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Old 02-24-2010, 12:48 PM
 
8,647 posts, read 16,491,503 times
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I'm in Texas if that helps...

I am thinking about renting to someone that will need a cosigner.. And I have never done this before...

I told the person that will be cosigning that I may have to put them on the lease. I'm not sure how to handle this, PLEASE help me on how to handle this...Or is it even a good idea to have a cosigner or to just tell them I can't rent to them?
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Old 02-24-2010, 12:58 PM
 
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The co signer needs to be on the lease that is the point of a co signer...that person will be just as responsible for everything reagarding the state of your property and the financial part. You also need to make a copy of the DL of the co signer and check the co signers background/credit history....
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Old 02-24-2010, 01:03 PM
 
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Thanks bentlebee, I was hoping you would come in here and help me... Thank you....

I wasn't sure if the co-signer needed to sign a different contract or just be on the lease...I like them being on the lease better...
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Old 02-24-2010, 01:05 PM
 
Location: St Thomas, US Virgin Islands
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A cosigner for a lessee accepts responsibility for any default on the part of the lessee. Thus you should require of the cosigner all the info you're requiring from the lessee. It's very much in your best interest to do a credit check on a prospective tenant and, where a cosigner is concerned, do a credit check on them also. You can do that online and other posters here can probably give you the links. Good luck!
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Old 02-24-2010, 01:19 PM
 
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Quote:
Originally Posted by STT Resident View Post
A cosigner for a lessee accepts responsibility for any default on the part of the lessee. Thus you should require of the cosigner all the info you're requiring from the lessee. It's very much in your best interest to do a credit check on a prospective tenant and, where a cosigner is concerned, do a credit check on them also. You can do that online and other posters here can probably give you the links. Good luck!
I've already done all of that and have proof of income...

It's just something I've never done before and was having second thoughts about it...

It's really getting hard to find good tenants here for some reason.. The ones I am thinking of renting to fall a little short of the income I'd like to see..

I've turned down around 15 to 20...

But I would like the online links too...
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Old 02-24-2010, 01:22 PM
 
Location: Boise, ID
8,047 posts, read 27,037,665 times
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Also, you should make note for your records that the cosigner is not going to be occupying the premises and needs to be notified separately of any problems.
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Old 02-24-2010, 01:25 PM
 
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Quote:
Originally Posted by Lacerta View Post
Also, you should make note for your records that the cosigner is not going to be occupying the premises and needs to be notified separately of any problems.
Do you mean just attach a cover letter to the lease? My copy and theirs?
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Old 02-24-2010, 01:25 PM
 
Location: St Thomas, US Virgin Islands
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I could google and come up with a few but I think there are some regular LL contributors on here who can give you good advice based on first hand experience - so step up to to the plate all of you!!!! Cheers!
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Old 02-24-2010, 01:26 PM
 
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My last three tenants have not been the best..... These may be my last ones.... LOL

#1 broke the lease because their job moved....I was ok with that...under standable

#2 was late on rent 8 out the 12 months they lived there so I was having them evicted if they did not move.

#3 moved three months into the lease and did not tell me plus they took the dishwasher...I guess their new place didn't have one...LOL

Last edited by Houston3; 02-24-2010 at 01:35 PM..
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Old 02-24-2010, 01:28 PM
 
Location: St Thomas, US Virgin Islands
24,669 posts, read 66,109,335 times
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Quote:
Originally Posted by Lacerta View Post
Also, you should make note for your records that the cosigner is not going to be occupying the premises and needs to be notified separately of any problems.
Legally unnecessary. A cosigner's responsibility is entirely fiscal. This is the risk that THEY take and is not the LL's responsibility.
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