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Updated over 3 years ago on . Most recent reply

User Stats

218
Posts
103
Votes
Ravi P.
  • Investor
  • Schaumburg, IL
103
Votes |
218
Posts

Tenant screening- Income 3x Rent

Ravi P.
  • Investor
  • Schaumburg, IL
Posted

I have a tenant vacating a unit and have listed it for rent. I'm running g into an issue Io haven't run across yet. I am getting a lot of inquiries from section 8 and self-employed individuals. Ok m not sure how to screen them. I need some help to qualify these tenants.

If I have a rule requiring income to be 3x rent. This only applies to W-2 wage earners.

What if someone is on the Section 8 voucher program and they are only responsible for a portion of the rent. How do I qualify them? Based on their portion of the rent or the total rent?

Same issue with self-employed individuals. While they may have a high gross income, they may expense as much as possible to reduce their tax obligation.

I'd like to give everyone a fair shot, so any suggestions would be appreciated.

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