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Rental Application Sleep Sound PM
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Sleep Sound Property Management, Inc.

 

Rental Screening Criteria

 

4415 NE Sandy Blvd. Suite 201

Portland, Oregon 97213

Office: 503-660-8483

www.sleepsoundpm.com

 

Application Process (First Come, First Serve)


Requirement 1: All members of the household over 18 must apply. You may apply at any time. We do not pre-screen applicants. A Background Check will be pulled immediately and you will be charged a non-refundable screening fee.


Requirement 2: At least 1 adult applicant must see the inside of the property or proxy.

Both requirements must be met to be considered a valid application. A valid application secures your place in line. If you apply, but do not attend your appointment, you will lose your place in line.


 How Long Does It Take?

 

Generally 2-4 business days, if your landlord and employer are very responsive.


Action Required: Tell your employer and landlord to expect a call and that they need to reply ASAP.

Delays outside of Sleep Sound’s control and beyond 3 days may result in a denial (if employer or landlord do not respond) and does not warrant a refund of the application fee. Please help us process your application quickly.


Upon Approval; Critical Next Steps

 

Once approved, you will have two (2) business days from approval to sign an Execution Agreement and pay the deposit to secure the unit which will be applied to the security deposit.  

Failure to do so will result in the withdrawal of your approval.

No property will be held for more than 14 calendar days from the date of approval unless the property is occupied and the availability date exceeds the 14 calendar day timeline.

Once the application is approved and the execution agreement is signed, any and all advance deposits will be forfeited if no rental agreement is executed. 

 

Please note that if your lease start date falls before the 15th of the month, only the prorated rent amount for the remainder of that month will be due upon move in. If this date falls on or after the 15th of the month, the prorated rent amount for that month plus the full month's rent for the following month will be owed upon move in. 

 

SCREENING CRITERIA – READ CAREFULLY!


**Application fees are 100% Non-Refundable**


Application fees are $50 per applicant and $35 for co-signers


General Statements

1. We need your help. This means please be available to answer questions and provide information. There are strict timelines that must be followed to be fair to other applicants.

2. When you apply, your credit and background will be pulled electronically and you will be charged immediately. For this reason application fees are NON-REFUNDABLE.

3. All section 8 Applicants must sign a consent form, allowing any applicable housing authority to release the contents of, and information pertaining to, Applicant’s housing file and rental history.

4.  If Applicant(s) make any derogatory or offensive comments, and/or act in a threatening, combative, intoxicated or disorderly manner, during any phase of the inspection, meeting or application process with result in a denial of your application.

5. Each applicant will be required to qualify individually or as per specific criteria areas. Income will be calculated based on the entire household unless requested otherwise.

6. Inaccurate or falsified information will be grounds for denial of the application

7. Any individual whose tenancy may constitute a direct threat to the health and safety of any individual, the complex or the property of others, will be denied tenancy.

8. The denial of one applicant will result in the denial of the entire household.

9. Government issued photo ID will be required.

10. Any applicant currently using illegal substances will be denied.

11. All applicants residing at the property must be current on all child support obligations with no payments past due or in arrears in any county, state or local jurisdiction.

12. Incomplete applications will not be approved.

13. Applicant must be able to enter into a legally binding contract

 

Income Requirements:

Your application will be denied if we are unable to verify your legal source of income.

We do not accept payments from third parties unless required by law.

 

 

  1. Gross monthly household income must be equal to or greater than three (3) times the monthly rent. All income must be from verifiable legal sources. (Verifiable income may mean, but is not limited to: Employment, Bank Accounts, Alimony/Child Support, Trust Accounts, Social Security, Unemployment, Welfare, Grants/Loans and vouchers under the Section 8 Housing Choice Program).

If employment income is being used, a current pay stub from your employer will be required if we are unable to verify income over the phone. If your employer uses The Work Number to verify income and employment we will need you to provide your two most recent pay stubs


How Section 8 Income is Calculated   

 

Section 8 applicants must earn 3 times the residents stated portion of rent. For example, if the rent is $1000/mo. and you receive a monthly voucher for $700.00, the household income must show $900 a month ($300 X 3 = $900)


NOTE: All other timelines and requirements for delivery and possession apply. A deposit must be paid within 2 business days of approval. A lease must be signed and rent paid 14 days from approval. Possession will not be delivered until all funds are received. Failure to comply with any of required timelines will result in forfeiture of the deposit paid.


Are You Self Employed?

  1. Self-employed individuals will be required to show the previous year tax return (both business and personal) and any business names and corporate filings will be verified through the state.  If applicant is earning a wage or drawing a salary from their business, income will be based on pre-adjusted gross income as reported on their personal tax return.  If no wage is drawn, six (6) months of bank statements will be required and the average monthly ending balance will be used to verify monthly income.  You must contact our office to supply this information.

