GM Investments

QUALIFICATION GUIDELINES

Thank you for your interest in leasing one of my properties.  Before you complete a Lease Application, I encourage you to review this information.

The following guidelines will be used in evaluating your application. All lease holders and/or occupants are required to complete an application for screening. Applicants must be 18 years or older unless deemed to be an adult under applicable law with respect to the execution of contracts.  We will not discriminate against any person regardless of race, color, religion, sex, national origin, familial status or handicap. 

Income Guidelines: Income must be three (3) times the amount of rent.  Acceptable income verification includes:  confirmed by employer, pay stub, trust officer, tax returns, and or other satisfactory documentation as required.

Employment Verification: Must be employed with a current employer not less than six months. If employed less than six months at a current employer, then previous employment must show at least one year. Employment must be verified through personnel or immediate supervisor. Copies of the most recent check stubs are required to verify income. Self -employment must be verified with previous year's tax return. Social Security, child support, and related assistance, must have supporting documents if, such income is to be included in gross income. If the resident has no monthly income due to retirement or other, six months of rent must be paid in advance, and all other requirements must be met.

Rental or Home Owner History: Applicant must have one year’s rental or mortgage payment history that can be verified. There must be no record of any previous evictions from another rental property. All previous rental history will be verified and must be cleared up if a balance is left owing. If rental history is with an individual, a copy of the lease agreement will be required or at least one year’s utility bills showing the applicant's name. If the resident had only one broken rental agreement, not an eviction, owner wants possession, security problems, etc., they may be given the option to pay ½ or a full months rent as an additional deposit, depending on the severity of the problem, as long as the balance owed is not from the last place of residence, and the resident provides proof in writing of payment arrangements between the resident and the complex owed. All other requirements must be met. There will be an automatic rejection for evictions; owner wants possession, falsifying information and/or criminal felony or history.

Credit History: Credit information is examined to highlight any extreme obligations or history of repeated late payments through the local credit bureau. History must not have unfavorable ratings, judgments, or bankruptcies within the past year.

Criminal History: We will verify criminal records on all applicants and occupants. The Landlord reserves the right to reject any applicant with; a known felony conviction; misdemeanor conviction; current indictments; deferred adjudication; pending charges for controlled substances; crimes which prejudice or with the passage of time could prejudice the applicant’s credit; theft of property or services; or any other criminal history.

Utilities: Electric must be in the resident’s name prior to move-in. Due to deregulation, the resident must provide proof from the utility company that an account has been initiated in their name effective the lease-start date.

Eligibility for Cosigner: Applicants with no residential history, but who meet the employment and salary requirements, may get a co-signer. Co-signers will also be accepted for full time students, but proof of student status is required.

Co-signer Qualifying Standards: These qualifications will be the same as all other applicants except for: Must have one year rental or mortgage history and must have one year with current employer or one year with a previous employer.  Co-signers must sign all paperwork signed by applicant prior to move-in.

If an applicant fails to meet any of the above criteria, he/she may be asked to pay an additional security deposit equal to ½ to a full months rent.  If the applicant fails to meet two or more or the criteria, he/she may be asked to pay an additional security deposit equal to a full months rent, AND have a co-signer who meets all requirements.  No exceptions will be made if applicant does not meet the criminal criteria.

Deposit Requirements: Each applicant shall pay a non-refundable application fee of $20.00 per applicant on all applications. All occupants over the age of 18 are required to fill out an application. A good faith security deposit of $100 must be submitted with the application.  If the application is accepted, the $100 good faith security deposit will be applied toward payment of the entire security deposit, and if for any reason the Landlord decides to decline the application, the Landlord will refund the good faith deposit in full. If the application is approved, the applicant will be notified of such approval.  If the application is approved and the applicant fails to sign a lease or take occupancy of the property on the agreed date, the Landlord may retain the $100 good faith security deposit as liquidated damages for the amount of the rent loss and any expenses incurred due to the cancellation.

Utilities:                     

Electricity – Paid by tenant

Water/Sewage – Paid by tenant

Gas – Paid by tenant

Phone service – Paid by tenant

Cable/Internet – Paid by tenant

Alarm Monitoring – Paid by tenant

We will require a copy of all occupants’ Driver's License/I.D. Card and Social Security Card to put in the file. These are guidelines. The Landlord may make exceptions and reserves the right to require additional security deposits for any exceptions made.

 I ACKNOWLEDGE THAT I HAD AN OPPORTUNITY TO REVIEW THE PROPERTY’S QUALIFICATION GUIDELINES, WHICH INCLUDES REASONS WHY MY APPLICATION MAY BE DENIED, SUCH AS CRIMINAL HISTORY, CREDIT HISTORY, CURRENT INCOME, AND RENTAL HISTORY. I UNDERSTAND THAT IF I DO NOT MEET THE PROPERTY’S QUALIFICATION GUIDELINES OR IF I FAIL TO ANSWER ANY QUESTION OR GIVE FALSE INFORMATION, THE PROPERTY MAY REJECT THE APPLICATION, RETAIN ALL APPLICATION FEES, ADMINISTRATIVE FEES, AND DEPOSITS AS LIQUIDATED DAMAGES FOR ITS TIME AND EXPENSE, AND TERMINATE MY RIGHT OF OCCUPANCY.