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Author: JonathanRoth Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 4925  
Subject: Re: tenants with no income Date: 2/18/2013 9:11 PM
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So how do you deal with a prospective tenant who is not working?

The specific example would be retirees - may have a pension, IRA, etc. but no monthly income from work.


Source of income, at lease in CA, is not a permissible criteria on which to select a tenant. So, you treat this type of tenant the same as any other.

They need to provide proof of income meeting your requirements just like anyone else, no more, no less. You use the same screening process just like anyone else.

On the other hand, someone once come up to me with a beer in hand, tell me they wanted to rent a unit located a half-a-block from the beach. They refused to permit a credit check, stating their $250,000 cash in the bank was sufficient. They wondered if I had any problem with that. I told them no, I would just rent to someone else.

I run credit reports on all of my tenants.
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