but my BIL dragged his feet on starting an eviction process. To make matters worse, he couldn't even sell the place because everyone who took a look at it had to add up all the work the home required.
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Old 05-07-2008, 03:05 PM
 
6 posts, read 27,062 times
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I'm looking for a place to reside in Winchester or Stephens City, is your rental located in either city?
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Old 05-07-2008, 03:54 PM
 
36 posts, read 85,822 times
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misschris1908,

No my property is in Virginia.
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