3.5 times income
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
3.5 times income (by Bob [CA]) May 19, 2019 8:34 PM
       3.5 times income (by Ken [NY]) May 19, 2019 8:40 PM
       3.5 times income (by JB [OR]) May 19, 2019 9:24 PM
       3.5 times income (by BRAD 20,000 [IN]) May 20, 2019 2:33 AM
       3.5 times income (by Jim In O C [CA]) May 20, 2019 3:05 AM
       3.5 times income (by Deanna [TX]) May 20, 2019 10:19 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

3.5 times income (by Bob [CA]) Posted on: May 19, 2019 8:34 PM
Message:

I have a rental agent in palm springs ca and many tenants have looked then disappear. We have been available since april 1st and the condo is fresh paint and cleaned up real nice. The agency calls for a 3.5 times income ratio and I'm starting to wonder if this is holding many decent tenants back ? Thanks BOB --108.55.xx.xx




3.5 times income (by Ken [NY]) Posted on: May 19, 2019 8:40 PM
Message:

It is your house,you make the policy and tell them what to use to pick tenants at your building --72.231.xxx.xxx




3.5 times income (by JB [OR]) Posted on: May 19, 2019 9:24 PM
Message:

When do they find out about the 3.5x, before or after the showing? --24.20.xxx.xxx




3.5 times income (by BRAD 20,000 [IN]) Posted on: May 20, 2019 2:33 AM
Message:

Bob,

See if YOU can find the home online.

And exactly how many have toured the home? Demand stats not casual remarks.

Ask for photos of the front taken TODAY to prove it still looks good.

Ask a friend to pose as a prospect and give you feedback on the home and process and people.

I suggest changing PMs. They get stale or distracted. Or offer one more week before termination.

Do your own research on rentals in the area on Zillow. (Ignore Zillow's numbers on suggested rent etc. They are waaay off in my town.)

Good luck!

BRAD --73.102.xxx.xxx




3.5 times income (by Jim In O C [CA]) Posted on: May 20, 2019 3:05 AM
Message:

I think 3.5 times rent is on the high side. I look for 2.5 to 3.0 and take into consideration what kind of debt the applicant has. Student loans and car debt are not the same as credit cards for electronic toys, clothing stores and impulse bought items. --178.17.x.xxx




3.5 times income (by Deanna [TX]) Posted on: May 20, 2019 10:19 AM
Message:

I think a lot has to do what "3.5x the rent" equates to.

If you're renting a place for $500/month, then requiring $1750 in monthly income is extremely reasonable-- I might be more inclined to make it $2k/month minimum, or $2500/month, minimum, and not think twice about raising the standard.

But it's CA-- and if you're renting a place for a hypothetical $2500/month-- that's $8750/month in income, and I can see how people would have trouble qualifying. Or, if they qualify, then you're dealing with people who are in a more high-earning strata-- and they have the flexibility to be particular, and they're comparing your place with every other place that's listed at $2500/month. With the "fresh paint and cleaned up real nice", it might be a fabulous condo--- but it might not compare favorably with everything else at the same price point, whether in terms of location/amenities/finishes/space/etc, if that makes sense.

So it may be, instead of no one biting on a $2500/month condo, that a $2250/month condo might get snapped up in no time. Because suddenly, it's not getting compared to everything at the (hypothetical) $2500/month price point, and not standing out as being too desirable--- but instead, it's being compared to everything at the $2250/month price point, and it's awesome and amazing. --96.46.xxx.xx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: 3.5 times income
Your Name:
Your State:

Message:
3.5 times income
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: