Screening Tenants: Gross vs Net Income?
I have a married couple prospective tenants that look ideal; credit scores above 800, previous homeowners, etc. Rent is $2400/mo so I require $7200/mo income. Husband is currently unemployed (due to COVID) and wife makes $10k/mo gross but only $5800 after withholdings. So they meet the gross income = 3x rent but not the net income = 3x rent. Husband is currently collecting unemployment and plans to get a job but I don't generally consider unemployment in my income. Thoughts?
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They had me at 800 lol. Not really though. I keep my rents around $100 below market and look for good tenants that stay for several years. Turnover cost $ and interrupts important stuff like fishing and goofing off. I'd decline since my gut tells my they will buy and move in a couple years.