@Alan Grobmeier and @Jeff Bridges thanks so much for the advice. You've both hit on all of the questions I had. I've incorporated some of the criteria from Dave Stone's post. Here's what I've come up with for anyone interested.
All adults (18 years or older) intending to occupy the property must fill out an application and are required to pay a $35 non-refundable fee to submit a background/credit check via RentPrep. Instructions for RentPrep will be emailed once application initiated. If approved and selected, the $35 fee(s) can be applied towards the first month's rent.
All applications will be thoroughly verified. While each client we represent may have slightly different criteria, our normal acceptable applicant will need to meet the requirements below (also found in the attached document). If you do not meet these minimum requirements, you should contact us before submitting your application in order to discuss your particular situation.
Minimum Requirements:
- Applicants must make three times (3x) rent in gross monthly income
- Must show proof of income (Last 30 days of pay statements or other income)
- Applicants must have suitable criminal history background results determined by landlord
- Applicants must have suitable credit history. Minimum credit score is 600
- No prior evictions, suitable past rent history and positive landlord reference
- We perform a credit check, criminal background check, employment verification and rental history verification on every applicant
*This list and any information on this page is provided for informational purposes only, please refer to the latest application for the most up-to-date rules
Rental History Criteria:
At this property we require that the tenant(s) have 0 evictions on record.
The following items can be considered a deniable factor:
- Late rent payments on record
- Noise complaints
- Broken lease agreements with previous landlords
- Inaccuracy or falsification of the rental application
Income Requirement Criteria:
- Must have gross monthly income 3x the monthly rent. For this property, the gross monthly income must be at least $2700.
- If the applicant doesn’t meet this standard rent to income criteria, the application will be denied unless a co-signer can be named that does meet the income criteria. [More on co-signer requirements below]
- The following items can be considered a deniable factor:
- Lack of proof of income
- Falsification of income
- Cannot meet income requirements
Employment History Criteria:
This property requires 12 months of employment with current employer or in the same line of work.
If the tenant cannot meet these standards, the following stipulations will apply.
- An increase of $350 to the security deposit.
Possible exceptions to the employment criteria include the following:
- Retired or self-employed applicants will require most recent tax returns or three months of bank statements to verify income
- Military personnel will be required to provide L.E.S. for proof of employment
- Final recommendation will also be dependent on income, rental and employment history
Credit History Criteria:
Various factors from the credit report are used as screening criteria including the following:
- This property requires a 600 or above credit score. If the tenant has a score below this, it will result in an increased deposit or cosigner requirement.
- A bankruptcy discharge will result in application denial.
- A paid rental collection and/or judgment will result in application denial.
Smoking Policy:
- Our rentals are strictly non-smoking
- Tenant’s guests who smoke should only smoke outdoors, at least 25 feet from any door or window and not on the property
- Tenants will be fully responsible for damage caused by them or their guests during their tenancy
Public Records Criteria:
An eviction and criminal records search will be conducted as part of the screening process.
Applicants will be denied for the following or similar reasons: False, inaccurate, or incomplete applications; credit scores, evictions,judgments related to rental residency, tax liens, unpaid child support; current bankruptcy proceedings; felony convictions, multiple felonies, physical or violent crimes, domestic violence, sex offenses; and/or appearance on any sexual offense or terrorist database.
Applicants may be denied or required to pay additional deposit or rent for the following or similar reasons: Insufficient verifiable income, excessive late rent payments, broken leases, property damages, unpaid rent, mortgage not current, foreclosures, credit scores or no credit score, excessive credit collection balances, slow pays, drug related offenses, etc.
Cosigner Criteria:
If a co-signer is required, the co-signee must have a gross monthly income 3x the monthly rent. For this property, the gross monthly income must be at least $2700. The co-signee will be required to submit same application as tenant and to undergo same background and credit checks listed above with non-refundable $35 fee.
The cosigner shouldn’t have any of the following: Active Liens, Judgments, Recently Filed Bankruptcies
ACCEPTANCE AND MOVE-IN PROCEDURES
1) Acceptance Window: We can normally verify and make an acceptance decision within two (2) business days of receipt PROVIDED ALL DOCUMENTATION IS RECEIVED beforehand and VERIFICATIONS CAN BE COMPLETED.
2) Security Deposit: Equal to one months rent - $900. Once an application has been accepted, the Applicant has until 5:00 P.M. the following BUSINESS day to deliver the Security Deposit to landlord. This Security Deposit must be in the form of a Cashier's Check or money order made payable to landlord. During this time, we will not remove the Property from the market; however, we will not process any further applications or present any other offers.
3) Lease Signing: Unless otherwise agreed upon, we will prepare and send to Applicant a digital lease that the tenant can review and sign electronically. Applicants are highly encouraged to READ THE LEASE before signing, as there are many responsibilities that you are agreeing to perform and live under in this lease. Once signed the lease will be routed back to us for execution. Please be aware that we will not execute any lease until the Security Deposit is received.
4) Keys: Because of federal privacy and identity theft laws, each Applicant will be REQUIRED to provide copies of positive identification (at least one with a photo) such as Driver's License, Passport, Visa, etc.
