Tenant Screening Is the Key to Success with Owning Profitable Investment Properties
Buying Central Valley investment properties is a smart decision to make because your investment property will enable you to build wealth and cash flow on a monthly basis especially if that property is in a great location, has awesome amenities, and is priced right.
Sadly, many investors fail at owning investment properties in Central Valley because they don’t properly screen their tenants and end of renting to tenants who waste their time and money.
If you’re planning on getting started with buying Stockton CA investment properties, this article will provide you with easy to follow tenant screening tips that you should start using right away.
Tenant Screening Tips Every Landlord Should Use
Focus on the FICO score – Even though some people may give you “fuzzy” income or job references, their FICO score won’t lie. This score is the culmination of their financial life and will provide you with a look into their past including bills paid, late payments, charge-offs, etc.
Always pay close attention to a Central Valley CA tenants FICO score because how their past financial behavior is a clear indication of how they will treat you in the future.
Be clear about your screening criteria – Since we live in the day and age of “savvy” tenants who know their rights, you should place your screening criteria on your website, and even on the rental ad itself, just so potential tenants know exactly what you’re looking for in a renter.
Follow the same procedure every time – When screening tenants you should always follow the same screening procedure every time with each tenant because you don’t want to get accused of violating someone’s rights because you followed a different procedure with one tenant versus another.
Say no to tenants who don’t “own” their history – Let’s say you’re screening a tenant who has moved every year and hasn’t held down a job for more than six months. If that tenant makes excuses for their history and don’t show that they would be a reliable tenant it’s best to continue looking for someone that you feel will be a stable renter and not skip out on paying their rent before their lease is up.
Contact RPM Central Valley
To learn more tenant screening tips, or to speak with us about our Central Valley CA property management services, contact us today by clicking here to connect with us online.