Upfront Rent Payments

[Crystal Roberts]

I am considering renting to a couple wanting to rent because they are in the process of selling their own home. I have already gone through the credit, income, and background check process. The couple has decent (not great) credit, no prior eviction history since they currently own their home, and no criminal history. They have provided me with current pay stubs, but after calculating their income, my concern is that their total monthly income falls below the rent threshold. They provided other supplemental income documentation, but since the income is from a side job, the total differs from month to month. The couple is going to closing to sell their home in a few weeks and have offered to pay 6 months advance rent payments with cash received from selling their home. I don’t have any other hesitation other than the total income they receive from their jobs not being sufficient (at least 2.5x the monthly rent), but should I consider the six months advance rental payments knowing they will have access to additional income made from the sell of their home? If the consensus is that I should agree to rent to them, as the landlord, how should I articulate the leasing terms in writing to protect myself?