Rental Application Criteria
Each person over the age of 18 who intends to reside in the dwelling must submit a separate application regardless if their income/credit is being used to determine eligibility. Applications must be filled out completely and electronically submitted.
Application fees ($45 per applicant over the age of 18) must be paid prior to processing the application. This fee covers the cost of processing the application, obtaining your credit report and background investigation. This fee is NONREFUNDABLE.
Applicants must provide proof of income and their net monthly income must be 3 times the monthly rent.
Each applicant must provide a rental reference, confirming a minimum of 1 year of rental history from third party landlord. (exceptions to this can be made for military PCSing or residing in military quarters. Exception can also be made for home owners relocating.)
Each applicant must provide (one form of ID per applicant) a valid Driver’s License, State Identification card, Military ID or US Government issued picture ID and a valid Social Security number.
ALL ITEMS ARE REQUIRED FOR AN APPLICATION TO BE CONSIDERED COMPLETE
Many applicants are upset that they apply for a particular property and then lose that property to a competing applicant. Since All American Realty & Investment Group legally represents the owner of the property; in the event we have multiple applications for the same property, we will process all approved applications based on the criteria we deem most beneficial to the owner. Only one application will be eventually approved and that may not necessarily be the first one received. In determining the best application that is “most beneficial” to the owner, we might as an example compare two approved applications where one desires to occupy immediately vs. another who cannot take possession for 2 weeks. In this example the most beneficial application is the one that can take occupancy immediately. We strongly encourage you to review all of our application criteria prior to submitting your application.
Criminal records must contain no convictions for felonies within the past 7 years involving the manufacture or distribution of controlled substances.
For other felony convictions, we will conduct individualized assessments that take into account mitigating factors, such as facts & circumstances surrounding the criminal conduct, age at time of conduct, evidence of good tenancy before and after conduct, nature & severity of conviction and the amount of time that has passed since the conviction.
Criminal history which indicates that an applicant’s tenancy would constitute a direct threat to the health or safety of other individuals or whose tenancy could result in substantial physical damage to the property of the owner or others may result in rejection of the application.
Application Processing Time
Management makes every effort to process applications within 24-48 business hours of receipt. ( pursuant applicant provides all necessary paperwork: ID, proof of income and rental history, etc.)
Processing can take several days if we do not receive a response from previous/present landlords, employers and other references. Management will make a reasonable attempt to contact previous landlord(s) submitted by applicant. However, the ultimate responsibility for supplying this information lies with the applicant.
NOTE: Management reserves the right to deny tenancy on the basis of an inability to contact the references provided.
One year of residency history will be reviewed and must exhibit no derogatory references (such as evictions, filings of initial evictions, or residential collections), and must have given 30-day notice to vacate to previous landlord. Living with relatives is not considered verifiable rental history and may require additional deposit if approved. (Exceptions can be made for military residing in military quarters) Any debt owed to a previous landlord and/or utility company must be paid in full before the application can be approved. Evictions due to property damage or unpaid rent will not be accepted under any circumstance. If you have previously owned a home and are now renting then your payment history should be reflected on your credit report and that will be verified. If a lease holder(s) owns the home described as the current residence, net income should equal four (4) times the rental rate of the home.
Our Background check reviews the following information
Nationwide Criminal Search
Transunion Credit Report with FICO score
Nationwide Eviction Search
Prior Address Search
SSN # Verification
Rental History Verification
Credit scores are an important factor in the screening process and display a willingness to pay a debt. However, we are more interested in the things that made your credit score rather than the score itself. We are looking for things like judgments & collections (especially previous landlords), unpaid utility bills and any recent late payments on your report. A less-than-desirable credit score may be offset by a great rental history and solid income.
650-800 = Standard approval
600-649 = Conditional approval based on other application factors (may require additional deposit)
500-599 = Possible denial (if approved will require an additional deposit)
Below 500 = Not approved
Any current or open bankruptcy filing will be grounds for denial of the application. Three (3) years must have elapsed from the discharge or dismissal date of any prior bankruptcy filing.
Required security deposits are based on overall results of your application information. Standard security deposits are typically equal to one full month’s rent. Some applications can be approved with additional deposit amounts as determined by your overall application. We need to be confident about your ability to fulfill all the lease obligations. If your credit history and overall application doesn’t show something consistent with that then paying additional deposits allows us security to ensure you meet the obligations of the lease.
Payment of Rent and Due Date
All rent payments are due on the first 1st of each month with late fees being assessed on the 5th of each month. All payments must be made via electronic funds transfer (EFT) or credit card via the tenant portal/app. ACH transfers are free of charge and are the suggested method for paying all monies. If you choose to pay with a credit card you will incur an additional transaction fee. You can choose the automatic draft option so you never have to worry about late rent payments. Move ins on a date other than the 1st of the month will be prorated. Here’s how it works: We will prorate your first month’s rent to reflect the actual days of possession. For example: You move in on June 20th and your prorated rent amount due would be $330.00 ($900 / 30 days in June = $30.00/day x 11 days of possession for June). From then on, your regular rent amount would apply.
All American Realty & Investment Group does business in accordance with the Federal Fair Housing Law. (The Fair Housing Amendments Act of 1988). Agents understand that it is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or National Origin. This applies in the sale or rental of housing or residential lots. It also applies to advertising, the sale or rental of housing and the financing or appraisal process. In addition, blockbusting is illegal.
All Pets/Animals are subject to Property Management Approval, which may be at discretion of the owner. A pet photo must be submitted with the rental application. Pet restrictions apply to breed type and size as well as a non- refundable pet fee of $300.00 per pet. Due to insurance liabilities please consider the following breeds “Unacceptable”:
All leases require tenants to obtain renters insurance and list All American Realty & Investment Group as interested party.
It is very inexpensive and can usually be purchased cheaply through your auto insurance provider or any number of companies. We also offer renters insurance through our tenant portal. We can tell you that we see events every week where a renter’s insurance saved them from a major financial loss. Think about a toilet that overflows and you end up being responsible for all the damages. A storm comes through and rain destroys all your furniture and clothes. Power goes out and ruins all your food. A sewage backup forces you into a hotel while repairs are being made. We could go on and on but believe us there are a million reasons why renters insurance is a good thing and its money well spent.
Applicants’ net monthly income must be 3 times or greater the monthly rent. The net monthly income of lease holder(s) will be considered jointly.
Lease holder(s) must have stable and verifiable employment or, if retired, will be considered self-employed and must meet the guidelines for self-employment.
We will contact your employer to confirm your length of employment, your job position/title/military rank and the income amount you report on your application. Some employers will only verify employment details after payment of a fee and with your written authorization so you may provide pay stubs that cover a period for the prior 60 days. If a lease holder(s) is relocating from outside of Florida, and will remain with the same company or is military, a transfer letter/copies of PCS orders and 3 month’s bank statements are required to prove income. If a lease holder(s) has been employed less than 60 days, 6 month’s bank statements are required to prove income.
If you are self-employed, retired or a trust fund benefactor, you must also submit signed copy of the most recent year’s federal tax return for the preceding year. Individuals who hold jobs that are commission only, base salary plus commission, tips, or bonus will be considered self-employed. If an applicant is self-employed, then proof of income can be shown by providing the following:
Copies of bank statements for the previous 6 months.
Signed copy of the 2 most recent year’s federal income tax return.
Copies of 1099 forms from contract labor performed. (If applicable)
If you have income from another source or you are just “independently wealthy” send to us in a written verifiable format. Some common “other income” sources are:
Social Security benefits
Retirement or pension benefits
Substantial savings / money market accounts
Alimony or child support
Structured settlement payments