Carolina Innovative Property Solutions Inc.

Carolina Innovative Property Solutions Inc.

Rental Criteria

QUALIFICATION AND APPLICATION REQUIREMENTS

Please Read Before Applying

Before submitting an application, applicant should take the time to review criteria, requirements and rental screening policies outlined below. It would be in applicant’s best interest to confirm that their rental requirements, financial and individual qualifications are not outside of our applicant/tenant criteria that would cause their application to be rejected. If you have any questions concerning the criteria or application process, please contact us at (877)554-5858 or by email at carolinaipsinc@gmail.com Calls, texts or emails will generally be answered by next business day during normal business hours 9AM-5PM Monday – Friday (texts and emails will generally get a quicker response).

What Are We Looking for in an Applicant? In addition to meeting the criteria and qualifications outlined herein, we are looking for applicants that will; Pay their rent on time, every time, no matter what; follow the terms of their rental agreement; take excellent care of the home; be a good neighbor and be reasonable to work with.

  • Applying for a home does not guarantee approval by the Landlord, nor does it constitute a lease for the home which an applicant has applied.
  • Applicants are responsible for properly and completely filling out the rental application. Applicants are encouraged to double check and confirm accuracy of the information they provide on their application. Inaccuracies may be cause for denial.
  • Only if approved by the Landlord will an applicant be given the opportunity to pay a holding fee and sign a lease in order to hold a property.
  • There are times when we do receive multiple applications for a property. Applicants are not accepted  on a “first come,” “first served” basis, but on a best-qualified basis.  Applications will continue to be accepted until an applicant has completed all the necessary steps, been approved and paid a holding fee.  

FAIR HOUSING:

Carolina Innovative Property Solutions, Inc., is committed to providing Equal Housing Opportunity for all applicants and fully complying with applicable State and Federal Fair Housing Act(s). Carolina Innovative Property Solutions, Inc., does not discriminate against any person because of Race, Color, Creed, Religion, Sex, Sexual Orientation, Handicap, Familial Status, National Origin, Ancestry or any other protected classes.  

GENERAL INFORMATION:

A separate and fully completed application is required from each and every person 18 years of age or older who will be living on the premises.  Application fee is $65.00 per person 18 years or older.  Application fees are NON-REFUNDABLE, no exceptions. Application(s) will not be processed until the application fee is paid and all required applications have been completed and submitted by each person. It is up to the applicant(s) to ensure that all required applications have been submitted. Even if an individual is just going to be an “occupant” vs an “applicant” an application along with the application fee is required for that individual. All proposed occupants that will be living on premises must be listed on the application.  Credit, income verification, rental history and criminal background checks are conducted for each individual 18 years or older.


PET POLICY:

Pets, if allowed, are conditional and subject to approval. Pet deposit and rent will apply. Landlord/Property Owner reserves the right to refuse any and all pets. No large dogs or aggressive breeds allowed. Applicants are required to disclose, at time of application submission, all proposed pets/animals that will reside on the premises. Before applying for a particular property, please contact us to see if the premises or HOA (if applicable) has pet restrictions in place. Pets/animals known to be vicious or with a history of biting/harming people or animals or causing property damage are not allowed regardless of breed. Proposed pets/animals will need to be processed through the following company link: https://carolinaips.petscreening.com

  • No more than two (2) pets are allowed per dwelling/property (subject to applicable pet restrictions)
  • Pet Deposit of $350.00 per pet (refundable at move-out if no damages or monies owed)
  • Pet Rent of $30.00 per uncaged pet per month to be paid in addition to rent (non-refundable)
  • Proposed pets(s) must be screened and approved through petscreening.com https://carolinaips.petscreening.com or other similar third-party pet screening process (a pet screening fee may apply, which is to be paid by applicant). Pet Deposit and Pet Rent are subject to change and may differ by property.
  • Most updated Vet Records (through Petscreening.com)
  • Recent Picture of the Pet (through Petscreeing.com)
  • Renters insurance covering pets, pet damage and dog bite liability coverage required. Liability Insurance is required with evidence of coverage provided to Landlord.
  • Dogs: Breed Restrictions apply with the following breeds not accepted (including but not limited to): Rottweilers, Pit Bulls, American Pit Bull Terriers, Staffordshire Terriers, Chows, German Shepherds, Doberman Pinchers, Presna Canarios and any dog that has a percentage or mix of any of those breeds. Any canines other than domestic dogs (wolves, coyotes, dingoes, jackals, etc.) and any hybrids of them are not permitted. This list is subject to change.
  • Cats: Domestic cats may not be permitted in a particular property (please see individual home listing regarding cat policy or contact Landlord prior to applying for property). Male cats can be particularly problematic with spraying and urine issues.  Cats, if approved may require a higher pet deposit and/or pet rent.
  • Small Caged Animals: Gerbils, hamsters, and guinea pigs are permitted. Ferrets, rabbits, and chinchillas are not permitted.
  • Birds: Domestic birds, such as cockatiels and parakeets, are permitted. Birds of prey and non-domestic birds, such as pigeons, are not permitted.
  • Farm Animals/Livestock: Are not permitted (including but not limited to) chickens, goats, sheep, horses, and pigs (including pot-bellied pigs).
  • Exotic, Poisonous, Venomous, Wild or Dangerous Animals: Are not permitted (including but not limited to) snakes, lizards and other reptiles, spiders, scorpions, tigers, lions, wild cats, skunks, raccoons, squirrels, and monkeys): All types are restricted.
  • Resident(s) will abide by the rules and regulations of any applicable local laws and Homeowners’ Association (HOA) as it relates to pet and breed restrictions
  • Fish tanks: Limited to two (2) 20-gallon tanks maximum, and predator fish, such as piranhas, are restricted.
  • Unapproved pets may lead to penalties and could result in lease termination.

