Vacancy VS Tenant With Red Flag(s)
Charles Phanumphai • December 4, 2024
Vacancy VS Tenant With Red Flag(s)
We’re always learning from other real estate professionals to stay ahead and implement proven strategies that benefit our homeowners and tenants. One of our go-to resources is the BiggerPockets podcast.
A particularly insightful episode, HERE, discusses a new landlord grappling with whether to rent to a tenant with red flags like a history of late payments and bankruptcy. The conversation, from the 9-minute to 22-minute mark, resonated deeply with us because we encountered a nearly identical situation at Snow Capped in early 2024.
In our case, we ultimately agreed with the podcasters: the risk wasn’t worth the reward. The tenant not only failed to pay rent on time but eventually stopped paying entirely and cut off communication. To make matters worse, they left significant property damage, which led to a costly eviction and income loss. Unfortunately, all of this unfolded during Grand County’s low rental season (covered at the 15:40 mark in the episode), compounding the financial impact.
Hearing seasoned professionals confirm our approach is reassuring and reinforces our commitment to best practices. At Snow Capped, we strive to help homeowners maximize success while minimizing risks like these. It’s one of the many reasons why homeowners trust us to manage their properties!
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