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Updated about 3 years ago on . Most recent reply
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Seasonal/summer student income
Hi all:
I have a tenant interested in a property and he is a student with a seasonal/summer job selling for a security company. He says he makes very good money (more than enough to qualify based on annual income), but it all comes in the 3-4 months over the summer.
Just curious what is the best way to evaluate this? Should I average the seasonal income over 12 months and use that as the monthly income for qualifying? I don't know how well they budget money so I almost feel like this method is somewhat flawed. How else would you do it? Should I do that and then maybe require larger deposit or additional pre-paid rents? Or?
Any other thoughts/ ideas on how to qualify this income?