VERIFY STUDENT STATUS
For students, verifying their student status is crucial. Request proof of enrollment from their educational institution to confirm they are currently in attendance. Additionally, consider:
Parental Guarantee: Have a parent or guardian co-sign the lease. This ensures that someone with financial stability is responsible if the student is unable to meet their obligations.
Professional Guarantor Service: Invite your renters to purchase a policy from a company like TheGuarantors to protect your rental income.
Student Loan Information: If applicable, review their student loan information to better understand their financial situation.
SCREEN AND EVALUATE APPLICANTS CAREFULLY Unconventional applicants may require more thorough screening:
Use Professional Screening Services: These services specialize in non-traditional applicants, providing access to international credit reports, employment verification, and more.
Consider a Trial Lease: Offering a short-term lease, such as six months, allows you to assess an applicant’s reliability, payment habits, and property care before committing to a longer term.
CONCLUSION
Renting to credit-invisible and unconventional earners requires flexibility and diligent screening. By verifying employment, considering larger security deposits or alternatives like TheGuarantors for both deposit coverage and rental income protection, and utilizing co-signers or professional screening services, you can broaden your tenant pool, reduce risks, and safeguard your rental income.
FRANK JACHETTA Director, SMB Platform TheGuarantors
Frank is a veteran in the real estate space with 17 years’ experience providing financial tools to landlords. He is currently expanding the reach of TheGuarantors’ industry-leading rent and deposit protection to independent landlords and real estate investors.
Legal Disclaimer : This information is for general purposes only and not legal advice. You should always consult a qualified attorney in your jurisdiction to ensure that your actions comply with all applicable laws and regulations in your area.
PAGE 21
Powered by FlippingBook