Service Animals: With proper documentation, service, assistance and emotional support animals are exempt from any pet related rent, fees, deposits, breed restrictions, and insurance requirements. The Applicant must go through Petscreening.com https://carolinaips.petscreening.com and provide the appropriate supporting documentation to the screening company to process and complete a Reasonable Accommodation/Modification Request. Note: It is unlawful in the Sate of North Carolina to misrepresent the status of an animal as a service animal.

APPLICATION PROCESSING:

Application: Application Fees are paid online as part of the application submission process. After all applicant(s) have submitted completed application(s) and application fee(s), we will begin processing your application(s). The application process may take 3 to 7 business days depending on the timeliness of responses to items and information requested in order to process application.  This includes but not limited to responses from applicant, current and previous landlords, current and previous employers, and receipt of any other information and or documentation as deemed needed by Landlord. Volume of applications received may also affect and extend processing timeline. We ask that applicants be patient with application process. 

***Due to the high demand for our homes, at times, there may be more than one application for the same home. We encourage applicants to complete their application promptly if they are interested in a particular available home.***

General Documentation: Income from employment will require copies of pay stubs and W-2’s to verify income, along with other relevant documentation and if you are self-employed, you will be required to verify your income with copies of tax returns, 1099s and/or other relevant documentation and data. Other income, such as social security, SDI or other, will require reliable documentation. To help expedite the application process, Applicants are asked to include copies of four (4) most recent paystubs, two (2) most recent years W-2’s and/or other income documentation at time of submitting application. In order for income to be counted it must be verifiable from a reliable source.

Occupancy Guidelines: The occupancy standard per home is two (2) persons per bedroom, plus one (1) or as dictated by applicable law or municipal code. This standard is subject to other conditions and limitations that may be imposed on a particular property (example, room rental, guest suite or SRO rental offerings).  We restrict the number of occupants who may reside in our rental properties in order to prevent overcrowding and stress on plumbing and other building systems. The Fair Housing Guidelines require us to abide by the Two Adults Per Room Plus One. Landlord will comply with and enforce applicable governmental and company limitations on the number of persons who may reside in a home, imposed by statute, code, ordinance or regulation.

APPLICATION APPROVAL CRITERIA:

Credit Report:  Credit report will be completed on all Applicants to verify credit ratings. Income plus verification of credit history will be entered into a credit scoring model to help determine rental eligibility and security deposit levels. This credit scoring model will include positive and negative payment history for lines of credit, usage of credit, credit history, credit availability, inquiry history, and student loans. Unfavorable accounts which will negatively influence this score include, but are not limited to: collections, foreclosures, charge-off, repossession, absence of credit, judgments and current delinquency. Credit scores under 630, recent evictions (within past 7) years and/or monies owed to a present or previous landlord or management company and open bankruptcies are generally an automatic decline of application.  Note, we do not accept credit reports and background checks directly from applicants.  Depending upon credit score and other qualification factors, additional security deposit of half to a full month’s rent may be required in order to obtain an application approval.  (Credit scores between 575-629 may be considered on a case-by-case basis depending on the strength of the rest of applicant’s qualifications.  In such event, additional security deposit would be required.)

Income: An applicant’s ability to show, good, stable, sufficient and verifiable income and ability to pay the rent on time is an important part of the application process.   

