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What will more than likely NOT allow me to rent from Real-Time Leasing?January 26, 2012
A single or combined occurrence of the following:
- Any felony offense or conviction (such as: sexual offense or offense against another) which has taken place within the last seven (7) years
- Any collection filed by a property management company or landlord
- Unlawful detainer action/eviction within the past two (2) years
- Balance owing to a current or past landlord
- Extreme negative and adverse rental history, e.g. documented complaints and/or damages, multiple late payments or notices to pay or vacate, or statement by landlord of “WOULD NOT RE-RENT”
- Failure to cooperate with housing assistance program requirements while receiving benefits
- Unverifiable social security number or proof of legal residency in United States, or falsification of either
- Falsification of rental application (including non-disclosure of criminal records)
- Collection filings caused by breaking a lease agreement
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If I need a co-signer, how do you qualify them?January 26, 2012
A Cosigner will need to meet ALL of the following criteria. Also, we do not accept multiple co-signers in an effort to meet the required criteria below.
- 12 months of valid, verifiable rental or mortgage history with no late payments
- At least 4 accounts in good standing with less than $500 in derogatory accounts.
- 12 months of verifiable income with current employer, continuous employment, or guaranteed source of income
- Verifiable income must equal no less than 3 times the rental amount.
- The co-signer must reside in the state of Minnesota.
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Do I have to have a minimum credit score?January 26, 2012
Most credit scores that we accept fall within the range of 530-800. On the other hand, we are more interested in the things that created the score than the score itself. If you have a great rental history and solid income, we can work with almost anything else. Again, depending on the completed application a double deposit or Co-Signer may be required.
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Can you work with me if I have bad credit?January 26, 2012
It’s not uncommon that applicants have some dings on their credit report so we have to look at your overall situation. When we process your application, we check your credit but we focus more on your income verification and rental history than a perfect credit score. Never assume your past will keep you out of a great home until you have talked about your situation with an Agent at Real-Time Leasing.
Below are some additional details to help you understand how we may view your credit history:
- Outstanding bad debts being reported on credit report of more than $100 but less than $1000 may be accepted with proper explanation and proof.
- Excessive collections may result in denial.
- Outstanding debt to a property management company or previous or current landlord may result in denial.
- Any applicant with a bankruptcy not showing as discharged will be denied until shown otherwise.
- After a bankruptcy has been discharged, applicant may be required to show six (6) months of positive established credit.
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What kind of rental history do I need to have?January 26, 2012
You will need to provide a rental reference which confirms a minimum of 1 year or more of valid, verifiable residence history from a third-party landlord. If you have rental history shorter than 12 months a double deposit or Co-Signer may be required. Other factors that we consider before making the final decision are credit history, employment history and income requirements. However, if you have a history of breaking leases, or have unpaid rental judgments, you will probably NOT be approved for a lease at Real-Time Leasing.
Below are some additional details to help you understand how we may view your rental history:
- Three (3) or more 3-Day Notices within a 12 month period will result in denial.
- Two (2) or more NSF checks within a 12 months period may result in denial.
- Rental history reflecting any unpaid past due rent will result in denial.
- Rental history reflecting any property damage or disturbance will result in denial.
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What kind of income requirements do you have?January 26, 2012
- As long as the monthly rent on the home you want is no more than 1/2 of your total income, and you have no major offenses on your criminal report, we can likely work with you.
- If you are self-employed, you will need to provide bank statements and potentially tax returns as employment verification.
- If you are not self-employed you may need to provide copies of your last 2 pay stubs or a copy of your tax returns.
- If you need a co-signer, their monthly rent should not be more than 1/3 their monthly income and will need to be a Minnesota resident.
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What personal information do you check when processing a rental application?January 26, 2012
Our background check consists of a credit check, public record search, criminal background check, employment verification, and rental history.
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If I’m going to live with a friend who rents from you, do I still have to complete an application and pay the $40 application fee?January 26, 2012
Yes! Each person over the age of 18 years of age who intends to live at the property being leased will need to submit a rental application. Each applicant will also need to produce a current picture ID in order to complete the application process.
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Can I get a refund on the $40 application fee if I am denied or decide not to sign a lease?January 26, 2012
No, unfortunately, once an application is processed we cannot refund the application fee.
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How many people can live in a house?January 26, 2012
Although each property is different, here are some general guidelines to consider.
- Studio – 1 Occupant
- 1 Bedroom Unit – 3 Occupants
- 2 Bedroom Unit – 4 Occupants
- 3 Bedroom Unit – 5 Occupants
- 4 Bedroom Unit – 7 Occupants
If you have questions, one of our Licensed Leasing Agents will be happy to guide you on what is/is not acceptable.
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What is your general criteria for tenants who rent a Minneapolis rental home?January 26, 2012
- Positive picture ID will be requested at the time you submit your application for processing.
- Each person over the age of 18 years who intends to reside in the subject Dwelling Unit must submit a separate Rental Application.
- Each applicant must qualify solely and individually.
- Application must be completely filled out and signed/electronically submitted.
- Application Fees must be paid prior to processing the rental application
- $40/per adult (all over 18 MUST apply).
- The application fee is NON REFUNDABLE.
- This covers the cost of processing your application and obtaining your credit report Applicant acknowledges and accepts that Real-Time Leasing represents the owner of the property for which applicant is applying.
- Management makes every effort to process applications within 24 to 48 hours of submission; however processing can take several days due to inability to contact previous/present landlords, employers and other references.
- Management will make a reasonable attempt to contact previous and present landlord(s) submitted by Applicant; however, the ultimate responsibility for supplying this information to Management lies with the Applicant. Management reserves the right to decline tenancy on the basis of an inability to contact the references provided.
- Feel free to check on the status of your application if you have not received a response within 48 hours of submission.
- We cannot guarantee any unit you have seen to be available to you by the time your application is processed. Dwelling units are rented to the first approved applicant with the full security deposit paid. A security deposit will not be accepted until the rental application is approved.
