tenant has medical&student loan collection - Landlord Forum thread 354648

tenant has medical&student loan collection by Tianwaifeixian on October 15, 2017 @23:17

Just got an application. The rent is $1600. Tenant shows $8000 as pretax monthly income. The credit score is 646 according to tenantbackgroundsearch.com. What concerns me is that she has 10k student loan (national collegiate trust) in collection and 7-8 medical bill collections with amount of several thousands. And she also has about 190k active student loan. Does this mean I should not rent to her?

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Re: tenant has medical&student loan collection by Anonymous on October 15, 2017 @23:57	[ Reply ]

No.

Re: tenant has medical&student loan collection

Re: tenant has medical&student loan collection by Anonymous on October 16, 2017 @07:49	[ Reply ]

I would not rent to this applicant. Defaulting on a student loan is a BIG deal. Wow... 646 is a poor score. This is a person that does not honor his debts and obligations...you want to be added to that list? What that tells you...that you are next. Rent to them and you will end up paying more than you ever receive. Plus..this person is collection proof...that student loan is first in time..first in line.

Re: tenant has medical&student loan collection by Anonymous on October 16, 2017 @09:59	[ Reply ]

Thanks! So are we saying that regardless whether the student loan is private or government issued, it is always a big deal if some one default on it? I also saw someone saying it is not a big deal if delaying on medical or student loan. So I try to figure out why. Thanks again!

Re: tenant has medical&student loan collection

Re: tenant has medical&student loan collection by Anonymous on October 16, 2017 @21:50	[ Reply ]

If you think about it, a lot of people have balances of $30-$40-$50 thousand on their credit cards. While the applicant seems a risk at first, there are some things a landlord can do to mitigate some risk. First, check to seek if any prior landlords have been paid on time and no money was owed to the landlord. Second, you can ask for a higher security deposit if your state allows it. Third, go with a month to month rental agreement. Forth, Have 1/2 the rent ($800) due by-weekly when the tenant is paid. You will come up with an additional one month payment for the risk of accepting applicant. ($20,800 instead of $19,200 in your case) (Or an extra $133 per month) Many employers can also set up payment deductions from their employees check for rent. You'll have to check to see if it's possible. So if the applicant has made all past rental payments on time and meets the minimum income level and passes a background check, it's possible to rent to her while minimizing your risk.

Re: tenant has medical&student loan collection

Re: tenant has medical&student loan collection by anon (ca) on November 3, 2017 @23:10	[ Reply ]

What a stupid post. Obviously, you are playing games on the forum.