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Updated almost 4 years ago,

Chris V.'s profile image
Chris V.'s profile image
Chris V.
  • from Ventura County, Los Angeles County
  • Member since Aug 14, 2019
Connect

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2
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Chris V.'s profile image
Chris V.'s profile image
Chris V.
  • from Ventura County, Los Angeles County
  • Member since Aug 14, 2019
Connect
Chris V.
  • Ventura County, Los Angeles County
1
Votes |
2
Posts
Tenant Screening

Using Savings vs. Monthly Income for Minimum Income Requirement

Chris V.
  • Ventura County, Los Angeles County
Posted

Hi BP!

I have applicant for a rental unit that is currently between jobs, but would like to use a large savings account to meet the income requirement to qualify.

One of the minimum requirements that I have (and state in listing) is "Monthly income must meet or exceed 3 times monthly rent." According to the applicant, they have ~$200,000 in savings. 

Is this a good idea and if so, are there safeguards that I should put in place? Any advice would be greatly appreciated.

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