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Subtract any short-term debt payments (credit card, personal loans, etc)
Subtract enough for food
Subtract whatever you spend on entertainment & going out
Subtract for clothing
Subtract whatever you want to stash away in savings
How much is left? In an emergency, can you still afford to pay rent? What if your ATM card gets hijacked and your checking account gets cleaned out? What if your bank hiccups and withdraws someone else's check from your account? What if your employer botches your direct deposit and your paycheck is two weeks late? Do you have a contingency plan?
All this talk about "4x this" or "60x that" is silly. It is a very rough starting point that applies to almost nobody.
I own now..but my yearly salary is 99x my monthly mortgage payment. When I was saving for my downpayment, (two years ago), my yearly salary was 203x my monthly rent. Even 40x seems like a lot to me!
Opal set that requirement because they want to attract upper middle class young caucasian professionals; that's fine.
I am not going to set a minimum amount. I think it is best to give everyone an application and make my decision based on the applicants merits and how well they will fit in the neighborhood. I really want a responsible and conscientious young family that will stay for a long time. We do not have much turnover here.
It is hard to put into words ... but I am looking for something specific.
Two points:
1) The ratio rules of thumb (in this or any other example)..
are not meant to be anything more than a first hurdle qualification.
Most make good sense but all are subject to reasonable tweaking.
2) Not having objective criteria which can be uniformly applied to ALL applicants
leaves a LL open to potential discrimination suits.
Two points:
1) The ratio rules of thumb (in this or any other example)..
are not meant to be anything more than a first hurdle qualification.
Most make good sense but all are subject to reasonable tweaking.
2) Not having objective criteria which can be uniformly applied to ALL applicants
leaves a LL open to potential discrimination suits.
hth
I wish I could file a suit against all of the bosses that did not give me a job I felt I was qualified for. Don't you think Opal discriminates? We all discriminate at some level. Steady employment and good credit only present a portion of the picture. The process is subjective. I value community and I think it is the responsibility of the landlord to place a suitable family in a home. I could eliminate several applicants by imposing an income requirement and it is within my right. However, I do not want to exclude the family that may fall slightly short on the salary but have their priorities straight. The goal is to find a long term tenant that will pay the rent on time, keep the place reasonable clean and fit in with the community. This criteria will exclude people that are qualified on paper. I will not be coerced in to making a decision based on a possible discrimination suit. I am hopeful it will work out. Maybe no one will be interested. Lol!
Last edited by goodlife36; 09-12-2011 at 09:31 PM..
40 (3x12, +extra) is typical... but this is still just a first step before seeing the Incomeebt ratio and twenty other factors that go into qualifying.
The 60X may just be their way of cutting through that clutter...
(and in general, keeping out the riff raff )
Probably this. I'm curious if you find 60x to be common or find a bunch of 40x that are reasonably similar places.
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ebt ratio and twenty other factors that go into qualifying.
