which is the best way

#1
i am a small
landlord, just a couple of legal 3 family houses. one of my buildings is rent stabilized. the a prospective tenant has lousy credit and has presented me with a guarentor. does the guarentor fill out a lease application and list the actual tenants in the proper section, or should he just fill out a letter of guarentee.
thanks
 
#2
i am a small
landlord, just a couple of legal 3 family houses. one of my buildings is rent stabilized. the a prospective tenant has lousy credit and has presented me with a guarentor. does the guarentor fill out a lease application and list the actual tenants in the proper section, or should he just fill out a letter of guarentee.
thanks
No so sure about this but you should consult with an attorney. You don't want to get screwed in the long run.
 
#3
i am a small
landlord, just a couple of legal 3 family houses. one of my buildings is rent stabilized. the a prospective tenant has lousy credit and has presented me with a guarentor. does the guarentor fill out a lease application and list the actual tenants in the proper section, or should he just fill out a letter of guarentee.
thanks
You should consult with an attorney.
BUT I always thought that the Guarantors are usually asked to disclose detailed financial information and fill out a credit application as part of the approval process and they also fill out a separate Guarantors lease application and have the form notarized.
This information is then attached to the actual lease application that is filled out by the actual tenants.

Here is a sample-please see page two. Hope this helps.


http://www.mpm-living.com/guarantorApplication.php

XO
AM
 

Slinky Bender

The All Powerful Moderator
#4
Don't take out of state guarantors.
Guarantors should have double the income you would expect from the primary tenant to start to qualify as guarantors.

What Lease are you using? Be very careful to follow the RS guidleines when renting RS apts or you can get really fucked. Almost every Lease already has a section for a primary tenant and a guarantor to sign separately. I don't remember the RS form as well as I used to - if there's no spot for a guarantor.... it may be because you're not supposed to do that under RS. Is this in NYC? If so, call up DHCR and ask what the regs are. I somehwere else, I'm sure there's a local agency which overses RS issues - call them.
 
#6
why bother with all this? just ask them to prepay, and no need to worry. Everyone thought Lehman was a sure fire credit too.
 
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