Hi-can anyone advise on how to screen parents if they agree to co-sign a lease? how do I word or modify my standard lease to include the parents & their financial or physical obligation? MY duplex is in Sudbury and the 2 young guys are 20 & 21. thanks
Students: Parents to Co-Sign
- Thread starter donksky
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I`ll email you on a form you could use and modify as needed.
Most landlords I`ve dealt with don`t screen parents signing as a guarantor.
When renting a room for $400 its hard to find people that don`t qualify.
However you could screen them as you normally would.
Most landlords I`ve dealt with don`t screen parents signing as a guarantor.
When renting a room for $400 its hard to find people that don`t qualify.
However you could screen them as you normally would.
L
lanedry77
Guest
Guest
Hi Donna,
My thought is screen the kids like you would any tenant. if you think they`re bad applicants, decline them.
If, however, they are right on your pass/fail line and you`re not 100%, then get a parent as a guarantor.
Just remember that it`s the kids that will live in your asset, and going after the parents won`t be as easy as you`ll want it to be.
David.
My thought is screen the kids like you would any tenant. if you think they`re bad applicants, decline them.
If, however, they are right on your pass/fail line and you`re not 100%, then get a parent as a guarantor.
Just remember that it`s the kids that will live in your asset, and going after the parents won`t be as easy as you`ll want it to be.
David.
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Screening students for the most part is a waste of time. They seldom have any credit history and do not have reliable references or local references in most cases. Get the contact info and history on the parents, place of work, length of employment etc. Find out if they own or rent there present home and make sure they sign a contract.
Chasing them down for rent arrears is the same as any tenant.
Chasing them down for rent arrears is the same as any tenant.
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I disagree with David`s post and agree with Neil`s post.
Screening certain students can sometimes lead to perverse outcomes.
The one with no income and no references might be being subsidized by parents and moving out for their first time whereas the one with income and references might be under very tight finances as they moved out earlier and didn`t have parent support.
Screening certain students can sometimes lead to perverse outcomes.
The one with no income and no references might be being subsidized by parents and moving out for their first time whereas the one with income and references might be under very tight finances as they moved out earlier and didn`t have parent support.
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QUOTE (invst4profit @ May 11 2009, 08:50 AM) Screening students for the most part is a waste of time. They seldom have any credit history and do not have reliable references or local references in most cases. Get the contact info and history on the parents, place of work, length of employment etc. Find out if they own or rent there present home and make sure they sign a contract.
Chasing them down for rent arrears is the same as any tenant.
Completely agree with Greg. I have had tenants attempt to forego their lease obligation. Typically quick call to parent resolves the "misunderstanding." If the parents have the student set up in University, most of the parents will have the financial wherewithal to support their kid`s lease obligation.
Chasing them down for rent arrears is the same as any tenant.
Completely agree with Greg. I have had tenants attempt to forego their lease obligation. Typically quick call to parent resolves the "misunderstanding." If the parents have the student set up in University, most of the parents will have the financial wherewithal to support their kid`s lease obligation.