Should You Work With A Tenant That Is Late With Rent? With Derek Morton (Ep 509)
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.9 • 805 Ratings
🗓️ 18 February 2025
⏱️ 22 minutes
🧾️ Download transcript
Summary
On this episode, Derek Morton shares why working with tenants will make investors more profitable.
He shares information on how to find charities and grants to help tenants, and under what circumstances he won't work with a tenant.
He also shares the number one predictor of whether a tenant will have trouble paying rent and why he doesn't use 3x rent to qualify a tenant's income.
https://rentalincomepodcast.com/episode509
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Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now dan lane |
| 0:09.6 | occasionally tenants are going to run into some kind of financial difficulty and fall behind on rent i know |
| 0:15.4 | this has happened to me a couple of times but derrick you've been very successful in working with tenants and helping them get caught up. |
| 0:23.6 | Can you tell me your thinking in how you approach this? |
| 0:27.5 | As landlords and property managers, we always want to be able to reduce turnover and be |
| 0:33.0 | able to enhance our communities. And so by being able to work with those and showing a little bit more |
| 0:38.4 | patience as empathy, we're able to achieve both of those results. There's definitely bad tenants |
| 0:42.6 | out there. And I think if you've got one of them, you're better off just cutting ties and getting |
| 0:47.1 | them out of the property as soon as you can. But if you've got a good tenant that is just going |
| 0:51.8 | through a temporary financial hardship, I think Derek has a good point that you just going through a temporary financial hardship. |
| 0:58.5 | I think Derek has a good point that you're going to actually make more money by working with them and helping them get caught up. |
| 1:01.0 | And on the podcast, today we're going to talk about how Derek has done this. |
| 1:04.9 | Derek also uses a couple different charities to help tenants out. |
| 1:08.2 | We'll get some details on how that works too. |
| 1:11.1 | Joining us on the show today from Cedar Creek, Utah, is Derek Morton. We'll take a quick break |
| 1:16.6 | to thank our sponsors. We'll come right back and we'll talk to Derek. It's a lot of work to find |
| 1:21.4 | a really good rental property. And when you actually find that property, you want to make sure |
| 1:25.6 | you're working with a lender that can get that loan closed. The lender that I recommend is Chaley Ridge from Ridge Lending Group. She's a nationwide |
| 1:34.5 | lender and her specialty is helping investors finance rental properties. She has a ton of loan |
| 1:40.3 | programs and she can find something customized to you for your situation. |
| 1:45.1 | If you want to find out more or you're ready to get started today, just go to ridge |
| 1:49.1 | lendinggroup.com. That's R-I-D-G-E lending group.com, NMLS 42056. Investing in rental |
... |
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