SSI Disability Income
#2 General Landlording & Rental Properties Contributor
If it meets your income requirements (3X rent) there should be no issues. People lose jobs and income all the time.
Make sure you see proof of the income.
My mom had received SSI disability until the day she passed :( It paid her rent.
We have a tenant that had a traumatic brain injury in an accident and his only source of income is SS disability. We've had no issues with him. He always pays on time. I would agree that as long as they meet the income threshold you set then it wouldn't be a problem. You certainly wouldn't have to worry about the tenant losing their job and not being able to make the rent. this particular tenant has been with us for years also, so I would guess that someone like that is probably pretty stable too. It seems to me that they might be more likely to get set up in a comfortable situation and stay put for a long time.
a lot of ppl are under the assumption that it is a life long program. it does get reviewed from time to time depending on age and whatnot. if she is older 55+, its a good chance that it will not stop unless she goes to prison. under that age, and depending on the actual disability, there is a chance that it could be ceased.
@Rich Thomas I count SSI income when determining if a tenant's income qualifies. SSI disability income can continue indefinitely. However, just so you're aware, it's not true that SSI disability income is always for life and can never stop. (I know someone that had theirs stopped.) Anyway, here's some more info on what could cause it to be stopped:
If I am on Social Security Disability, can I lose my disability benefits at some point?
Thank you all very much for this information. I didnt really know if I could just come out and ask her how much her monthly disability was or not? Obviously I will need to know in order to make sure she can make the monthly rent payments. She has assured me that hers is a lifetime disability I guess the only way of knowing for sure would be to see some type of paperwork for it.
Hello Rich, Nice to see another guy from Salem! I grew up there. Yes you can ask the applicant for verification of the SSI Disability income. If they are filling out an application their annual salary should match the estimated amount of the SSI ytd assuming they have no other income streams. In terms of qualifying they should just have to meet your standard guidelines as far qualifying, whatever those might be (3X annual rent, credit score of XXX). What you cannot do is ask what the said disability is.
Disclaimer: I'm not a lawyer and this is not intended to be legal advice.
Ask to see her latest award letter
(There was a cost-of-living increase that happened, and the notices were just in the mail today (12-04-17), so she even has a few more percent cushion!)
#2 Contractors Contributor
- Severna Park, MD
If the SSI stops and they cant pay the rent then you evict them . So why not count it as long as they receive it