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Updated over 4 years ago,

User Stats

10
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0
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Ben D.
Pro Member
  • Investor
  • Milwaukee, WI
0
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10
Posts

Inherited tenants that don't meet screening criteria

Ben D.
Pro Member
  • Investor
  • Milwaukee, WI
Posted

I recently bought a duplex in Milwaukee, WI, which came with long-term tenants (6+ years in each unit). Upon further qualifying them (I goofed and was not aware of estoppal agreements at that time), I have discovered one of the tenant's income does not meet my "3x rent" rule. The seller passed away (I bought from an estate), so it's hard to verify info, but from my knowledge the tenant has paid on time and been a good tenant.

Given the current COVID situation, how would you handle the situation? I'm worried that rerenting the unit may be difficult given everything that's going on. I'm inclined to have my tenancy qualifications included on new month-to-month lease, but then just let it slide as long as payments are coming in on time. That way I'm covered if they ever have an issue paying, and/or if I want them out for some other reason. I can just not renew their lease.

What would you do? Thanks!

  • Ben D.
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