Renting a Property
During the real estate down turn JP Realty did quite a bit of business with REO’s. These are distressed bank owned, foreclosed properties and to this day it is not rare for us a receive a call from one of these investors looking to find someone to rent their property. If this sounds like you, give us a call. We would like to market and/or rent your property for you.
On the other hand, if you are looking to relocate to South Florida, specially the Miami-Dade – South Broward area, also give us a call. We’ll work directly with investors and management companies to try to get you the property that best suits your needs. Although the majority of people think of real estate agents as those who work with sellers and buyers, many professionals who are transplanting to a new city would rather deal with a professional real estate agent rather than directly with owners, this is where we come in.
Renting a property requires many things. For example, it is expected, for the most part that you have good credit, a job and references. Most landlords are looking for tenants who will care for the property as if it were their own. They are also looking for an easy and quick experience. If you meet the criteria, the agents at JP Realty will prepare a package for landlords, facilitating the rental process.
The following information is the criteria needed to rent a home.
1. Have a Clean Credit Report – Landlords look for tenants that do not have collections from other apartments, utilities, and late payments on revolving debt. A big red flag would be any foreclosures, bankruptcies, and/or judgements. Landlords look for tenants who are responsible with financial obligations, since the property is an asset under the landlord’s name and credit. If there are a few problems on your credit report you should take time to clear them up or provide valid explanations.
2. Background Check – Most tenants will require you to have a local police report to a full background check at a minimum. They may have you possibly even do a criminal background check.
3. Have a Stable Job with Enough Income to Maintain a Rental Payment – Several financial planners advise that your housing expense should be no more than 30 percent of the gross household income, which does not include utilities. Typically Landlords request 3 months paystubs and bank statements prove that tenants are able to afford the rent. If you’re self employed they may ask for 2 years of tax returns.
4. Have Positive Rental History – Landlords typically ask for reference letters from previous landlords, or perform leasing database searches. Something landlords stay away from are tenants who have any late payments or evictions on their report. If a previous landlord cannot provide this information, sometimes a boss or past roommate can write a reference letter of good faith.
5. Specify Residents & Pets – Landlords want to know exactly who will be living in the home, including all pets. Being dishonest about tenants and pets on an application or lease is grounds for eviction and can create problems later on your credit.
6. Have All Funds Available – On a typical rental transaction the tenant is required to have at least 3 months’ rent in available funds and any application fees. Some Landlords will ask for first month, last month, and a security deposit, or first month and 2 months as security deposit. Landlords will sometimes also ask for an application fee to run a background check that you will need to pay immediately. It is also good to have a check on hand in case it is an apartment in high demand and would like to put a good-faith deposit to hold the unit.