Tenant Income Requirements

[Rusty Scott]

Would anyone lease to someone if they didn't meet the 3x income requirement, if there were valid life reasons and expectation that a new job would easily put the tenant well beyond the minimum? And if so, what would you ask for as additional security (much higher deposit, pre-paid rent, bank statements showing reserves, income tax returns, etc.....)?

This assumes that all other screens come up solid.

[Gabe G.]

How far away from 3x are they?

If you are looking at 2.5X, and everything else checks out, thats probably not a big deal.

If it gets closer to 2x or less, than I would at the very least, require first,last, and security deposit. If they can come up with that kind of money, then they are probably a decent risk.

Also if you pull their credit report, what other installment debt do they have?

If they have no car payment, and no student loans/credit cards, then you can probably go lower on the income scale than you would normally. If they have a 400 dollar car payment, and some student loans/credit cards. Then going below 3X gets riskier and riskier.

Just my opinion though.