Hard Money Loans Offer Fast Cash for Rental Upkeep
There is a high demand for rentals in the popular move-to destination of Washington State and the Seattle-metro area.
It’s good news for investors in both single family and multiunit rentals in the growing Northwest market. But one bad tenant can quickly turn your real estate investment into a loss. How do you separate good prospective tenants from the bad?
Follow these 5 tenant screening tips for a successful tenant-landlord experience.
- Rental listing: Be clear about policies right up front in your vacancy listing. Items like no smoking, no pets, income requirements, and intent to run a background check will be a deterrent from the start to those you may rather not have apply.
- Pre-screen call: A phone chat prior to showing a rental is an important opportunity to gauge an applicant’s genuine interest and ensure they have reviewed the listing criteria.
- Rental showing: After having passed initial criteria and the pre-screen call, does the applicant show up on time for the showing? Do they ask good questions about the rental? Do they express care about the unit and neighborhood?
- Application: Require that all information on the application be completed. A poorly completed application or spaces left blank can be another means of weeding out applicants.
- Background check: Be specific about criteria you want to see when submitting a background run on an applicant, including crime history and any evictions nationwide.
- The whole picture: Consider all the information you have on an applicant. Don’t rely on just the application or background check. Be sure to call references.
- Don’t rush: Take your time making your decision! If the fit doesn’t feel good, repeating the application process is worth it to find the right tenant.
Maintain Your Washington Rental with an Private Money Loan
A positive tenant-landlord relationship can have a healthy, long term impact on your investment, reducing turnover and minimizing the need for repairs.
A bad tenant experience can be a financial and emotional challenge, resulting in increased maintenance and upkeep, and even property damage. Our team at Gregory M. Russell offers private money loan services to real estate investors throughout Washington State. With over 30 years’ experience in lending and real estate, we understand the demands of rental investments and provide fast cash when you need it. Call 1-888-477-0444 to learn more about our easy terms and equity loan options.