Income ratio to lease price.

Asked by ffury10, Beverly Hills, CA Wed Aug 7, 2013

My monthly income is NET $2450. I want to lease a home in college station. Will I be able to lease an $1100 a month house or be limited strictly to 1/3($813). I have zero debt.

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3
Chris Tesch, Agent, College Station, TX
Wed Sep 4, 2013
I believe you will be fine with the $1100 but it will strictly be up to the property managers or owners individually. Make sure that you will be comfortable with the payment. That is the most important part! Eating soup can get old :)
0 votes
Steve Santos, Agent, College Station, TX
Sun Aug 11, 2013
You should be less than one third if you are renting. If you want to spend $1,100 a month in rent, then look at buying. Anyone with $2450 net with zero debt is someone who knows how to finance their money. Call me and I show you what you can buy for $1,100 a month. It's 5 times nicer than renting a place for $1,100!
Steve Santos
REALTOR
Keller Williams Realty Brazos Valley
979-324-2340
Steve.santos.realtor@gmail.com
0 votes
Chris Hutchi…, Agent, Hurst, TX
Wed Aug 7, 2013
It looks like you have the ratio correct. Usually property owners and property managers are looking for your income to be 3 times your rent. In this case you would be a little short on that ratio. That is not to say there are not people that will rent to you but it will be more difficult to find.

So you may need to stick with that $800 range property unless you have a working spouse or a co-signer.

Regards,

Chris Hutchinson
REALTOR (R)
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes
A co signer is possible. Is it common?. Also, Are rent buy downs accepted. Example, I put down $2000 up front to buy down $1100 to $900 on 24 month lease. + deposit + first months rent.
Flag Wed Aug 7, 2013
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