Info on debt to income ratio especially in South Florida please. :) (tenants, rental)

[sflove]

I am wondering if many landlords allow at Least 2.5x's with good credit instead of 3x's. Rent has gone up quite a bit in South Florida. We are looking to sell to move to a slighty different area but don't want to be priced out. Thank you!

[oregonwoodsmoke]

All you can do is to ask each individual landlord. Every landlord has their own set of rental criteria.

And yes, your debt to income ratio will be considered. No good to rent you a place if your income is $2,000 a month and your debt payments total $1800 a month. You wouldn't have enough money left to pay the rent.

[MrRational]

Originally Posted by sflove

I am wondering if many landlords allow...

The 3X is a first pass thumb nail back of the envelope rule of thumb hurdle to see if an applicant CAN work (or not).
Your NET income will matter far more.

NET of taxes/FICA of course but also net of everything else you have deducted
whether you like it (HI? IRA?) or whether you don't like it (child support?).
How does that WEEKLY number compare to the MONTHLY costs to be there?

Next up is what other monthly obligations you have like car loans or high CC balances.
iow... when the SHTF in your life who gets stiffed?
---

Looking for LL's who don't hold applicants to high affordability standards...
will tend to get you LL's who don't have high standards about anything else either.

[Electrician4you]

I tend to stick to 3x income and no more than 40% DTI. I would prefer 35 or less it can make exceptions to 42% if I see orderly on time payments and income etc.

Right now I'm dealing with high income earners (or so they claim) but have under 600 credit and high debt. I have had more people "finding another place" or cancel after I question them on income or debt. They just expect me to roll over sign the papers. I know the type of properties I offer for rent and I'm not going to take substandard tenants.

[sflove]

Well, we are in the process of finding better employment but just in case we don't, that's why I was wondering. In the areas we are trying to stay, we could afford it so long as the landlord was ok with 2.5x's gross. In all other requirements I think we would look like great tenants.