All Forum Posts by: Steven Kinkead

The rent is $1800/mo.

I think retirees potentially have fewer expenses than the average family. No kids, less spending on clothing, electronics, and furniture. I guess it all depends on the type of lifestyle they choose.

I purchased a small home in an age restricted (55+) community. I expect many of the potential renters will be retired, so their income will be from from social security, pensions, and savings.

Does the 3X rule (income should be 3 times the rent) still apply in this case?

One other obstacle you should consider is the removal of the current occupant.

If they are a tenant, then you must honor the lease agreement they had with the previous owner.

If the occupant is the previous owner, then you may need to go through an eviction process.

Another option would be to provide a cash bribe to encourage them to leave.