 income to rent ratio (by Kathleen [VA]) Mar 21, 2012 3:05 PM
 income to rent ratio (by Kyle [IN]) Mar 21, 2012 3:48 PM
income to rent ratio (by TIM [IN]) Mar 21, 2012 4:04 PM
income to rent ratio (by LL [AZ]) Mar 21, 2012 4:06 PM
income to rent ratio (by Kathleen [VA]) Mar 21, 2012 4:21 PM
income to rent ratio (by reid [KS]) Mar 21, 2012 4:44 PM
income to rent ratio (by Roy [AL]) Mar 21, 2012 5:41 PM
income to rent ratio (by Jim in O C [CA]) Mar 21, 2012 6:38 PM
income to rent ratio (by NC INVESTOR [NC]) Mar 21, 2012 8:44 PM
income to rent ratio (by Kathleen [VA]) Mar 22, 2012 4:08 AM
income to rent ratio (by Virden [OH]) Mar 22, 2012 7:50 AM
income to rent ratio (by NC Investor [NC]) Mar 22, 2012 12:12 PM
income to rent ratio (by none [OH]) Oct 10, 2013 10:37 AM
income to rent ratio (by Kathleen [VA]) Posted on: Mar 21, 2012 3:05 PM
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What income to rent ratio do you look for in order to qualify applicants? --69.243.xx.xxx |
income to rent ratio (by Kyle [IN]) Posted on: Mar 21, 2012 3:48 PM
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I look for income 3x rent. --71.194.xxx.xxx |
income to rent ratio (by TIM [IN]) Posted on: Mar 21, 2012 4:04 PM
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Income 3X gross rent. If I include utilites, i'll accept 2.5X rent. --67.236.xxx.xxx |
income to rent ratio (by LL [AZ]) Posted on: Mar 21, 2012 4:06 PM
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Generally net after tax income 3X rent. However large poor families need a higher ratio, as do folks with big school loans, new cars, etc.
I look for 3X rent and take into condsideration major expenses. Example, $500 apt "should" work at $1,500 a month income. But if they are paying $350 car payment, $100 insurance, $250 student loan, $400 food, $200 gas, $200 child support, $200 utilities (elect, cable, Internet).
There ain't no money left to pay the LL.
Like my recent tenant who was late - and called to ask if it was OK to put a new satellite dish on the existing mount - then my SO finds a 52 inch flat screen TV box in the dumpster.
They did pay the rent (late) and I hope having their new TV and dish will make them want to stay. --76.90.xx.xx |
income to rent ratio (by Kathleen [VA]) Posted on: Mar 21, 2012 4:21 PM
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Kylem I assume that's net? --69.243.xx.xxx |
income to rent ratio (by reid [KS]) Posted on: Mar 21, 2012 4:44 PM
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as a rule of thumb I usually go with Income (gross) 3 x's rent. It's also a plus if it's attachable income. --108.238.xxx.xx |
income to rent ratio (by Roy [AL]) Posted on: Mar 21, 2012 5:41 PM
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Just because someone meets the min. 3X income/rent ratio, does by no means guarantee they will actually pay the rent on time. I have been stiffed by people who had a 6X income/rent ratio. --69.244.x.xxx |
income to rent ratio (by Jim in O C [CA]) Posted on: Mar 21, 2012 6:38 PM
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Look at net not gross. That's where your rent payment comes from. I use 2.5 after taxes and long term payments. --72.25.xx.xx |
income to rent ratio (by NC INVESTOR [NC]) Posted on: Mar 21, 2012 8:44 PM
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I never look at rent to income ratio. I only consider debt to income ratio. That coupled with their 3 credit scores and payment history tell you pretty much everything you need to know. --173.188.xxx.xxx |
income to rent ratio (by Kathleen [VA]) Posted on: Mar 22, 2012 4:08 AM
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NC Investor, what debt to net income ratio are you looking for? For example my place for $1000, how much total debt should I allow? --69.243.xx.xxx |
income to rent ratio (by Virden [OH]) Posted on: Mar 22, 2012 7:50 AM
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For years HUD housing looked at 4-1 income to housing, then it fell to 3-1 so freddy and fanny could write loans and the ship began to list more and more and we know how they sold them 10 bad-1 good. --76.241.xxx.xxx |
income to rent ratio (by NC Investor [NC]) Posted on: Mar 22, 2012 12:12 PM
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Kathleen:
I use the same DTI guidelines as FHA (they're more lenient than standard DTI ratios)of 29/41.
That means their housing should not represent more than 29% of their monthly gross income and their total debts (student loans, credit cards, auto loan, auto ins., etc.) can't exceed 12% of the monthly gross income. Combine housing and other monthly payments for a total not exceeding 41%.
you can play with the numbers. If the rent is less then the monthly payments can be higher. The magic number is 41%.
--173.189.xx.xxx |
income to rent ratio (by none [OH]) Posted on: Oct 10, 2013 10:37 AM
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