Did the PM did bad job qualifying the tenant
I have tenant that leave 5 month in the house
Now his credit card was declined and he is late in this month payment
I was thinking that the property management company didn’t check him too good
They told me that at the time he was qualified
Interesting point is that they claim that every much 25% of tenants are late in payments but only very few get evicted
What are the member thoughts on tenants cant pay after 5 month, does that mean PM did bad job?
Shiri
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Not necessarily @Shiri Manor Nisenbaum. Life happens and people's income can change for lots of reasons. It would depend if there was a drop or change in income amount or source now vs when they applied.
If they have been needing to pay their rent on a credit card out of necessity this whole time, I would say yes. They probably weren't qualified to begin with. It was a 'house of cards' (LOL) waiting to collapse.
Have they always paid with a credit card? Is that standard for your area? I don't think I've ever had that with the 100s of tenants I have had.