  • Applicants must have a minimum combined gross income (before taxes) equal to or greater than three (3) times the monthly rent amount. Monthly rent is calculated on full monthly rent and not on any move-in special amount that may be offered.
  • Rent plus installment and revolving debt payments should not exceed 50% of your gross monthly income (however 40% or less is preferable).  
  • Verification of income is required and must all be from reliable, unbiased and verifiable sources.  Applicants may submit documents for use in verification of income with application.  Applicant may also include additional information via email to: info@residentresearch.com
    Examples of verification may include the following:
    • Four (4) consecutive and most recent pay stubs
    • Social Security or retirement income verification (copy of award letter, retirement documents)
    • Legal documentation supporting other income (such as child support, alimony, etc.)
    • Where new employment may be applicable, a copy of “Offer Letter and Acceptance” from future employer verifying start date and compensation along with contact information for new employer for processing verification of employment – Employment of less than one year will generally require additional security deposit.
    • Bank Statements – If required, bank statements must be in the name of applicant only, no joint bank accounts may be used unless all joint owners apply together (such as in the case of a married couple). No prepaid or PayPal accounts will be accepted.
    • Applicants must provide contact information for employer so that verification of employment may be sent. If an applicant's employer uses a third-party verification service such as The Work Number or other employment verification service, applicant will be responsible for payment of any fee(s) charge by the employer or third party verification service.  Fee(s) must be paid in advance, by applicant, prior to verification being ordered.
  • Verification of income for self-employed/business owner applicants, may include CPA prepared financial statements in conjunction with copies of current and previous year tax returns filed with the IRS and/or 6-12 months most recent personal or corporate bank statements (12 months of bank statements are preferred). Transfers will not be included in the income calculations. No joint bank accounts may be used unless all joint owners apply together. No prepaid or PayPal accounts will be accepted. Additionally, it will be up to the self-employed/business owner applicant to prove their “Net” income. “Gross” income generally does not show if a self-employed or business owner actually makes enough income to afford the rent and qualify for the property.
  • If applicant cannot provide proof of sufficient income from all sources, they must have a savings account with a balance equivalent to two (2) years of rental payments.  Additionally, rent paid in advance may be considered at Landlord’s sole discretion on a case-by-case basis to offset insufficient income. 
  • During application processing, it may be necessary for applicant to provide additional information regarding income, especially if income or information provided cannot be verified to the degree acceptable to Landlord or third-party application processing service. For example, applicant may be required to provide copies of bank statements, showing proof of deposit of provided pay stubs. 

Rental History: Applicant’s rental history is an important part of the application process. Applicants are to provide unbiased and satisfactory rental references to qualify for a rental property. Applicants are required to furnish all the necessary contact information to help us contact their current and previous landlord(s)/property management company(ies). 

  • Rental history must reflect no outstanding monies owed to a present or previous landlord/property management company. Applications will automatically be denied for current outstanding debt or eviction.
  • Rental payment history should reflect no more than three late payments for any 12-month period.
  • Eviction filings for non-payment that show as dismissed (no more than two in any 12 months period). Other filings including but not limited to breach of lease agreement for other than non-payment to be evaluated on a case-by-case basis.
  • No eviction judgements, including, but not limited to forcible/entry detainer within past 7 years. 
  • If an applicant has been evicted or sued for any lease violation, Landlord may reject rental application. Additionally, Landlord may deny application if we find reports suggesting evidence of noncompliance with rental/lease agreements (past or present) or negative/unfavorable feedback from past or present rental references.
  • If applicant is a homeowner, proof of ownership, and on-time mortgage payment history is required.

Criminal History: A criminal background check is conducted on each applicant and occupant age 18 years or older. An application will be denied for criminal related reasons that have occurred within the timeline identified below prior to the application date.  All records are evaluated from the date of disposition.

  • Felony Offenses involving illegal drugs (manufacturing, or distribution of a controlled substance) - Denied regardless of time frame. Misdemeanor Offenses - Denied if within past 5 years
  • Felony Offenses involving violent crimes and crimes against a person, including but not limited to (homicide, murder, sexual assault, rape, child abuse, spousal abuse, violating order of protection, robbery, sex offenders, assault, battery, kidnapping, domestic violence, abandonment, prostitution, obscenity, molestation) - Denied if within the past 10 years. Misdemeanor Offenses - Denied if within past 7 years.
  • Felony Offenses against property (theft, vandalism, arson, embezzlement, destruction of property, animals, etc.) - Denied if within past 10 years.  Misdemeanor Offenses - Denied if within past 7 years.
  • Felony Offenses involving illegal drugs (possession of drugs, possession of drug paraphernalia) - Denied if within past 7 years.  Misdemeanor Offenses - Denied if within past 5 years.
  • Felony Offenses involving fraud (bribery, fraud, forgery, financial crimes, identity theft, falsifying documents, passing bad checks, misuse of official information, etc.) – Denied if within past 7 years. Misdemeanor Offenses – Denied if within past 5 years.
  • Felony Offenses involving firearms (possession of firearm, weapons, etc.) - Denied if within past 7 years. Misdemeanor Offenses – Denied if within past 5 years.
  • Most other minor misdemeanor offenses (e.g., traffic, alcohol-related DUI, petty possession and other minor offenses), will not be cause for applicant denial.
  • Arrests with no conviction, will not be cause for applicant denial.
  • Deferred Adjudication and/or Adjudication Withheld, may be approved if off probation/parole for 5 years. 
  • Open, pending cases will be evaluated and considered on a case-by-case basis and the severity of the offense.

