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Updated about 3 years ago on . Most recent reply

User Stats

164
Posts
55
Votes
Mike Palmer
  • Utah
55
Votes |
164
Posts

Seasonal/summer student income

Mike Palmer
  • Utah
Posted

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?

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