There is nothing worse than needing a property to rent and you are short on time. You have put in several applications and have been denied every time. All of those application fees are really adding up. Just like in most things, you have to know the rules before you play the game. Otherwise, you are bound to lose. Here are some tips to help you down the road.

1. How much should I make to qualify?
I recommend you use your gross income for a month and divide it by 3. So if you make $3000 a month, you should be able to afford a $1000 rental rate. Obviously, you know your budget better than anyone. If you have $500 in medical insurance, $100 going into your 401K, and all of those taxes, you will have to take this into account. Your potential landlord will probably want to see recent copies of your pay stubs to be able to verify the income information on the application. If you are self-employed, be prepared to present 2 years of recent tax filings. This should speed up the process of qualification for that house or apartment you love.

2. I don’t know what my credit score is
Tracking your credit is easier than ever these days. You can receive a free copy of your credit report from all three of the credit bureaus once a year. Just go to freecreditreport.com. Be careful not to fall for all of the add on gimmicks they will try to sell you. You can sign up for Credit Karma or Experian. Watch for changes in your credit regularly, so that you can detect fraudulent activity and/or any collections that need to be addressed. You don’t want to wait to find these surprises when you need them the least.

3. Proof of Rental History
I recommend that you have at least two years of rental history, preferably not with family members. Make sure that you are on the lease when you agree to become someone’s roommate. If the lease is not properly documented, the landlord may never know that you have lived in rental unit. When the new landlord calls for rental history reference, they may only have Joe Smith on the lease. That is good for Joe, but bad for you. Also, make sure that you are properly taken off any lease if you move. Do everything according to the written lease and get everything in writing. You may need to defend yourself later if you discover that your old roommates left the property in poor condition and there is a collection on your credit that you never knew about.

4. My dog is the nicest pet alive.
Don’t get me wrong, I love pets. My pets. If they tear up my lawn or have an accident at my house, that is my problem to deal with. A rental by definition is someone else’s property. Don’t be offended if they won’t allow you to bring Fluffy with you. Fluffy may be a great pet that will never cause any damage. However, the next person may have Cujo that terrorizes his neighborhood. Telling the new tenant that they are not allowed to have their family pet (Cujo) could be construed as discrimination. The precedence has been set. Pets are allowed. Having a fur baby is going to limit the choices you have in properties.

5. Renting is just patience
This is my philosophy. Renting for right now allows you to develop a game plan to eventually become a homeowner. Take the time to work on your credit and save up that down payment. Talk with your property manager to see if they have any referrals for Realtors or Loan Brokers to help you understand the home buying process better. They may be a Realtor already. Starting with someone you already have a relationship with makes the process less stressful. Having two years of on-time rental payment history is a great start.

HAPPY RENTING!!