Does this tenant sound fishy?

Glendale, AZ · Member since 2017 · 1k+ posts · 236 votes

What do you guys think?

The rent is 2.7k

The tenant (him and his wife) make 200K per year, bad credit b/c some credit card bills and medical bills are in collection.

Lives with his relatives now (I assume not paying rent, even if paying rent then I am sure its less than 2 k per month)

Has been working for 8 months, so says working on the credit and trying to fix it. Credit now 560 (him) and 600 (wife)

If you make 200k, why do you have credit cards in collection? Makes no sense, right?

Says has 4 other rentals that want him to sign the lease and wants my reply by saturday.

He wants my house because its in a better neighborhood than the other plus mine is cheaper by 800$ than the other.

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Bjorn AhlbladPro Member

Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes

@Mary JayI'd say quite fishy. Pressuring you, in a hurry, and the rest. I'm sure he is exaggerating income. Some folks, even big earners can be terrible money mangers.

NEXT!

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Alfath AhmedBusiness Member
Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
3y
Quote from @Mary Jay:

What do you guys think?
The rent is 2.7k
The tenant (him and his wife) make 200K per year, bad credit b/c some credit card bills and medical bills are in collection.
Lives with his relatives now (I assume not paying rent, even if paying rent then I am sure its less than 2 k per month)
Has been working for 8 months, so says working on the credit and trying to fix it. Credit now 560 (him) and 600 (wife)
If you make 200k, why do you have credit cards in collection? Makes no sense, right?
Says has 4 other rentals that want him to sign the lease and wants my reply by saturday.
He wants my house because its in a better neighborhood than the other plus mine is cheaper by 800$ than the other.

I would honestly walk away because every investor should have a strict criteria for what they allow/don't allow in their investment property. I would not get blinded by the fact that they are making 200k+ year.

Also, did you see their credit report or are they telling you that their credit is low from medical bills and credit card bills in collection.
[email protected]614-802-5698
ReafCo | Ahmed Group 530 Reviews
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Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
3y
Quote from @Mary Jay:

Your neighbors don't seem to have that problem, do they.....?

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Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
3y
Quote from @Alfath Ahmed:

Allegedly, right?

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Mackaylee BeachPro Member
Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 492 votes
3y
Quote from @Mary Jay:

What do you guys think?
The rent is 2.7k
The tenant (him and his wife) make 200K per year, bad credit b/c some credit card bills and medical bills are in collection.
Lives with his relatives now (I assume not paying rent, even if paying rent then I am sure its less than 2 k per month)
Has been working for 8 months, so says working on the credit and trying to fix it. Credit now 560 (him) and 600 (wife)
If you make 200k, why do you have credit cards in collection? Makes no sense, right?
Says has 4 other rentals that want him to sign the lease and wants my reply by saturday.
He wants my house because its in a better neighborhood than the other plus mine is cheaper by 800$ than the other.
Hey Mary!
I'd definitely recommend for you to obtain rental verifications from previous landlords. Don't feel pressured in having to rush your screening process. Move to your next prospect.
[email protected]
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Mary Jay
OP
Glendale, AZ · Member since 2017 · 1k+ posts · 236 votes
3y
Quote from @Alfath Ahmed:

Quote from @Mary Jay:

What do you guys think?
The rent is 2.7k
The tenant (him and his wife) make 200K per year, bad credit b/c some credit card bills and medical bills are in collection.
Lives with his relatives now (I assume not paying rent, even if paying rent then I am sure its less than 2 k per month)
Has been working for 8 months, so says working on the credit and trying to fix it. Credit now 560 (him) and 600 (wife)
If you make 200k, why do you have credit cards in collection? Makes no sense, right?
Says has 4 other rentals that want him to sign the lease and wants my reply by saturday.
He wants my house because its in a better neighborhood than the other plus mine is cheaper by 800$ than the other.

I would honestly walk away because every investor should have a strict criteria for what they allow/don't allow in their investment property. I would not get blinded by the fact that they are making 200k+ year.

Also, did you see their credit report or are they telling you that their credit is low from medical bills and credit card bills in collection.

I usually ask them what is their credit. But then I do a credit check before I sign a lease
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Mary Jay
OP
Glendale, AZ · Member since 2017 · 1k+ posts · 236 votes
3y
Quote from @Bruce Woodruff:

Quote from @Mary Jay:

Your neighbors don't seem to have that problem, do they.....?

My neighbors, most of them, bought when houses were 200K (now they are 550K, they were 700K during the peak)
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Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
3y
Quote from @Mary Jay:

Quote from @Bruce Woodruff:

Quote from @Mary Jay:

Your neighbors don't seem to have that problem, do they.....?

My neighbors, most of them, bought when houses were 200K (now they are 550K, they were 700K during the peak)

I meant they are obviously getting the higher rent. You should be able to as well.....
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Jay ThomasPro Member
Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
3y
Real estate investing can be a tricky business. In order for you to make sure that your tenant is reliable and capable of making their payments on time, it's important to have rental criteria in place. While the credit score of a potential tenant may not necessarily qualify them for one of your more expensive rentals, there is still a noticeable correlation between credit score and rent payments that should be taken into consideration. To protect yourself from any legal issues related to fair housing laws, it's best to have published rent criteria that potential tenants can view before applying so they know if they meet your standards or not. Additionally, it's important to require "proof of income" from any potential tenants - anything without proof doesn't count! By taking these precautions and following your criteria, you can ensure that the tenants you accept are reliable and capable of making their payments on time. Good luck!
[email protected]832-889-5607
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