Non-Employment Income; Liquid Assets; Other

  1. If non-employment income is being used, the applicant must provide information verifying their right to receive the income and that the obligations of the payor are current.

To qualify based on liquid assets, the household must have liquated assets equal to 24 months of rent.


Inadequate Income

  1. If applicant does not have enough income to reside in the property then a qualified cosigner will be required.  See cosigner criteria below.


Rental History/Mortgage Requirements:

 

  • One year of current rental history or mortgage history verifiable by a third party is required. (Rental references ending 12 months prior to the date of application will not be considered current)
  • Current or previous rental/mortgage history showing 1-2 late payments within the previous 12 months of application will require an additional deposit equal to 50% of one month’s rent.
  • Three (3) or more late RENTAL payments, 144 hour notices or 72 hour notices within the previous 12 months of application will result in denial.
  • Three (3) or more late MORTGAGE payments within the previous 12 months of application will require an additional deposit equal to 100% of one month’s rent.
  • Two (2) or more NSF checks within a one year period will result in denial.
  • In addition to your current landlord reference we require that you provide your previous landlord/mortgage information if applicable.  
  • An application insufficient in rental/mortgage history requirements or a non-third party shall require an additional security deposit equal to 100% of stated rental amount, over and above any other security deposit or additional security deposit required or a co-signer.
  • Five (5) years of eviction free rental history is required. Eviction actions that were dismissed or resulted in a judgment for the applicant will not be considered.
  • A pending eviction action that has not yet resulted in a dismissal or judgment in favor of the Applicant, at the time the application is submitted will be denied.
  • Rental history with past due rent or an outstanding balance will be denied.
  • If current landlord fails to give a reference within three (3) business days or current or previous landlord gives a negative reference, application will be denied.
  • Rental history demonstrating lease violations will result in denial.

 

Credit Requirements:

 

1)  An application resulting in no credit score shall require an additional security deposit equal to 50% of stated rental amount, over and above any other security deposit or additional security deposit required.


Credit Report

 

2) Except as provided below, a credit history with negative reports will not be accepted.  A “negative report” is any non-medical and non-mortgage item 60 days past due or greater, charge-offs, repossessions, settlements for less than full amount or garnishments. Negative credit will result in additional guidelines as follows:

a) A report containing a bankruptcy will require an additional deposit equal to 25% of one month’s rent or co-signer. A report containing an active or dismissed bankruptcy will result in a denial.

b) 1-2 items 60 days past due or greater, collections, charge-offs, repossessions, settlements for less than full amount or garnishments will require an additional deposit equal to 25% of one month’s rent or co-signer.

c) 3-4 of the items above will require an additional security deposit equal to 50% of one month’s rent or co-signer.

d) 5-6 or more of the items above will require an additional security deposit equal 100% of one month’s rent  AND a qualified co-signer.

e) 7 or more will result in a denial.

 

3) Collections: A report containing any cumulative amount less than $500.00 in collections will require an additional deposit of equal to 50% of one month’s rent or co-signer. A report containing a cumulative amount in excess of $500.00 in collections will result in a denial.

 

4) Judgments & Liens: A report containing any cumulative amount less than $500.00 judgments and Liens will require an additional deposit of equal to 50% of one month’s rent or co-signer. A report containing a cumulative amount in excess of $500.00 In Judgments or liens will result in a denial. 


Criminal:

we will conduct a search of public records to determine whether the applicant or any proposed tenant has charges pending for, been convicted of, or pled guilty or no contest to, any: drug-related crime; person crime; sex offense; crime involving financial fraud, including identity theft and forgery; or any other crime if the conduct for which the applicant was convicted or is charged is of a nature that would adversely affect property of the landlord or a tenant or the health, safety or right of peaceful enjoyment of the premises of residents, the landlord or the landlord’s agent.

A single conviction, guilty plea, no contest plea or pending charge for any of the following shall be grounds for denial of the rental application.  If there are multiple convictions, guilty pleas or no contest pleas on the applicant’s record, we may increase the number of years by adding together the years in each applicable category. We will not consider expunged records.

 

a) Murder, manslaughter, criminally negligent homicide, aggravated vehicular manslaughter, class A felonies involving arson, rape, kidnapping, child sex crimes, where the date of disposition, release or parole has occurred in the last 10 years.

b) Class A felonies not included above for , drug-related crimes, person crimes, sex offenses, financial fraud crimes, burglary, where the date of disposition, release or parole has occurred in the last 10 years.

c) Class B felony for drug-related crimes, person crimes, sex offenses, financial fraud crimes, aggravated theft, where the date of disposition, release or parole has occurred in the last 7 years.

d) Class C felony for drug-related crimes, person crimes, sex offenses, financial fraud crimes, burglary, theft, criminal mischief, coercion, animal abuse, where the date of disposition, release or parole has occurred in the last 5 years.

e) Class A misdemeanor for drug-related crimes, person crimes, sex offenses, financial fraud crimes, criminal impersonation, violation of a restraining order, criminal mischief, stalking, disorderly conduct, unlawful possession of a firearm, possession of burglary tools, where the date of disposition, release or parole has occurred in the last 3 years.

f) Class B misdemeanor for drug-related crimes, person crimes, sex offenses, financial fraud crimes, disorderly conduct, where the date of disposition, release or parole has occurred within the last 18 months.

