Washington 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 with single-family and multiunit rental properties in the Pacific Northwest market. But one problem tenant can quickly turn a promising real estate investment into a potential loss. How do you distinguish good prospective tenants from applicants who might put your property and profits at risk?
Follow these five tenant screening tips for a successful tenant-landlord experience.
How to Successfully Screen Tenants
- Rental listing: Be clear about policies in your vacancy listing. Items like no smoking, pet policies, income requirements, and background checks will be a deterrent to tenants you may rather not have apply.
- Pre-screen call: Talk by phone before showing your rental to a prospective tenant. It provides an opportunity to gauge the applicant’s genuine interest and ensure they have reviewed the listing criteria.
- Rental showing: After passing 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 filled-out application or spaces left blank can be another means of weeding out tenants.
- 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 a rental applicant. Don’t rely on just their 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 a Private Money Loan
A positive tenant-landlord relationship that results in minimal turnover and reasonable repair needs can have a long-term impact on your investment. A bad tenant experience can be a financial and emotional challenge, resulting in increased maintenance and upkeep, and even property damage.
Our private lending team at Gregory M. Russell offers hard money loan services to real estate investors throughout Washington State. With over 30 years’ experience in real estate loans, 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 customizable equity loan options, flexible terms, and fast turnaround.