Prospective Resident
We understand the importance of finding the right home for you to lease while minimizing the stress throughout the process. We strive to make the application process crystal clear. We will go over with you important issues regarding the application, approval process, lease agreement, move-in, rent payment, safety inspections, maintenance, and move-out.
We have established systems and policies in place to guide our residents through each step of the process. We believe it is important to be transparent with our future residents so that they may enjoy their new home.
Qualifying Criteria
We screen all applicants 18 yrs old and older who will reside in the home. We do a background check which includes criminal history, rental history, income/employment and credit check. You must be able to afford rent and pay on time. We require applicants to meet the following criteria:
*Income (combined) must be 3x the rent and verifyable from employment or another legitimate source.
*Positive rental history with no evictions or owing previous landlords.
*No convictions involving violence or the damage of property due to violence or the distribution of illegal drugs in the past 7 years.
*Credit report must not indicate excessive debt to income ratio. We do not emphasize credit score. We are more concerned about the credit report's content. A higher security deposit may be required based on the credit report's content.
Application Process
We highly recommend you attend our open house before you apply for one of our available properties. Open house announcements occur on our website, rental websites, and flyers. If you have viewed one our homes and you are interested in moving forward, the next step is to submit an application.
We accept applications on site at the rental property during open house or online at our website's secure applicant portal. There is a $50.00 non-refundable fee to review the application, conduct the background, credit report, and employment/income check. We can not accept cash in concern for the safety and security of everyone involved. Debit, money order, or certified cashier's check as well as online payment is acceptable.
*Please make sure you meet the qualifying criteria before applying. We do not want to waste your time or money in the case you where you do not meet the previously listed qualifying criteria before submitting your application.
Once we receive your application, we will contact you to collect the application fee by money order, debit, or credit card if you did apply at the open house or online. We use the application to run a credit report, criminal history, and to verify employment & income. Most applications can be processed within 24-72 hours depending on the information provided and how quickly we can get additional documentation if needed. To be approved you must have enough verifiable income to afford the home, and have no prior convictions for violence against people / property or the distribution of illegal drugs.
*We can not process incomplete applications. All questions must be answered.
*If any fraud is detected during or after the application process, which includes after being approved, that will be grounds for being disqualified as an applicant. Fraud includes submitting fake or doctored documents as well as providing someone to pose as a previous landlord. These actions could lead eviction after move-in if it was determined fraud was commited on the application to secure the rental.
Approval process
We rate applications based on the best qualified versus the first qualified. In other words after open house we pool the applications we receive and select the best qualified applicant that meet our criteria. We have a very detailed applicant rating model that eliminates any biases in the tenant selection process.
To be approved you must have enough income to afford the home and meet the qualifying criteria mentioned above. Once approved, you will have the option of holding the rental with a Earnest Money holding fee to reserve the home and take it off of the market. Otherwise we will continue to show the property until it is rented.
If we receive your Earnest Money holding fee once your are approved, we can reserve a home for up to 7 days. If you fail to sign a lease within the prescribed time, your Earnest Money is forfeited because we have taken the rental off the market and missed opportunities to rent the unit therefore losing revenue. Once you sign the lease, the Earnest Money becomes part of the Security Deposit or the first months rent.
Security Deposits are required by each tenant before they can take possession of the home, and must be paid in full at the time of lease signing. With average credit or better we require one months security deposit. The deposit will depend on the overall strength of your application and credit report.
* Acceptable funds is debit, money order, or certified cashier's check. We can not accept cash for safety and security reasons.
LEASE SIGNING
Lease signing takes place at the rental property. All requried funds are due at lease signing. No exceptions. We can not go forward if all funds are not presented at the time of lease signing. You may request a copy of your lease to review before signing. A copy may be downloaded from the applicant/resident portal.
* Please allow at least an hour to review the lease in detail as we go over the particulars.
At the time of lease signing you will need to provide a valid photo ID that matches the names on the application. Valid photo ID include any state or federal issued ID.
