Should I accept this tenant?

[Peter Morgan]

A prospective tenant showed up today and their  monthly household income is 1.9x rent and have additional incomes social security, job disability income etc ,income with this additionals comes close to 3x (little less may be 2.9) they have excellent credit score and no records of eviction was found but my initial impression was to turn down but they vouched that they never missed their rent payments and assured the same with me,and i ended up agreeing but did not yet draft lease. Should I go ahead and accept them?

[Joe Splitrock]

Originally posted by @Peter Morgan:

Originally posted by @Bill B.:

Most places require you to count all income, the rest are probably moving that way. I wouldn’t turn someone down because they are getting guaranteed money from the government, but I also wouldn’t bend my qualifications. If 3.0 is your MINIMUM that’s your minimum. What if you accept this tenant but not the next 2.9x income applicant? Can they claim racism or some factor is the reason? 

If des moines is anything like vegas we have an abundance or very well qualified applicants beating down the doors. Has the place been vacant more than a week? If so ask a PM what they would charge in rent snd how fast they think they would get a qualified applicant. 

Okay, they indicated their current landlord is selling property and are in a tough spot so looking for something to move immediately. Is it safe to go ahead with them?

 Here are my thoughts:

- You would include disability and social security as income since they are regular payments, so I would include that.

- Most people consider 2.5 to 3X rent as minimum requirement for income, so the 2.9 is within a reasonable range.

- It is important to be consistent so if your standard is 3X income for rent, then stick to that. If it is 2.9X, then stick to that. You shouldn't change qualification standards to meet the applicant.

- It sounds like you already verbally accepted the applicant. If that is true, I would not go back on my verbal commitment.

- You should be able to verify if the current landlord is selling.