The above guidelines are subject to exceptions.  Criminal convictions will be considered and evaluated on a case-by-case basis, in light of mitigating factors, such as, but not limited to the applicant’s age at the time a crime was committed, evidence of good behavior since the crime was committed, how long ago the conviction occurred, and the nature and severity of the crime committed.

These criteria do not constitute a guarantee or representation that residents or occupants currently residing in one of our homes have not been convicted of, or subject to, deferred adjudication for a felony, certain misdemeanors, or sex offenses requiring registration under applicable law. Resident or occupants may have resided in one of our homes prior to implementation of this policy, and our ability to verify this information is limited to the information available to us by the applicants and credit reporting services. Residents or occupants who are convicted of any of the foregoing after this Lease Application, may be subject to forfeiture of Lease Application Fees or eviction if conviction occurs after move-in.

Proof of Identity: All applicants must present valid government issued photo identification and submit a color electronic copy/photo of their identification with their application. Identification issued by any state or federal authority of the United States includes but is not limited to:

  • State-issued driver’s license
  • State-issued identification card
  • US passport or passport card
  • US CIS Form I-551 resident card
  • Non-US citizens and other lawful aliens may provide a valid foreign passport as acceptable identification.
  • Applicants will be required to provide a Social Security Number (SSN) or Taxpayer Identification Number (TIN) at the time of application.

Guarantor: Guarantors may be accepted or allowed on a case-by-case basis for applicants who have limited rental history or who do not meet all the rental requirements to be approved.  Generally, applicants must be able to qualify for income limits on their own and a guarantor would be used as extra security for Landlord.  An intended guarantor must clearly state in the application that they are submitting application as a guarantor and not as an occupant/tenant. The guarantor must complete an application and pay the application fee. A guarantor must be an immediate family member (friends may not serve as guarantors) and they must be well qualified financially, credit worthy and meet or exceed all other qualifying criteria identified in screening policy. In the event a guarantor is accepted, additional security deposit will be required as well.  At Landlord discretion, guarantor will be required to sign either the lease/rental agreement or a guarantor agreement. Note, applicants that require a guarantor are generally not preferred over applicants that can qualify without one. A guarantor will not overcome insufficient income, criminal, civil court or rental judgments and negative rental history.

Security Deposit: Security Deposit is equivalent to a minimum one months’ rent and payment must be made in the form of a Money Order, Cashier’s or Certified Check.  One month’s rent is based on full months rent (if applicable, move-in special rental amount is not considered the equivalent of one months rent).  Security Deposit amount of one months rent is quoted as a minimum amount and is subject to increase, based on applicants individual qualifications.

