Need advice please.

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In NYC we are always asked to provide our personal tax returns, 6 months checking and savings accounts statements, record of employment at least. Definitely do the credit check (which btw as a renter I’ve always had to pay for)

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I’m in NYC we own but being a landlord in NYC is risky. Tenants have all of the right and can sit in your apt / house for up to 2 years without paying a penny.

I am so amused at your concern. Where in the world do you live where this rent and this income gives you pause?

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Lol that’s my mortgage (PITI) and I bought my house when I was making $120K base salary...

It’s odd that you’re so concerned about 200K gross income

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You should ask for bank account statements. Perhaps he’s got $5m in the bank. That would solve all your hesitations, no?

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Second this.

Live in DC and my rent is $3,000 - easily can pay that with that income.

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Yeah I’m a SA in DC and most of my work peers pay $1400-1800 in rent plus student loans on ~$80k salary. $2900 with over 2.5x that income should be easy.

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Lol dude what? You probably shouldn’t be doing real estate if you can’t figure this out. This is pretty clear cut here my friend

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Yeah exactly why are you concerned? Honestly he’s probably making way more than $212k— he owns a tailor and cleaning business, and put that for gross lol cmon

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This man’s margins are impeccable. $0 COGS?

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I guess he cleans with rain water then? Or maybe it’s BYO cleaning equipment and he just shows up.

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Using the 30% rule, these folks have more than double required to pay for that rent if that S Corp is not fabricated. Only $116k per year required. That said, I have serious doubts that a carpet cleaning business and a tailor are netting that kind of coin.

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What they are showing is gross income and doesn’t include write offs and other losses. He’s making a lot more than that in total income.

Rent it.

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212 is all they’re showing. I bet he has a stack of cash too. I’m sure it’s more like 350.

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I pay $3k a month at $200k consultant salary, pre-bonus. I don’t have write offs like a small business owner.... I manage to do just fine. So will this family.

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Trust your gut. Normally I’d say no biggie but if it doesn’t feel like another renter will come along. Go with one you feel good on because the hassle on he back end will be a major headache.

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as a small business owner he/she prob has some of his business off the books. Some small business owners tend to keep revenue off books unless they are planning on selling the business in next couple years. You will have lease agreement with this individual and a credit check which should tell you their monthly debt. Wouldn’t worry about gross Income prob running on 30-40% profit margin.

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Is the gross income net of operating expenses here such as rent, utilities, materials?

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Op I would not worry as long as they make more than 130K, but the return does not look good to me. I mean with that kind of income you would expect decent amount of COGS. If you are really worried, I would have them sign proper paper work and request their transcripts directly from IRS to make sure they are making that much or decent enough so they can afford the rent.

Lol. I had to pay my mortgage and rent for that salary. 5100? I didn't have to dip into savings.

So the guy has a credit score below 500 because of chapter 13 bankruptcy dismissed in 2016, and one medical bill ($850) in collection in 2016 both of which he explained due to the divorce and dispute between he and his ex wife on who should pay the medical bill. He doesn't have credit card payment delays or delinquent records.

You left out that detail. Ask for bank statements. My fiancée and I rented a condo and showed total assets. You can do that. We showed 300K gross for $4500 rent.

EY1: thanks for the info. My question is how do I know how much his "own" money he his to make sure that he has the ability to pay the rent even when the business is not doing well for a month or two.

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