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Steve Tom
  • Round Rock, TX
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29
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Potential Tenant - but high debt - should I be worry?

Steve Tom
  • Round Rock, TX
Posted Jul 6 2022, 13:11

I am working with a potential tenants. A single dad raising two kids. Not perfect credit score, has three dogs. Been renting apartment for severall years.

I am not worry about the low credit score, since he has shown me in the last year he has advanced in his job and is making twice of what he did before. Stable job with a tech company. Just wanting a bigger place for his kids, and stay close so they can finsih at same school in few years.

Nice guy.

But what concerned me the most is that he has taken 6 loans (ranging from 2k to 20k) in the last few years. Also he has several revoling credit cards (around 11 from various banks, credit unions, and stores) he said he is slowly paying off. Total debt is 1.2 times of his current salary. Based on the inforamtion he provided, he would be using one of his pay check each month on paying off debt. Which leaves him one check to cover the rent with $800 left to spare each month (he makes around 3.2k per check)

Now he also earns commission. Estimated - by him - to be 2k a month. He said he will have enough to cover for all other expenses.

He and his kids are so nice, and I kind of wanting to help someone get back on their feet. My rent is already a little lower than what is currently on the market.. But wife is more logical and she is worry.  

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