Investor · Winder, GA · Member since 2016 · 14 posts · 2 votes
Hello,
I've got a potential renter looking at moving into my house. She would like herself, her fiance, her father and 2 children to move in.
If I use the BP renter screen will she be charged $35 per renter? $35 x 3 = $105 will be charged? I'm renting it for $1200/month, what should I look for as far as income? $3600? Should the income be from all 3 people combined or should one person make more than $3600/month? Is there anything else I'm missing?
It depends on your area but typically people use 2-3 times the rent so anywhere from 2400 to 3600 but ask local landlords or call a few property management companies and see what they use.
yes it well cost them $105 assuming kids are under 18 years old.
It would be total house hold income so include everyone's income as all of them should sign the lease.
It depends on your area but typically people use 2-3 times the rent so anywhere from 2400 to 3600 but ask local landlords or call a few property management companies and see what they use.
yes it well cost them $105 assuming kids are under 18 years old.
It would be total house hold income so include everyone's income as all of them should sign the lease.
@Jeffery R., I agree with Austin that all adults should be on that lease. This way if the woman stops paying, you can go after the boyfriend and father. Not that it will definitely work, but if they understand they are all responsible it will help. Total income for all paying members should be taken into account. The type of neighborhood will drive expectations in my opinion. If it is in an A or B neighborhood, probably three times the rent for monthly income. C or D, you wont find that so you will need to accept two times rent. I just closed on a fourplex last week and we just placed a tenant that makes 2.6 times the monthly rent. Not ideal, but it is a B- neighborhood and that is one of the risks that comes with it. Call their last two landlords. Ask them about payment timeline(on time or late), did they take care of the property, etc...
I echo Kevin's remarks above, 3x rent is typical, going down to 2x in lower-end areas. Yes, you should have all adults sign the lease and then run background on all those on the lease. You can combine applicants' income by running co-applicants (typically husband/wife/life partner) and returning one combined background recommendation.