Share this post!

Yakima rental property
Thoroughly screening your rental property applicants is one of the most important steps you will take as a rental property owner. Implementing smart tenant screening practices is one of the best ways to maximize profitability on your Yakima rental property investment. Good tenants mean rent gets paid on time, there's generally less chance the property gets damaged, and the lease will consummate as arranged. Not-so-good tenants can reduce your profits and can possibly lead to legal headaches should they breach their rental agreement.

A good way to find the right tenants while avoiding any potential discrimination issues is to follow the Fair Housing Act (as well as state and local laws) and create a set of screening criteria that you apply equally to all applicants. Developing a repeatable process will streamline your application vetting by weeding out potential tenants who do not meet your minimum criteria.

As you are developing your screening procedure, here are some common mistakes you can avoid when it comes to tenant screening.

Not paying attention to red flags

An eviction or a lengthy criminal record (relating to lack of respect for property or safety of other individuals) are substantial issues when screening an applicant, but there are other warning signs to keep an eye out for during the application process. Did the tenant refuse to complete portions of your rental application? Are their past landlord references verifiable? Have they resided at more than two addresses for the previous two years with no reasonable explanation? These less than optimal indicators could potentially be a sign of things to come...or not...but it's always best to err on the side of caution.

Not screening all applicants

Some rental property owners choose to only screen applicants they are skeptical about. This is not only a short-sighted practice, but can possibly lead to legal ramifications. You can’t judge a book by its cover, so for your own protection, make sure you screen everyone who applies to live in your property. This can also protect you against potential discrimination claims.

Not starting the screening process immediately

Start the screening process as soon as you have an interested tenant, or you’ll risk having an unoccupied property, and vacant properties are the biggest cash-flow killer.

If you're looking to purchase an investment rental property in Yakima, and are interested in financing options, give us a call at (424) 567-4825.

Questions? Contact Brian Richard Today!

Questions?

We can help!

Click the button below and we will follow up with you asap!

Contact Us
Civic Financial is an Equal Housing Lender

© 2020 Civic Financial All Rights Reserved. Located in Redondo Beach, California, Civic Financial Services LLC is a leading private money lending provider servicing the greater Los Angeles, Dallas, Phoenix, Seattle, Portland, Denver, Miami, South Beach, Tampa, Sarasota, San Diego, San Francisco, Irvine, Las Vegas, San Jose, Riverside, San Bernardino and surrounding communities. Civic specializes in short term, non-owner occupied and investment properties financing utilizing private hard money and bridge loans.

This is not a commitment to lend. Restrictions may apply. LTV limit is based on current, accurate appraised value. Civic Financial Services, LLC reserves the right to amend rates and guidelines. All loans are made in compliance with Federal, State, and Local laws. Civic Financial Services, LLC is a California Finance Lender under NMLS 1099109 and the California Department of Business Oversight License #603L321, AZ Mortgage Broker License #092863, FL Mortgage Lender Servicer License #MLD1536, ID Mortgage Broker/Lender License #MBL-9610, NV Mortgage License MB4419, NV Broker License #4443, NV NMLS ID #1410002, OR Mortgage Lending License #ML-5282, UT DRE Mortgage Entity License #10570639. Civic Financial Services, LLC is an equal opportunity lender. Powered by Lenderd.com - Mortgage Websites | Privacy Policy

X

Contact Us Today!

Lookin' Forward to Working with You!

Contact Brian Richard (424) 567-4825
Contact Brian Richard
Loan Status