Updated over 3 years ago on . Most recent reply
500k income with 580 credit score
I have a high end single family home that rents for 3700 per month in New Orleans. I received an application from a doctor that just finished his training and will be starting a job where he makes 560k per year. His income the previous year was under 100k and his credit score is 580. His wife that works a 30k per year job has a 710 credit score. He has offered to pay the first months rent and the last two months, in addition to a one month security deposit. That is a total for four months rent. Would I be crazy to accept his offer and let him move in?
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#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
You need to add at least your state and probably your city in your profile and preferably in your question. There are laws against certain kinds and amounts of prepaid rents. It would also help determine how easy it will be to evict thus tenant if the new job doesn’t exist or doesn’t work out.
You are dealing with a person earning double the median income and still can’t or won’t pay their bills. That’s not good. Lack of control or conscious.
GL.