At the time of lease signing all required funds must be provided including the full Security Deposit and rent. Rent will be prorated when the lease dates begin during the month. Depending on the timing of the lease, we may require the next month's rent at the time of lease signing. Please note that we only accept certified funds at the time of lease signing. That includes cashier's checks or money orders. We do not accept cash ever. And we do not accept checks as payment for the funds due at the time of lease signing.
Prospective Residents: FREQUENTLY ASKED QUESTIONS
- How do I schedule a viewing? Call our office to determine that a home is still available. Map or visit the home to make sure the home is in the desired location. Attend our open house showing to see the interior of the home. Viewings are available during daylight hours only. If you decide that a home is right for you, you may apply at the open house or submit your application online.
- What are your qualifications? We look at your credit score but our main concern is the credit report itself, rental history and verify your income/employment. We take excessive debt into consideration. We can work with lower credit scores, but we will require a larger deposit. We want to know paying rent and paying on time is a priority.
- How do I pay my application fee? We can accept debit or credit online. You may also pay by money order.
- How long will it take to process my application? In most cases, we can process your application within 24 to 72 hours.
- Once I have selected a home, how do I secure it? Let us know as soon as you have made a decision on a home. We cannot reserve the home until we have your and earnest money once you have been approved. Otherwise we continue to show the property until someone secures the home. The payment must be in certified funds (certified check or money order). Once we have everything, we can reserve the home for you for up to 7 days or we can move you in right away!
- What do I need to bring with me when I sign my lease? You will need to bring your first month of rent and security deposit in certified funds. If you move in mid-month, we will prorate your rent. If you have any balance owed (security deposit, pet fee...), it will be due at this time and will also need to be in certified funds.
- Who do I need to make my payment out to and what information is needed on the payment? Please make your payment out to: LAMAC Properties, LLC and enter the address of your rental home in the memo section of money order or cashier's check.
- What if I change my mind about the home that I would like? Once you are approved for our homes, you can secure any of our homes with earnest money holding fee. As soon as you submit your earnest money, you are locked into the home. Your earnest money is at risk if you decide not to move into the home once you have secured it with earnest money funds after you are approved because we have taken it off the market and missed possible opportunities to get the unit rented.
Current Residents FREQUENTLY ASKED QUESTIONS
- When is rent due?
Please remember that your rental payment is due on the 1st of every month. If the first is on a Saturday, Sunday, or a holiday then rent is due on the next business day. Late fees are automatically posted on the 5th of every month. We file for the dispossessory (eviction) on the 10th of every month. - When can I pay with a personal check?
We do not accept personal checks. The security deposit and the first month of rent must be debit, money order or certified funds. Once rent is late we only accept online payment, debit, cashier’s checks or money orders. - When do I get my security deposit?
Your security deposit is held in our escrow account. The security deposit is held for the duration of the lease and cannot be used for rent during the lease. The deposit will be refunded within 30 days of the move out as long as the home is left in good condition.
Property Management Questions:
- How do I submit a service order?
Service orders are easily submitted on our website under your tenant portal. Click the REPAIRS dropdown button and complete the service request information. All repair requests must be in writing as well to back up online request. Emergencies are an exception and can be called in to our office or answering service. See definition of emergency below: - What is considered an emergency?
Please call 911 for any life threatening emergencies! Repair emergencies would be any emergency involving flooding, water leaks(especially burst pipes), fire (after 911!), lack of heat or AC in extreme temperatures, or anything concerning your immediate safety. All other repairs must be submitted in writing/tenant portal and we will resolve the issue in a timely manner.
- What do I do at the end of my lease?
We gladly encourage you to renew your lease. Renewals can be emailed or faxed to you 75 days prior to your lease expiration and you do not need to come into our office. Just check the boxes indicating that you want to renew or not renew and email or fax it back to our office. The security deposit will be processed within 30 days and we will need a forwarding address to mail out deposit.