Hi everyone, how would you go about screening a young professional tenant, with no credit history, that will be co-signed with his dad? would you run a background check on the tenant and a credit check on the dad? background check on both? Thanks
When dealing with a young professional tenant who has no credit history and will be co-signed by their father, it's essential to conduct thorough screening to assess their suitability as tenants. Here's a suggested approach:
1. Tenant Application: Have both the young professional tenant and their father complete a comprehensive tenant application form. This will gather information about their personal details, employment history, income, references, and any other relevant information.
2. Background Check on Tenant: Run a background check on the young professional tenant to verify their identity, check for any criminal records, and validate the information provided in the application. This will help assess their trustworthiness and reliability as a tenant.
3. Credit Check on the Father: Since the young professional tenant has no credit history, it would be prudent to run a credit check on the co-signer, the father. This will help evaluate the financial responsibility and creditworthiness of the co-signer, providing assurance that rent payments can be made if the tenant defaults.
4. Reference Checks: Contact the references provided by both the young professional tenant and the father. This may include previous landlords, employers, or personal references. Speaking with these individuals can provide insights into their character, reliability, and ability to fulfill their rental obligations.
5. Interview and Meeting: Arrange an in-person or virtual meeting with both the tenant and the co-signer. This will allow you to discuss the terms of the lease, clarify any concerns or questions, and assess their communication skills and demeanor.
6. Additional Security Measures: If the young professional tenant lacks credit history, you may want to consider additional security measures. This could include requesting a higher security deposit, setting up automatic rent payments, or requiring a guarantor or co-signer on the lease agreement.
By combining these steps, you can gather a comprehensive understanding of the young professional tenant and their co-signer, mitigating the risk associated with the tenant's lack of credit history. It's important to follow all applicable laws and regulations regarding tenant screening in your jurisdiction.
- This answer was written by AI (ChatGPT) and reviewed by the ezLandlordForms team.