Rental Requirements
Thank you for allowing WJM Property Management, LLC to assist you in finding a spectacular new rental home! We have a very simple application process for you to follow so that you can be considered for one of our properties. Please read the Frequently Asked Questions (F.A.Q’s) so your application process can move as quickly and smoothly as possible.
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F.A.Q.S
1. Are there any age requirements for rental applicants?
All applicants must be 18 years of age or older in order for their rental application to be considered.
2. What are the income requirements for renting one of your properties?
In order for WJM Property Management, LLC to verify your income, you must present your most recent 2 paystubs.
If you do not have these, we accept the following with proper documentation:
• Child Support
• Food Stamps/ EBT
• Social Security
• Disability
• Temporary Assistance for Needy Families (TANF)
• Student Loans
(NOTE FOR SELF-EMPLOYED PERSONS: If you are self-employed, we must be able to verify your income via bank statements, documentation provided from your CPA, or last year’s tax returns.)
IMPORTANT:
• GROSS INCOME: Your gross income must equal or exceed at least three (3) times the amount of your monthly rent. As an alternative, if you can provide a recent copy of a recent bank statement showing a balance equal to or exceeding twelve(12) months of rent, that will be accepted as well.
• STUDENT LOANS: Student loans can only be considered income if you are paying rent UP FRONT for 6-12 months at a time. As part of our rental policy, we still require a credit check and previous landlord as a rental reference.
• LOWERING YOUR MONTHLY RENT PAYMENT: If you would like to lower your rent payments for the entire lease term, you can "buy down" your rent by paying the difference between what you are approved for and what the property is renting for.
o EXAMPLE: You are approved for $500, and the property you want is renting for $550. You have the option of paying $600 (the equivalent of the $50 difference for 12 months) at the time you sign the 12-month lease. This will keep your lease payments at $500 per month. Many students use this option, and depending on your tax situation there may be advantages to you for choosing this option.
3. Does WJM Property Management, LLC check my previous rental history?
Qualified applicants will have positive feedback from current and previous landlords. We require accurate contact information so that we can reach your rental references.
NOTE: If we are unable to contact your landlord or feel as if the reference we were given was not legitimate we will request home inspection.
4. Does WJM Property Management, LLC allow co-signers?
A parent/guardian or relative who can meet the rental requirements may co-sign if an applicant does not have any rental history. The co-signer will accept ALL liability as the lessee.
5. How might prior evictions affect my eligibility to rent one of your properties?
Evictions are an automatic denial of an application.
6. Are you going to check my credit as part of the application process?
As part of our rental policy, WJM Property Management, LLC will check the credit of all rental applicants. You should be aware that any outstanding collection items or a history of many late pays will be looked at closely in the application process. As with the evictions mentioned earlier, this will not automatically disqualify you. We may require a higher security deposit and/or co-signer in order to approve your application. We apologize in advance, but we cannot give you the credit report itself or any specific information it contains. We will gladly inform you as to which bureau(s) was used in the credit check process so that you may contact them for a copy yourself. We are legally required to keep all credit information of all applicants confidential, as it is for company use only and used solely for the purpose of the rental application. Additionally, if a bankruptcy exists on your credit, it will not automatically disqualify you from renting from us as long as it has been discharged.
7. What if I have a pet? Will you allow me to rent one of your properties?
Yes, we will allow pets in our properties. The deposit due prior to your move-in date will be determined depending on the type of animal and how many. Pet deposits are NON-REFUNDABLE.
8. Can my Security Deposit be paid in smaller payments instead of all at once?
Once your application is approved, you can pay 50% of your security deposit in order to hold the property for 30 days. Please bear in mind that the remainder of your security deposit will be due at lease signing in addition to the first month’s rent. If you put money down toward a property to take it off the market and later change your mind, you will be charged for everyday it was off the market prior to a refund.
9. How can I find out about the safety and crime of an area where your property is located?
We apologize, but we are not legally allowed to give our personal opinions on how “good or bad” any of our properties’ neighborhoods may be. We recommend that you drive by the property at different times of the day and night in order to get a picture of the overall neighborhood quality. It may also be a good idea to check out crime information online and contact the police department for further information as well.
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4 Easy Steps to Apply and Move In FAST!!
1: Complete the rental application. Each adult residing in the property must fill out a separate application, and ALL information MUST be filled in, including your Social Security Number. This will make the process of verifying your application information move as quickly as possible.
2: Gather any necessary income verification documentation and turn it in to our office at the following address:
WJM Property Management, LLC
2205 S Michigan St.
South Bend, Indiana 44613
Or, feel free to fax it: (574) 387-5223
Feel free to scan and email the documentation also to: wjm.arielle@gmail.com
Also, feel free to call WJM at (574) 288-7368 if you have any problems getting the information to us in any of the ways listed above.
3: To speed up the rental history verification process, please ensure that we have all contact information for all of your rental references. Your application will be delayed if this information is incomplete or cannot be verified for any reason. By making sure we have accurate information, your application will move swiftly and you will be at the front of the line of applicants.
4: Upon receiving all of the necessary documentation and verifying all information contained, an approval/decline decision is reached within 24-48 hours. If approved, you will want to make the security deposit and sign the lease immediately so we can arrange your move-in date.
WJM Property Management, LLC fully complies with the Fair Housing Act as amended, prohibiting discrimination in housing based on race, color, religion, sex, national origin, disability or familial status.