  • Holding Fee in the amount equivalent to one months rent, is due within 24 hours of application approval and is non-refundable. Landlord will continue to show the home and process and possibly lease to another applicant until Landlord has received Holding Fee in full along with a signed Applicant Approval and Acceptance of Rental with Holding Fee form. Holding Fees are not accepted until an applicant has satisfactorily completed the application process, been approved by Landlord and offered the property for rent in writing (generally via email). Holding Fee must be in the form of Money Order, Cahiers Check, Certified funds.  On a case-by-case basis, Holding Fee may be accepted via PayPal or other landlord approved electronic payment provider (this is not Landlord’s preferred method though).
  • Payment of required Security Deposit as well as all other move-in balances are due in full at signing of the lease/rental agreement. Possession will not be given to a tenant without payment in full of all funds due.
  • Possession/Move-in is to occur as per terms of application approval notice or per signed lease agreement (lease agreement controls). Landlord is generally looking for qualified applicants that can take possession of rental property and start paying rent immediately upon property availability, unless a later time frame is approved in writing by Landlord. Preference will generally be given to qualified applicants that can take possession of property at a sooner date. If possession and move-in does not occur per agreement, the landlord may, including but not limited to put the premises back on the rental market and lease the property to another tenant of it’ choosing and/or do something entirely different with the property.  Additionally, deposits and move-in funds are subject to forfeiture as well..
  • Start of Lease:
    • Vacant Homes: Leases on vacant homes/premises that are ready for occupancy, are to begin within (14) fourteen days of application approval (some exceptions may apply). We are unable to hold a home rent free beyond that time.
    • Occupied Homes: Availability dates advertised are subject to Landlord receiving possession from current occupants. Although rarely needed, available dates may need to be modified due to circumstances beyond Landlord’s control. Move-in dates are not guaranteed, and we ask the approved incoming tenant(s) to be flexible in some cases as needed. We understand the burden this can create and strive to advertise a solid date so incoming tenants can plan accordingly.
    • Rent and Pro-rations: In addition to the required security deposit, prior to new tenant taking possession of property, a full months rent is due for the first month, regardless of lease start date.  If lease begins on a day other than the first day of the month, tenant’s second-months rent will be pro-rated as applicable. Leases starting within 7 days of the end of a month will require payment of the pro-rated rental amount along with the first full months rent.
  • Cancellation of the lease after lease signing and payment of the Security Deposit may result in forfeiture of some or all of deposits paid.
  • In the event that an applicant does not meet all rental criteria, Carolina Innovative Property Solutions, Inc., reserves the right to require a higher Security Deposit. In this case, the higher Security Deposit would not exceed an amount equal to two (2) times the monthly rental amount (based on North Carolina General Statute). Acceptance of higher Security Deposit would require individual landlord approval and evaluated on a case-by-case basis. This in no way is meant to imply that a higher deposit will overcome all applicant's qualification deficiencies.

Property Damage Liability Insurance Coverage/Renters Insurance Requirements: Proof of renters insurance is required at time of lease signing. Tenants are required to carry an active personal liability policy that includes a minimum of $100,000 and in some cases up to $300,000 in liability coverage for perils of fire, smoke, explosion, water discharge, and sewer backup is a requirement of the lease along with dog bite liability insurance (if applicable) in accordance with your lease. Tenant Liability insurance and Landlord/Property Owner insurance does not cover tenant’s personal property items. Tenant is strongly encouraged to purchase a renters insurance policy that includes coverage for their personal property. For dog bite liability insurance, if your carrier excludes coverage for any dog at the residence, you must obtain a separate, stand-alone dog bite liability insurance policy for each excluded dog. 

False Statement and Intentional Misrepresentation: Incomplete applications will not be processed, and any false statements or deliberate misrepresentation of facts will automatically disqualify application and any co-applicants and result in a denial. In the event a lease agreement is signed and approved by all affected parties, any misrepresentations later discovered will be considered sufficient grounds for terminating the lease and demand of all occupant tenants to vacate the premises.

Smoking Policy: All our properties have a strict Non-smoking/vaping policy.  Smoking/vaping of any substance is strictly prohibited inside any house/dwelling/garage/carport/covered or enclosed porch/structure.

Preview of Property, Sight-Unseen: Applicants must view the property they are applying for in person or by walk-through video before their application will be processed. Applicant may have a trusted friend or family member view the property on their behalf or rely on photos and available walk-through video. If applicant chooses to have someone else visit the property on their behalf or rely on photos and/or walk-through video, a sight-unseen clause or addendum must be signed at lease signing.

While in most cases, photos and walk-through videos serve merely to represent the size and space of the interior of the property. It is highly recommended that the property be viewed in person to ensure that size, design, layout, age, amenities, cosmetics, cleanliness, location, overall condition and all other aspects, of the property in every particular is acceptable to applicant, as the property will be rented to them in its AS-IS condition. In the event that Landlord agrees to approve an applicant and to rent to them sight-unseen, additional security deposit and/or a last months rent may be required with such approval and rental. 

Disclosure: Please note that nothing in the contained guidelines constitutes a guarantee or representation that all current or past occupants have met these guidelines. This document serves as a guideline for applicants and is not intended to be comprehensive. Some exceptions may apply. Screening and application requirements as well as terms and conditions regarding any individual property are subject to change at any time without notice. These guidelines are effective as of January 27, 2024. 

Don’t fall for any scams. Applications and payments (rent and fees) must be made in contract with Carolina Innovative Property Solutions, Inc and through our website at www.carolinaips.com If you find a property being offered by another person, entity, or someone claiming to be the property owner, please do not send money to them without first contacting Carolina Innovative Property Solutions, Inc and verifying the status of the property.