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Updated almost 5 years ago on . Most recent reply

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Zachary Bellinghausen
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No 3x rent income, but $100,000 from house sale.... Yeah or Nay?

Zachary Bellinghausen
Posted

I have interest in a property in Salt Lake City from a Medical student and her partner who is also a medical student. Rent is 1400 a month and she will be receiving $2000 a month for tuition/living expense, her partner makes $1600 a month at a paid job month from the U in which he is getting his doctorates. They just sold a home and will have around $100,000 from the sale. She may have to go out of state for her schooling but plan on coming back to Salt Lake City in between breaks. She may have to do distant learning for quite some time. When she has to eventually leave for medical school out of state, they were wanting another roommate to help with rent, but only if they find a quality one. Lots of red flags here, but she has money from sale of home. I am anxious of not finding another renter because of this corona virus and the stay at home schooling. I have NEVER had a problem renting this unit out, but maybe this time is different. 

  • Zachary Bellinghausen
  • Most Popular Reply

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    John Underwood
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Investor
    • Greer, SC
    15,191
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    John Underwood
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Investor
    • Greer, SC
    Replied
    Do they have high credit scores? Yes means they pay their bills.
    I would get 1st, last and deposit to overcome them not making 3x the rent.
  • John Underwood
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