 

 Cosigner Policy:

A person will qualify as a cosigner if they:

  • Have very good established credit with a minimum credit score of 680.
  • Meet all the general requirements listed above.
  • Have a monthly gross income of six (6) times the stated rental amount. 
  • Have a credit history with no more than 1 (1) negative reports.
  • Multiple co-signers will be permitted to be combined to meet the co-signer requirements.  However, co-signer information cannot be combined with the prospective resident information to meet the co-signer requirements.

 

 

Denial Policy:

 If you are an applicant being denied due to adverse or negative information being reported, you should:


If you are denied you may contact Acranet to request a copy of the tenant screening report that was prepared for Sleep Sound.  Acranet will not be able to provide the reason for the denial.

 

1) Contact Acranet at 1-800-304-1249

2) If it is credit related, contact the credit reporting agency listed in the denial letter in order to:

a)  Identify who is reporting negative information about you.

b) Request a correction if the information being reported is incorrect.

 

If you feel your application was still denied unfairly and you believe you meet the requirements above, please mail your request of a review to 4415 NE Sandy Blvd., Suite 201, Portland, OR 97213 and we will review and respond to your application within 10 business days.

 

Disabled Accessibility statement

If a disabled person requests a reasonable modification, Sleep Sound Property Management, Inc. allows existing premises to be modified at the full and complete expense of the disabled person if the disabled person agrees to restore the premises (per fair housing guidelines) at their own expense to the pre-modified condition. We may require:               

a)       The applicant to seek written approval from the landlord before making any modifications.

b)       Reasonable assurance (in writing) that the work will be performed in a workmanlike manner.

c)       Reasonable details regarding the extent of the work to be performed.

d)       Names and contact information of the qualified contractors to be used.

e)       Appropriate building permits and licenses must be obtained and made available to the landlord for inspection.

f)        A deposit for the restoration may be required.

 

 Pet Policy (if allowed, see ad)

 

1. If the property you have applied for accepts a pet, the security deposit shall be increased by $400 per pet and pet rent in the amount of $25 per pet will be applied to your lease agreement.  

Up to two pets are allowed upon approval unless otherwise stated.  Each additional pet approved will require an additional $25 per month in pet rent.  

 

2. If Applicants desire to bring any pet into the premises, then Applicants must first submit verifiable proof, from a veterinarian, that any pet over one (1) year old, has all current shots, all immunizations, is neutered or spayed, and is licensed


The following breeds are prohibited due to insurance limitations on liability.  

Pit Bulls and Staffordshire Terriers, Doberman Pinschers, Rottweilers, German Shepherd, Chows, Great Danes, Presa Canarios, Akitas, Alaskan Malamutes, Siberian Huskies, Wolf-hybrids or any mixed breed containing any portion or characteristic of these breeds.  

Some properties may be subject to the restrictions of a homeowner association.  For more details please contact our office and a property manager will happily assist you.


Smoking Disclosure

All of our properties are smoke free, so there will be no smoking in or on any of our properties. All smoking must be done off of the property.

 

Fee Disclosure (Subject to change prior to execution of rental agreement)

https://drive.google.com/open?id=0Bwyq7-NOXkteWFQza3pEdW1NR00&authuser=0


 

Renters Insurance Requirements

 

Renters insurance is required. All parties must be named on a shared policy or have their own individual policy.

 

Coverage requirements

 

Apartments - $100,000 in liability protection

 

Condos, townhouses and single family homes - $300,000 in liability protection.

 

Exemption: If your household income is 50% or less of the median family income for the area (area based on census map) you are not required to have renters insurance.

 

We do strongly advise having it as it will protect you and your personal property should a loss or accident occur on the premises.


 

Sample – Lease  & Pet Agreement (If allowed at property)

 https://drive.google.com/file/d/0Bwyq7-NOXkteWnFzZU1TYXVlUU0/view?usp=sharing

 

 

 

 

Have the Following Documents Ready to Upload When Applying: 

  • Government issued photo I.D.
  • Proof of Income - pay stubs, bank statements, etc.
  • Picture of each pet that will occupy property (if applicable) 

Failure to upload or email these documents will delay the processing of your application

If you have trouble uploading documents please email documents to: leasing@sleepsoundpm.com