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Updated over 6 years ago on . Most recent reply

User Stats

7
Posts
6
Votes
Brian Zintel
  • Investor
  • Buffalo, NY
6
Votes |
7
Posts

Prospective Renter's income is mostly cash

Brian Zintel
  • Investor
  • Buffalo, NY
Posted

I have (2) prospective tenants for a property of mine. One tenant works at a restaurant and the other at country club. Both tenants claim that most of their income is cash and that they can not meet my minimum requirements for income. I require 3X the monthly rental income in gross salaries. Both tenants have a good credit history and no previous evictions. My properties require security and first months rent at move-in. The tenants are willing to offer last months rent as well at move-in as an added incentive to compensate for their particular situation. We are offering them a 1-year lease.

Any experiences with this type of situation / potential issues?

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