I typically require income 3 x of the lot rent.I have a prospective tenant who only has small disability benefit ($600/month). The lot rent is $385 and utilities are typically $150. So with their income, I will not approve them. However, they showed me a bank statement with $22,000 balance saying that they recently get a settlement.
They said they will buy the trailer at $6,000 with cash and their son are looking for a job. My wife does not like to rent to them because their income does not quality while my property manager like them as they can pay cash for the trailer. His argument is that if they can not pay the rent, we can always foreclose on their trailer.
Assuming they pass background check (no eviction, no criminal history), do you recommend we approve the tenants?
Thank you very much!