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Updated 11 months ago on . Most recent reply

Dan McGrew's profile image
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Dan McGrew
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  • Chicago, IL
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General Real Estate Investing

Prospective tenant says 3x income requirement is not legal

Dan McGrew
  • Chicago, IL
Posted

Had a prospective tenant share the article below. This seems bogus but wanted to see if others had similar thoughts:


https://boundlessestates.com/new-law-starting-july-1st-landl...

South Bend, Indiana
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Russell Brazil
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Quote from @Dan McGrew:

Had a prospective tenant share the article below. This seems bogus but wanted to see if others had similar thoughts:


https://boundlessestates.com/new-law-starting-july-1st-landl...


 Well first are you in California? That article references California.

2nd, I believe it's a misinterpretation of the new California security deposit law which limits security deposits to 1 months rent. So previously if someone needed 2 months security deposit, plus the 1st months rent, they would need 3 months rent to move in. This is completely different from needing to make 3x the monthly rent in income to qualify.

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