1. Preparing the Property for Rent
2. Advertising – What is Legal & Isn’t
3. Screening & Red Flags
4. Showing Property
5. Application & Criteria
6. Processing Applicant
7. Components of a Good Lease
8. Managing the Tenancy
9. Navigating the Move-Out Process
10. Security Deposit – What is Wear & Tear?
Module 3 – Management Cycle
Lesson 5 – Application & Criteria
It is vital that you use a current and legal application and have a criteria form that is part of your application. I have provided both to you in the downloads for this lesson.
The application and documentation given to you should be complete. Charge an application fee so they have skin in the game not to mention it costs you to run the credit and time to process the application.
Do NOT accept a Free Credit Report. In the resources section of this course I have provided associations where you can run a professional credit report. And, anyone 18 years and older that will occupy the property needs to fill out an application and apply.
Tip: Even Susi and Jimmy who are 19 and living at home need to fill out application. Parents will resist but inform them that you are helping their darlings establish rental history which will help them secure their own place when the time comes without parents having to co-sign on the lease.