Tenant Screening Secrets: What's Your Magic Formula?
Managing a rental can be as tricky as a high-wire act, especially when it comes to picking the right tenant!
A friend of mine, who not only manages but also lives in his triplex, is about to face a vacancy.
He's considering a strategy that includes a 3x income-to-rent ratio, pricing the rent $100 below the market, and stringent background checks (no felonies or evictions in the past decade, and no pets).
What do you think? Is he on the right track, or is there more to the tenant screening equation?
What criteria do you rely on? Have you ever made exceptions to your usual screening process? How did that turn out?
Do you emphasize a positive and verifiable rental history, or are there other 'must-haves' or 'deal-breakers' you swear by in your screening process?
Dive into the details—I'm all ears for your screening strategies and stories!