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How Do I Qualify to Lease a Single-Family Home?

Landlords look for tenants who can pay their rent on time and take good care of a home. In order to determine whether you’re a good rental candidate, you’ll be asked to prove your income and rental history. You’ll also be the subject of consumer and criminal backgrounds checks.

Each property management company or individual landlord will have their own application process. You might qualify for one home and not another owned or managed by the same person or company. Ask the landlord about specific items that might stop your application.

To avoid disqualification, spend some time getting prepared before you apply for a rental home. Follow these recommendations to streamline your experience:

Know what rental amount you can afford. Start by being realistic about your finances and budget. Take into consideration that a single-family home might require you to pay for lawn maintenance and ongoing indoor and outdoor cleaning costs.

Clean up your credit report. A large amount of debt and a history of missed payments are signs that identify you as someone who might not be able to pay their rent on time. A foreclosure, recent bankruptcy, or judgement might require a larger security deposit upfront, or in some cases disqualify you.

Keep track of income documentation. Applicants are usually required to provide paystubs for at least 2 or more months of employment. The documents must include year-to-date income totals. Before filling out the application, check with the property manager or landlord to find out how much income you need to make to qualify. If you’re self-employed, copies of your tax return may be required. Retired persons may have other documents they need to supply to complete the verification process.

List everyone on the application who will be living in the home. You can be evicted for having unauthorized people living in a rental home. If a person’s name is not on the lease, but they are living in the home you’ve rented, they are there illegally. Everyone on the lease must complete an application and qualify to be in the home.

Maintain a list of personal and landlord references. Landlords are looking for people of good character to live in their rental properties. You’ll be asked for contact information such as phone numbers and addresses. Why not keep everything current so you don’t have to go hunting for the data at the last minute?

Be prepared to pay application fees. It’s common to pay an application fee to cover a background and credit report. You’ll need to pay this right away. You may also need to pay a deposit amount to hold the property off the market while your application is being processed.

Find out what might disqualify you. Most property management companies will post details about the qualification requirements for their homes. If you have questions, call and ask for more information before applying.

Applying For A Home
Buying and Selling Residential Investment Properties in Albuquerque, NM

blog-houseforsaleHello Real Estate Investors!

Are you looking to increase your current portfolio of investment properties or are you looking to sell an existing property?  Our sales team will be happy to assist you.  

We can help you buy and sell rental properties in the Albuquerque Metro area, including Rio Rancho and Bernalillo, NM. 

It's never too late to own a portfolio of income producing properties. Property trends for the Albuquerque area are recovering nicely and rental real estate is still a solid way to build reliable cash flow.

Please contact sales@tysonprop.com for additional information on the options available for your individual requirements.

Or visit our sales page to see our current homes for sale listings.


real estate investing, buying real estate, selling real estate, Albuquerque income properties
Selling? What Do Homebuyers Want to Know About Your Property?

For SaleGreat news for homeowners!

Home sales are the strongest they've been in a decade. Summer 2016 is unfolding as a year of high demand for homes to buy and a shortage of homes available, and that means sellers are in the driver’s seat, at least for now.

If you want to sell your home for the highest amount possible, how do you take advantage of this market?

The answer is simple. You provide the right information about your property upfront, and you highlight the data that will grab a buyer's attention.

Think energy savings, new roof, updated electrical wiring, and technology ready, but also consider some questions that may appear to be unimportant to you but absolutely necessary to answer if you want to prime your potential buyers to pay top dollar for your property before the negotiations begin.

Questions to answer

A recent article from RISMedia tells us that answering certain questions for buyers on the hunt "...could ultimately be determining factors in their decision to make an offer." According to RISMedia, this information may include:

  • What structures or fixtures are included in the list price? (Appliances, ceiling fans, lighting, shed, swing set, window treatments, etc.)
  • What are the home’s annual costs? (Electric, municipal water, gas, oil, lawn care, pool maintenance, etc.)
  • Has the home required asbestos, lead or mold removal? Has the home been tested for radon?

You can see more questions to answer by visiting RISMedia here.

Home Sales

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  • How Do I Qualify to Lease a Single-Family Home?
  • 5 Common Lease Requirements for Renters
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