Rental Standards

[Carey Edmund]

I am trying to create an applicant/renter guideline for my rental property. I would like something that spells out the expectations for any applicant and tells the applicant a criminal, employment, and credit check are required. Does anyone know where I can find samples of this or what I should make sure I include in it? 

[Elizabeth Colegrove]

Here's an excerpt of the article i wrote on this subject.

As a “Fool Me Once, its on you, Fool Me Twice its on me” Landlord, these are my HARD and Fast rules. Even if I have gotten a bite out of my tush, not giving in has saved me

1. Tenants Must Have 3x Rent – When looking at pay stubs you are already looking at gross not net pay. At 3x rent you are talking about 33% of gross income so net can be as high as 50%. Fair Housing Laws require that you to stick to your rules so you don’t discriminate. So do yourself a favor, don’t “slide” on this requirement. The sad story won’t pay you back in lost rent and eviction fees if you have to evict your tenants.
2. First Come First Served with the ENTIRE Application Submitted. No if’s, and’s, but’s or excuses- After doing over 15 rental installs I have never had a serious tenant not be able to submit an application no matter the reason.
3. CHECK Orders if Military- I pick lease lengths for both personal reasons (deployments, vacations, etc.) and for business reasons(market season, other turns), so when leases come up out of cycle it is annoying. As both a landlord AND a military member I understand the unique challenges as well as the Soldier Sailor Act. This is a business. Therefore I require all lease terms to match length of orders and the lease terms must also meet my needs.
4. No Deposit without a Signed Lease OR VICE VERSA- Your deposit is your “skin in the game”. Your lease is the “TERMS” with your skin in the game. Therefore it is IMPERATIVE that you do not accept money without a lease. Only accept the two TOGETHER.
5. No Keys without a check in HAND or funds already DEPOSITED- Move in can be tense. In my experience no matter HOW meticulous you are getting the house ready your tenants will always have comments. The last thing you want is to also be bringing up the fact you have not received your rent. It adds fuel to the fire.

As a wiser but still learning landlord,my goal is not to PREVENT you from enjoying all the learning experiences that landlording has or will offer. My goal is to save your stress and skin on mistakes that I have made- allowing you the opportunity for unique learning experiences.