Updated almost 7 years ago on . Most recent reply
Tenant Social Security Income
I finally purchased my first investment property and am in the tenant screening phase for one of the two units. The property is a duplex , 3br/1ba per unit, in a C class neighborhood. Rent is $995 with a minimum qualification criteria of $2985 monthly household income. A prospective tenant applied who would be one of 3 retired adults (unrelated based on their last names) living in the unit. As part of the application, she provided documentation of the monthly social security awards for each of the three prospective tenants. Each of the three receives approximately $1000/month. As far as I can tell, this is their only source of income. Technically, they meet the criteria of household income 3x rent, but something seems off. There will have to be some serious communal living going on for rent to be paid consistently. Any thoughts on the situation are greatly appreciated.