Cash first YEAR’s payment?

1 Reply

I am entertaining breaking a rule of landlording. I have a potential tenant who runs a legitimate local business-a hair salon. It is mostly a cash business. She has a very good credit score 750 but not enough reported income to meet my minimum requirements. Her husband is taking a new job and also doesn’t have current reported income. 

They are offering a year’s rent in cash plus security deposit because of these challenges. 

Would we be making a mistake by accepting?  Seems like it should work. Right? after a year I could verify his new job income and then re evaluate.  

Thanks for your thoughts. 

@Scott McCurley Greetings,

Sounds good, initially. I would do some more investigating into previous rental history. Why can't you verify his new job info now? I would put them on a month to month, and maybe take six-nine months worth of rent instead of the whole year and reevaluate at that time. Also consider a double security deposit.

I wish you the best.