Income for renter(s)

[Bernie Huckestein]

Looking to fill my first rental property and looking to confirm the minimum income.

I have read in the BP book that we should look for a minimum gross income of 3x the rent.  My question is if I have two people (not married but both on the lease)...would each person need to have 3x the rent in income (in the event one moves out) or should this be a combined income of 3x?

Thanks, b

[Michael Webster]

I would recommend judging each tenant separately on this.  Some tenants show a lot of income but are big spenders, others show less but would never consider missing rent payments.  I focus on tenant history, credit score, eviction history, how they correspond via email and phone, and meeting them in person.  Some management companies will also fill vacancies for you for a reasonable fee and do all this screening (message me if you want some names). If you've got nicer properties, collect double security (max you can collect in Maine last I checked) and be very clear that rent is due on the 1st, not the 2nd or 3rd (etc). If their rent is not there on the 2nd, call them up.