Tenant Qualification – Lyons Real Estate Inc.
No evictions or criminal background
We do a nationwide eviction and criminal background search and if there is an eviction or felony on a tenants background within the last 10 years they will not qualify for the property.
The minimum requirements for the income in order to qualify for a rental property is at least 2.5 times the monthly rent. For example, if the rent is $1,000 per month you would have to make a minimum of $2,500 per month net ($1,000 x 2.5= $2,500). This income must be verified either by 3 months worth of bank statements, paystubs, previous 2 years of tax returns, government documents (i.e. social security or disability paperwork). A letter from an employer will not be adequate to verify your income.
A tenant must be employed at the same job or same line of work for at least 2 years. Constant changes in employment will disqualify the applicant. (We acknowledge that some applicants do not work as they may be retired or receive assistance but the income requirements of 2.5 times the rent still applies)
At least 2 years of either rent payments or mortgage payments has to be verified to qualify. (Cancelled checks from your bank will do) We will also call your current landlord and previous landlord to verify the information written on the application by the potential tenant. Lack of rental history, breaking a lease, living with relatives, or living in a hotel prior to occupying one of our properties will disqualify the applicant.
If the income/employment requirements above are not met, the applicant must have a co-signer apply and more money down will be required. Both the applicant and the cosigner will be listed and obligated to the terms of the lease.
The minimum amount of money necessary once approved for a property is a full first month’s rent and security deposit.