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Renting Resources
January 30th, 2021
Prequalifying Yourself as A Renter
As a renter, it is important that you are knowledgeable about the requirements to rent a home.
Prequalification's:
Urgency (When do you need to move?)
Income needs to be 3x the rental amount.
Rental History (Evictions or Broken Leases play a big role on application approval)
Credit Score (A DOUBLE deposit may be required for credit scores lower than a 600)
You will be required to have a copy of your License and SS.
Background check and Credit Check may be ran.
January 30th, 2021
Searching for Homes
Now that you have prequalified yourself, the next part is where the fun starts.
Winning Tip: Before you start searching for homes, it is helpful to separate your Wants from your Needs.
What criteria's are most important to you? If you have kids, keep in mind the school district.
What properties would you like to see? Set aside a list of properties that you would like to see and schedule a time with your realtor to see at least 3-4 properties a day.
Know that you will not find a property with everything you WANT. Be realistic so that way you are not going to see multiple properties because time is ticking.
January 30th, 2021
Prequalified yourself, Found a Home, What's next?
So you have seen multiple homes and finally found the one! What should you be expecting next?!
Once your application has been submitted, the listing agent will review the application with the landlord and get back to your realtor about their approval or reason for denial.
Everyone over the age of 18 must submit a separate application.
Please Keep in mind that some applications take 3-4 days to process, most of the time, you are not the only application that they are reviewing. Be patient and keep a backup property in mind incase something falls through. Stressing your realtor out will only make it harder for them to help you.
Once you have been approved, you will need to prepare two checks.
First months rent
Security deposit check
Then you are all set to move in! Make sure you fill out a property condition sheet on your first day. This protects you from paying fees if a property had damages before you moved in.
January 30th, 2020
Common Renter Issues and their Solutions
If you are looking to rent a home but you are worried about anything on your credit, background check, etc. I hope these tips will give you an idea of some things you can do to increase your approval rates. Winning Tip: The more honest you are with your realtor, the more they know how to advocate for you.
If you have a great rental record with your current landlord, ask for a letter of recommendation. A letter of recommendation shows that you have made on time payments and have been a great tenant while the time you were there.
Have your realtor call the listing agent before hand and see if the landlord of the house you are going to see is lenient or not before wasting your time.
Be willing to pay an extra $100 or more on the listed lease to get your application accepted.
Not all of these will work all the time but remember, the realtor you are working with knows that there are ways to make both parties happy.
Be willing to compromise. Understand the position you are in and revaluate yourself and give yourself time to apply to several places.