I am a relatively new out of state landlord and I have a rental on the market in Bluffton SC, which has been hard to get rented. I made a few changes based on the advice that I received here on Bigger Pockets and got three applications. The most qualified applicant in my opinion is a family of three, whose credit and background checks are clear. Their combined monthly income is 3X my rental amount but the man's income is in cash (he is a car mechanic). His employer gave him a great reference and indicated that the position is permanent and stable. I also checked their 6 months bank statements and it seems like they are able to pay all their bills from her income alone. Would you accept this family? They have a guarantor but her monthly income is not 3X my rental amount either.
I use RentRedi to manage my properties and they recommended a company called TheGuarantors. Has anybody used this company before? Do you suggest that I use them as guarantors for this situation? Any advice would be appreciated. Thank you in advance.
Yes, accepting this family seems reasonable if their financial stability checks out. The woman's income covers the bills, and the employer's reference for the man adds credibility. If you’re concerned about the cash income, you could consider additional safeguards, like a higher security deposit or using a guarantor.
**Regarding TheGuarantors**: They are a reputable company that provides rental guarantees, offering you extra protection. Check their terms and fees to ensure they align with your needs.
Yes, accepting this family seems reasonable if their financial stability checks out. The woman's income covers the bills, and the employer's reference for the man adds credibility. If you’re concerned about the cash income, you could consider additional safeguards, like a higher security deposit or using a guarantor.
**Regarding TheGuarantors**: They are a reputable company that provides rental guarantees, offering you extra protection. Check their terms and fees to ensure they align with your needs.
Thank you for your response. I accepted the family with a larger security deposit.