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Guaranteeing an apt...

Senior Contributor

Guaranteeing an apt...

My college son told me to be prepared to "guarantee" an apt for him next month.  I would need to sign the lease agreement, provide two years of tax returns, three recent paystubs, and a photocopy of my ID.

 

I told him no.  He knows better.  I said you have other options....and he said yeah, I do, but that is the easiest way to get into the apt!!!  

 

HIs other options...

 

1.  Ask a friend to do it.  This friend was uncomfortable with the idea, but did do it for him once before.

 

2.  Show bank statements showing that he has enough in the bank to pay for the entire lease time.

 

3.  Provide a copy of his work contract.  (He's an intern with a stipend.  The stipend covers the rent.)

 

4.  Prepay three months of rent.

 

5.  Show his last three month's billing statements.  (He's also an independant contractor.)

 

Love the kid.  But not co-signing an apt.  And of ALL the family members, this is the ONLY one I trust to bust his backside to make sure nothing goes wrong where we would have to pay up.

Message 1 of 6
5 REPLIES
Valued Contributor

Re: Guaranteeing an apt...

I am a college student. All I can say is good job. My parents did not cosign for anything and the only help they gave me credit wise was adding me as an authorized user for a brief time to help my score and I have since been removed. There are apartments that won't require this proof of income BS and they do this to trap parents into cosigning. It is a cheeky practice IMO. I searched around until I found a place that was willing to work with me, and they asked income and approved with no proof needed. 

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Message 2 of 6
Senior Contributor

Re: Guaranteeing an apt...

That's great Tydawg!

 

I think my son is just exhausted, end of semester, he's behind at work (as a contractor.)

 

And although classes ended, three professors gave the students additional projects due during the holiday break and/or a huge homework assignment.  He's sitting in his last class, taking a final right now.  I'm sure he's praying that professor doesn't pull the same stunt the other three did!  "Oh by the way, I know classes have ended, but I want you to write a 20 page, single line, typed, report on the xrereuarue0aja.  It's due Monday."  or the "Oh yeah, I want you guys to do a group project, with a written 30 page report, and a class presentation, due Monday."  The kids told the professor - NO.  They explained that the university was actually closed Monday for the Christmas holiday and every single person in the class were leaving the area by tomorrow.  The professors said to email in the work.  *insert eye roll*  I know the time is flying by quickly....

 

My son is stressing and looking for the easiest (to him) solution.  He will be working full time during the holiday break.

 

I agree - parental co-signing is a game/sham.  However, having had room-mates before, I would only consider a college student if the parents co-signed or the college student was working full time/or had a good income and had been working for more than a year at the same place/same industry.

Message 3 of 6
Moderator

Re: Guaranteeing an apt...

 

Heh yeah I stumbled through that cosigning crap with a couple potential landlords on my recent college tour.  Look at me, look at the paper, look at me, look where I marked no, look at me, look my asset declaration... you getting idea senor landlord?

 

Anyway smart choice IOBA like usual, if I do ever have kids I will teach them everything they could ever want to know about establishing credit, and I will absolutely pull some AU stunts with them but cosigning an anything, I love you dearly but nope, this you have to do on your own.

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Message 4 of 6
Established Contributor

Re: Guaranteeing an apt...


IOBA wrote:

My college son told me to be prepared to "guarantee" an apt for him next month.  I would need to sign the lease agreement, provide two years of tax returns, three recent paystubs, and a photocopy of my ID.

 

I told him no.  He knows better.  I said you have other options....and he said yeah, I do, but that is the easiest way to get into the apt!!!  

 

HIs other options...

 

1.  Ask a friend to do it.  This friend was uncomfortable with the idea, but did do it for him once before.

 

2.  Show bank statements showing that he has enough in the bank to pay for the entire lease time.

 

3.  Provide a copy of his work contract.  (He's an intern with a stipend.  The stipend covers the rent.)

 

4.  Prepay three months of rent.

 

5.  Show his last three month's billing statements.  (He's also an independant contractor.)

 

Love the kid.  But not co-signing an apt.  And of ALL the family members, this is the ONLY one I trust to bust his backside to make sure nothing goes wrong where we would have to pay up.


There are a lot of colleges where I live (I'm in walking distance of at least 8), and honestly I don't know how many of them can afford to get an apartment without either a co-signer or trust fund.

 

I wouldn't co-sign either, but given that it's not uncommon for apartments here to demand in the range of $6,000-$12,000 up front for deposit/first-last months rent/fees, and a lot of landlords won't rent to a student unless they have verifiable income that well exceeds the rent or have a co-signer, I can certainly see why students would try the co-sign route.

Message 5 of 6
Senior Contributor

Re: Guaranteeing an apt...

Update -

 

My son asked his friend to co-sign for the apt.  The friend readily agreed and sent his paystubs.  My son was sadly surprised at how little his friend made (but it was very good money for where his friend lives).  My son called me and asked me to co-sign.  He did remind me that he had given me a heads up that it might be needed and that he had tried every resource he could.  I told him I would have to get back to him when I wasn't around other people.

 

Happy ending - someone else (who had been asked previously but had said "maybe" which always has translated to a "uh, hell no" before) decided to be a hero.  Smiley Happy

 

So, my son has his apt!  Smiley Happy

 

 

Message 6 of 6