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4 Tips for Screening Tenants for Your New Orange County Rental Property

As a real estate investor, your role as property manager requires you to understand the importance of screening tenants to the future of your returns on an investment is as significant as the property’s location. 

Just as you must perform due diligence before investing, you must perform thorough tenant screenings to protect your income stream, the property, and other tenants. So read on as we reveal four great tips for screening tenants for your new Orange County rental property.

Your Application

The first filter in screening tenants for your new Orange County rental property is the application you use for potential tenants. You’ll want to ask for proof of identification, pay stubs, or bank statements to prove income, their social security number, and signed permission to run credit and background checks. You’ll also want to ask for references from prior landlords. Many landlords charge an application fee to offset the costs associated with the application process. 

Legal Guidelines

There are several federal, state, and local laws governing the landlord-tenant relationship, including the process of screening tenants for your new Orange County rental property. While there are exemptions, from the advertising you place to market the property, to limits on application fees, to fair housing laws, you must understand these guidelines to avoid facing severe penalties. Therefore, it’s always advisable to seek the guidance of experienced professionals in the real estate industry as a further guard against making expensive mistakes.

Personal Interview

It is well worth taking the time to conduct a personal interview when you are screening tenants for your new Orange County rental property. However, it’s best to have a script to follow which remains within legal guidelines to protect yourself from asking the wrong questions. It is not possible for everything that adds up to excellent tenant placement to be on paper. Your real estate investments are your business; the difference, the applicants you approve will pay your current income, help you build your wealth, and provide you with the foundation for a secure income in retirement. Because the placement of the wrong tenant can be costly, you must get a good feel for the tenant before doing so. 

Background and References

Once you’ve received the application and conducted the interview, there is one step remaining in screening tenants for your new Orange County rental property. You must follow through with thorough background and reference checks. Regrettably, landlords often understand the importance of this step when faced with the consequences of their failure to act. Not only could you have lost income from missed payments, there are turnover costs, legal fees, and the hassle of evictions to deal with, but they could also cause property damage or even cause other tenants to leave the premises. 

Why not let the pros at H&M Realty Group handle screening tenants for your new Orange County rental property and avoid tenants that are hazardous to your investments? At H&M Realty Group, our local professional investors and our team of the most highly regarded real estate industry pros are here to help, from attorneys to property management and everything in between. Because our professional home buyers are a part of the Orange County real estate market, they have an investors outlook. When you work with H&M Realty Group, you can be certain we’ll keep you on top of upcoming market trends, local zoning changes, and anything else you need to know to adjust your investment strategy in real-time. At H&M Realty Group, we can take on as much or as little of the role of the landlord as you like; we make it easy for investors like you to achieve your goals. Call H&M Realty Group at 949-625-4533.

Joe

Broker/Realtor/Investor/Mentor (41 years experience) Specialties: Buyer's Agent, Listing Agent, Foreclosure, Short-Sale, Property Management, Landlord I'm a Full Time Real Estate Professional, house flipper and mentor to many of my clients. I am here to help you get top dollar for your home or get you the best price for a home that you are going to live in. I have over 40 years of real estate experience for you to draw on and actively list and sell over 20 homes a year. I have sold over 600+ homes in the last ten years alone. I am a very skillful negotiator and will work diligently to help you realize the best possible price when buying or selling your home. With my Exclusive Home Acquisition & Sales System, I can find the Right Home for You! I have access to homes no other Realtor will show you. I can show you how to save an average of $10,000.00 on the purchase price. We will find a home that fits your needs, in a neighborhood that suits your style. If you are selling your home then I can bring all the professionals to you. I always include professional photos in ALL my listings. I have contractors standing by to assist with those upgrades if needed. I can also quickly get you ALL CASH offers for your home if you desire. My marketing surpasses all other agents. It begins with extensive internet advertising to hundreds of websites throughout the world. I do direct mail marketing for you home and also knock on doors in your neighborhood when I am holding an open house. I hold you home open to expose it to as many buyers as possible. My Exclusive program is designed to sell your home for Top Dollar in Any market. I am an experienced flipper here in Orange County and therefore can offer you my over 40 years of real estate experience. The information is available to you at no charge! If you like what you see, please call me and setup Your Free Consultation.

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