Advice on Lease/ Rent Pricing

What to expect and what to ask when Renting

Here at How 2 Rent Again our consultants often field questions concerning why rental properties “low-ball” the asking price for the rent on their posted ads. This practice of false advertisement is misleading and the unfailing, accompaniment of a disclaimer stating, “prices may change at any time”, does not excuse the deceiving ad. The goal for them is simple: get a phone call or visit to the property so they can give you a canned sales pitch and sell you on their property.

ALWAYS remember the advertised price on the property mgmt. co. websites/ads is rarely accurate. You MUST call and speak with a leasing agent to get an actual, accurate quote. Have a pen ready to write down the quote or ask that they email you the quote. Ask what is included in the price of that quote (water, sewer, trash, hidden gym/pool fees, renters insurance requirements, etc.). This way you are able to get a precise figure for the monthly cost of living on their property. Be confident and unafraid to ask as many questions as necessary until you have a clear picture of the process involved to lease at the property.

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Advice on Lease/ Rent Pricing

What to expect and what to ask when Renting

Eviction V.S. Broken Lease

What is the difference between an eviction, and a broken Lease?

This post will explain the difference between an eviction and a broken lease (or judgment). Because these two are oftentimes filed I in court together there is always confusion about which is which. Both will hinder your ability to rent in the future, but clarification is needed. Countless times a prospective client will telephone our office explaining that an eviction on their credit is preventing them from gaining approval. Yet when we delve deeper we find that there is a judgment from a former landlord on their credit stating that they owe a certain amount money. The difference is this: Anything that hits your credit report has to do with MONEY.

Whereas an eviction is a dispossession notice to vacate the premises or to return someone’s property. No property management company/landlord will even consider renting to you as long as you owe another property money. If a person was able to move from house to house without satisfying their property debt there would be total chaos and all landlords would lose money. There is much more leeway with an eviction providing that a certain amount of time has passed since the eviction filling. Simply put: an eviction filing does not go on your credit but rather your rental history.

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Eviction V.S. Broken Lease

What is the difference between an eviction, and a broken Lease?

Hurdles to Renting

What you need to get Approved by a property manager

   This blog concerns renting and the necessary hurdles a prospective applicant must leap, in order to gain approval on their rental application from a property management company. While many of the hurdles outlined below vary slightly from to the property to property, this can be a fairly reliable gauge to determine whether you should even attempt to submit a rental application without assistance.

1. Criminal Background: Felonies will often preclude you from getting approved. There is some leeway here as far as how old the felony is but from my considerable experience the cutoff is somewhere in the neighborhood of 8 years from the date of conviction. Important is the date of conviction. Often a client will tell us that their felony is 8 years old, but they neglect to mention that they were charged 8 years ago and that the court proceedings extended for 2 years, until the case was finally settled, and judgment was passed. Caveat: multiple misdemeanors will trip an individual up as well, especially drug or prostitution charges.  
2. Income verification: This is an iron clad requirement. Property owners want to see that you have the necessary income to afford the place you desire to rent. The general rule is the you must be able to prove that you make 3 times gross income (before taxes and deductions) monthly, the amount of the rent they are asking. Example: Rent $1000; Must prove $3000 in monthly income. Keep in mind that this income must be provable. Doing hair on the weekends is not provable income unless you are giving detailed receipts to your customers and plan on filing taxes on that side income.
3. Credit score: This hurdle can get a little complicated but, as a general rule, your credit score should be above a 580. Bankruptcies, foreclosures, multiple charge offs, debt to a former property management company will automatically result in a denial of your application.
4. Rental history: Evictions under 5 years old and/or judgement for a broken lease that has not been paid. Automatic Denial.

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Hurdles to Renting

What you need to get Approved by a property manager