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Updated 11 months ago on . Most recent reply

User Stats

8
Posts
2
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Gabe N.
  • Investor
  • Texas
2
Votes |
8
Posts

Tenant Screening question

Gabe N.
  • Investor
  • Texas
Posted

I have a prospective tenant that filled out an application.

However I need some advice on qualifying this individual.

The current rent is 3600
The applicant is a family 
The Spouse doesnt work 
The main applicant gross W2 income is around $10000 month
The monthly net income is $5700
No car loan's 
No credit cards balances
They pay $800 month on a personal loan.

Since a rent check is written after net income is received. I am concerned that they might not be able to afford the rent.
would you qualify a prospective tenant based on these numbers?  In the past I have asked for a higher deposit but I just dont want to deal with any potential non payment issues nor evictions.

Most Popular Reply

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1,273
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1,391
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Andrew Freed
  • Investor
  • Worcester, MA
1,391
Votes |
1,273
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Andrew Freed
  • Investor
  • Worcester, MA
Replied

@Gabe N. - I usually like to see that gross income is 3x the rent, no prior evictions, 650+ credit. Additionally, you can always ask for a bank statement showing that they have decent reserves. If they have $20K in the bank, that would offer additional reassurances of their financial stability. Lastly, prior landlord references is key, you want to chat with the last two or three landlords, not just the last one since they are incentivized to get rid of bad tenants. I hope this helps! 

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