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Should I Co-Sign For My Son's Apartment While He's in College?

DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 60,086
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edited May 2022 in Tug Tavern
https://www.youtube.com/watch?v=JykQkatJrFE
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    ntxduckntxduck Member Posts: 5,515
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    edited June 2021
    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 60,086
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    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    Dave Ramsey is worth hundreds of millions of dollars, but hopefully one day he'll learn how to play the game.
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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,524
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    GreenRiverGatorz said:

    BleachedAnusDawg said:

    A college kid with no credit and limited possibility to earn income is not going to get an apartment without having a co-signer, even if they have a few roommates.

    Dave's anecdote was fucking stupid. "Well I just prepaid my kid's rent for the whole year so we wouldn't have to be liable for the rest of the household".

    Glad that worked out for him. Most college slumlords are lazy shits who won't bother accommodating this arrangement. And why should they? That's just fewer debtors to pursue if the house does in fact fall into shit because the college tenants fuck everything up.

    No co-signer? No rent.
    Not to mention I think his example is probably from some podunk Midwestern town where there aren't crazy regulations. No landlord in WA State is going to accept partial rent for a full year up-front. You would have to be insane.
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    GreenRiverGatorzGreenRiverGatorz Member Posts: 10,147
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    BleachedAnusDawg said:

    GreenRiverGatorz said:

    BleachedAnusDawg said:

    A college kid with no credit and limited possibility to earn income is not going to get an apartment without having a co-signer, even if they have a few roommates.

    Dave's anecdote was fucking stupid. "Well I just prepaid my kid's rent for the whole year so we wouldn't have to be liable for the rest of the household".

    Glad that worked out for him. Most college slumlords are lazy shits who won't bother accommodating this arrangement. And why should they? That's just fewer debtors to pursue if the house does in fact fall into shit because the college tenants fuck everything up.

    No co-signer? No rent.
    Not to mention I think his example is probably from some podunk Midwestern town where there aren't crazy regulations. No landlord in WA State is going to accept partial rent for a full year up-front. You would have to be insane.
    Right. If anything the landlord is now accepting additional liability by taking it off the tenant. A tenant has paid but isn't held responsible for damages for an entire year. Textbook moral hazard.
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    ntxduckntxduck Member Posts: 5,515
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    DerekJohnson said:

    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    Dave Ramsey is worth hundreds of millions of dollars, but hopefully one day he'll learn how to play the game.
    Lots of people out there who are irresponsible and clueless financially. Good on him for finding his niche market and milking them for their hard earned cash. Doesn’t make his advice good if you’re somewhat financially competent.
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    RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 101,424
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    ntxduck said:

    DerekJohnson said:

    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    Dave Ramsey is worth hundreds of millions of dollars, but hopefully one day he'll learn how to play the game.
    Lots of people out there who are irresponsible and clueless financially. Good on him for finding his niche market and milking them for their hard earned cash. Doesn’t make his advice good if you’re somewhat financially competent.
    I never click these pods but I've heard a minute or two on radio

    I think his audience is the economic illiterates who are legion

    And they get fucked on credit

    So agree
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    creepycougcreepycoug Member Posts: 22,749
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    BleachedAnusDawg said:

    A college kid with no credit and limited possibility to earn income is not going to get an apartment without having a co-signer, even if they have a few roommates.

    This. I've done it three times. When you're paying the fucking rent, it doesn't matter. I care where my girls live.
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    creepycougcreepycoug Member Posts: 22,749
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    DerekJohnson said:

    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    Dave Ramsey is worth hundreds of millions of dollars, but hopefully one day he'll learn how to play the game.
    Dave plays two games: one real and one for other people.

    The real game is the one he plays for himself. The other one is for his target audience. I think his fundamental advice is pretty good for the average person. It's a little limited and conservative for others. You have to remember who he's talking to.
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    Pitchfork51Pitchfork51 Member Posts: 26,601
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    DerekJohnson said:

    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    Dave Ramsey is worth hundreds of millions of dollars, but hopefully one day he'll learn how to play the game.
    Dudes a straight up grifter and like a weirdo cult leader.
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    jecorneljecornel Member Posts: 9,599
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    Don’t send your kid to college.
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    BasemanBaseman Member Posts: 12,365
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    I don't take financial advice from someone who couldn't Stop the Steal
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    HuskyJWHuskyJW Guest, Member Posts: 14,183
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    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    You also need to have $1 million in the bank before you can go out to dinner
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    Pitchfork51Pitchfork51 Member Posts: 26,601
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    Just build that shit. You can get to 700 in a year with the right moves. Then get a chase Sapphire and call in for bigger limits every 6 months on cards. Then get an amex gold.

    At this point you are like 740 or better and within another year you have best interest rates on everything no exceptions.
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 60,086
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    RaceBannon said:

    ntxduck said:

    DerekJohnson said:

    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    Dave Ramsey is worth hundreds of millions of dollars, but hopefully one day he'll learn how to play the game.
    Lots of people out there who are irresponsible and clueless financially. Good on him for finding his niche market and milking them for their hard earned cash. Doesn’t make his advice good if you’re somewhat financially competent.
    I never click these pods but I've heard a minute or two on radio

    I think his audience is the economic illiterates who are legion

    And they get fucked on credit

    So agree
    Yes and no. I have started and stopped listening so many times. Because I will hear a great call with great discussion and I learn something useful. And then there will be two more calls with people asking how to tie their shoes, and I tune out again. Actually I think if he started a "higher discussion" show that would get a huge audience.
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 60,086
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    Baseman said:

    I don't take financial advice from someone who couldn't Stop the Steal

    He didn't try to stop the steal.
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    MikeDamoneMikeDamone Member, Swaye's Wigwam Posts: 37,781
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    RaceBannon said:

    I lived in mom's basement

    Which mom?
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    MikeDamoneMikeDamone Member, Swaye's Wigwam Posts: 37,781
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    DerekJohnson said:

    ntxduck said:

    DerekJohnson said:

    https://www.youtube.com/watch?v=JykQkatJrFE

    Get your kid a credit card when they’re 16 that only you use sparingly to build credit and this isn’t an issue. But Dave Ramsey doesn’t actually know how to play the game and thinks credit cards are evil.
    Dave Ramsey is worth hundreds of millions of dollars, but hopefully one day he'll learn how to play the game.
    He’s now an insurance salesman.
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