Would you rent to this applicant? No current job, but has investments and rental property income.
Hi everyone, looking for some opinions from Ontario landlords.
I have a prospective tenant for my condo. Monthly rent is $2,300.
His situation:
- Single dad with a 12-year-old son
- Currently no employment income
- About $5,000 in bank savings
- About $80,000 in stocks/investments
- Owns a property in Ottawa
- That property is rented for approximately $2,700/month
- He still has mortgage, property tax, insurance and other expenses on that property
- Credit appears to 790
- He would be renting my condo for himself and his son
My main concern is the monthly cash flow. He has assets, but without employment income, I’m wondering how comfortable I should be relying on rental income and investment assets to cover $2,300/month rent consistently.
For landlords who have dealt with similar applicants:
Would you be comfortable approving this tenant? What additional documentation or safeguards would you want—guarantor, rent guarantee insurance, proof of rental income, investment statements, etc.?
u/Southern-Carpenter20 — 4 days ago