PLEASE HELP A NEWBIE - 3 times the monthly rent

[Gleason Jones]

So i've always heard on here that the income from a renter needs to be at least three times the rent. Currently i have a single family home and my first applicant is making $70 less than three times the rent. But he's a family man with 2 kids and a wife and relocating for his job. Is three times just a rule of thumbs?

Thanks

[Anthony Angotti]

@Gleason Jones

You should have this policy written somewhere to avoid claims of discrimination. If you accept this applicant and he doesn't meet your policy you do open yourself up for some litigation. 

Will it happen, likely not. Could it happen, yes. 

Also 3X is rule for me and if an applicant is only making 3.000000 times the rent they better have great additional indicators (credit, debt load, eviction history, etc.)

Then again, how many other applicants have you had and how long has the vacancy been?