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Unread 06-19-2012, 08:53 PM
 
4 posts, read 30,519 times
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Default How long does it take for someone to get approved on a rental in LA?

I am moving back to LA and plan to stay with a friend for a few days till I find a place. I have no problem staying in an extended stay for the remainder of my search. However, I really don't wanna spend more than 7 days at an extended stay, or it will start to wear into my personal savings. I don't have the best credit but I have lots of cash, a job and great references. How long should finding an apartment take before someone hands me a key and I move in. I was gonna sign up with westside rentals, which at $60 a membership, hopefully will speed up the process for me.

Also, if my (goal) move-in date is October 1st, what would be the best day for me to arrive in LA to begin my apartment search? I live out of state but have lived in LA before.
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Unread 06-19-2012, 08:56 PM
 
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With bad credit, a very long time. Cash helps, it depends on who you apply with. How about just renting a room month to month at first?
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Unread 06-19-2012, 09:30 PM
 
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I would try that but I have a bf who I'd like to stay over at times and I work at home. Roommates don't like either of those things.
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Unread 06-19-2012, 09:31 PM
 
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I do have a co-signer, will that help? Out of state though. :/
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Unread 06-19-2012, 11:04 PM
 
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No an out of state co-signer won't really help. Why do you need a co-signer for an apartment anyways I have never heard of such a thing. How old are you anyways? You sound really young.

Renting a room is probably your best bet. You don't need to have a boyfriend stay the night, he should have his own place.
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Unread 06-20-2012, 09:37 AM
 
Location: Pasadena
1,284 posts, read 1,598,865 times
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The way it worked for us was for our first apartment was we looked at 8-10 places, found the one we liked, called them back and said we were interested, came in before we left town, had the bank/financial documents ready, they emailed us back 1-2 days later saying we were approved.

For current house, asked to see lease and said we were interested upon viewing, after sending in all the docs, landlord emailed us back in a day or so saying we were chosen.

The first place was vacant and they would have let us moved in the day after being approved if we wanted. If the place is vacant, they will normally be happy to give you the keys the day after you get approved.

Some landlords care about credit more than others. Some believe credit isn't as relevant since the house is probably the first bill you will pay anyway and care more about your balance sheet. Often you can mitigate a negative credit score by negotiating rent prepayment or other terms in the lease - depends on the landlord. Also a big factor is who you are competing with - we have high credit score, strong incomes and two incomes without pets or kids. Usually the type of tenant landlords are looking for so we have been able to score good value properties that have competition. If you have bad credit, you may not be the landlords first choice and may not be able to get the most desirable places or the ones with the best prices.
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Unread 06-20-2012, 10:37 AM
 
Location: California
23,667 posts, read 13,424,429 times
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I'm not sure how it works with bad credit but my daughter got her first place in a day. Saw it on a Monday and filled out the app and the credit check came back ok on Tuesday and she got the key. They didn't care that she didn't have a job yet, it was purely on the strength of the credit report.

With enough cash to pay a few months in advance you might get something just as fast if you aren't too particular.
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Unread 06-20-2012, 03:44 PM
 
Location: Los Angeles
2,092 posts, read 1,921,809 times
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The first thing I would do in your shoes is, go online and get your credit report.
Then you can see just how bad it is.
If you have a credit score below 600, if any landlord will accept you, you are going to have to pay some extra big bucks .
If the score is 680, or better, you shouldn't have a problem.
Having your credit report to take with you, speeds up the process, as long as it is a current report.
Bob.
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Unread 06-20-2012, 03:45 PM
 
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I agree CALGUY, as a property owner myself I wouldn't accept someone with bad credit unless their debt to income ratio was VERY VERY good.
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Unread 06-20-2012, 09:30 PM
 
Location: Los Angeles
2,092 posts, read 1,921,809 times
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Quote:
Originally Posted by tonyrjohnston View Post
I agree CALGUY, as a property owner myself I wouldn't accept someone with bad credit unless their debt to income ratio was VERY VERY good.
I make it a point that all applicants furnish a current credit report with a current score, along with their application.
I have found it cuts out a lot of the deadbeat people that apply.
This way, it doesn't waste my time or their's.
I have had many applicants ,when asked, reply, they don't have any idea what their credit score is.
It is very simple, if you pay your bills on time, you have good credit,and if you don't, the credit is bad.
I find it hard to believe people don't have any idea what their score is.
One knows if they are paying their bill on time, or if they are behind in payments.
The credit report goes a long way in telling me how people handle their financial responsibilities.
Bob.
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