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Updated about 2 years ago on . Most recent reply

User Stats

99
Posts
58
Votes
Sarah B.
  • Landlord
  • Sioux Falls, SD
58
Votes |
99
Posts

Screening Tenants: Gross vs Net Income?

Sarah B.
  • Landlord
  • Sioux Falls, SD
Posted

I have a married couple prospective tenants that look ideal; credit scores above 800, previous homeowners, etc. Rent is $2400/mo so I require $7200/mo income.  Husband is currently unemployed (due to COVID) and wife makes $10k/mo gross but only $5800 after withholdings.  So they meet the gross income = 3x rent but not the net income = 3x rent.  Husband is currently collecting unemployment and plans to get a job but I don't generally consider unemployment in my income.  Thoughts?

Most Popular Reply

User Stats

1,240
Posts
3,065
Votes
Terrell Garren
  • Rental Property Investor
  • Concord, NC
3,065
Votes |
1,240
Posts
Terrell Garren
  • Rental Property Investor
  • Concord, NC
Replied

They had me at 800 lol. Not really though.  I keep my rents around $100 below market and look for good tenants that stay for several years.  Turnover cost $ and interrupts important stuff like fishing and goofing off.  I'd decline since my gut tells my they will buy and move in a couple years.

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