Orange County Real Estate Investors say, when renting out a property, it’s important to have written qualification criteria.
Qualification criteria is a list of requirements, this is what you can expect from an applicant when they apply.
Orange County Real Estate Investors – The List
Orange County Real Estate Investors say, qualification criteria is used to save you from possible discrimination lawsuits.
The criteria is in writing and it’s handed out to all applicants while filling out the application.
AOA (Apartment Owners Association) has created a template to follow.
Form 100Q (Criteria For Renting) was created to help you design a list that fits your building’s requirements.
Occupancy standards suggests by the AOA useS the “2+1 Rule” to determine your occupancy standards,
They help to avoid discrimination complaints.
Orange County Real Estate Investors say, you have to be over the age of 18 to fill out an application.
They also have to comply with the qualification criteria.
The property manager also have to use identification requirements.
One thing to not do is ask for military cards.
The law states that you’re not allowed to copy this identification card for any type of record.
Orange County Real Estate Investors say, depending on who is applying, you have to combine household income instead of an individual income.
Avoid only using one way to prove income.
Pay stubs are normally used when proving income, although, income can be in many forms.
Other forms of income are child support, spousal support, social security, etc.
When it comes to those who are self employed, ask for their tax returns from previous years.
Orange County Real Estate Investors say, FICO scores are looked into when applying for an apartment or buying a house.
Keep in mind, the higher your FICO score, there’s a high likelyhood that they’ll get approved right away.
There are few factors you have to keep in mind before making a decision on approval.
AOA has it pre filled with 650, you got plenty of choices.
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