Searching for any apartment in Oakland area, unemployed but have everything else (San Francisco: apartment complexes, rentals)

[galtor3]

So I will be unemployed, relocating and searching for an apartment. It was my choice to work on some side projects and a made some extra money in a recent deal. I will probably stop the side project and seek full employment once in I get in the area. I am single, 30 yr old semi street smart, so the place doesn't matter too much (I was trying to avoid farther Oakland East/Fruitvale).

With that said, it seems I can still get a place if I do the following and what are your thoughts or do you know of apartments or areas where they are trying to fill apartments.

1. I will need good credit and I do have it (600+ the min and 700+ probably because of my situation)
2. Possibly W-2 forms from last year showing past employment which shows a professional salary. I can do that but pay check stopped 2 months ago.
3. I was trying to avoid checking or savings account. My checking account is up and down but my savings account balance is pretty steady. I hate giving out that information.
4. I could get 401k balance information which is decent for 6 years of work. This would loan information
5. My credit report would show credit cards, car loan etc.
6. Pay several months in advance prorated. I would hate to pay 6 months at a crappy place. But 2-3 months is reasonable.
7. Print reports of past apartment payments

And at the end of the day, I guess I could use family for cosigner. I hate to do that though.

Does any of the stuff I listed sound reasonable? Do you have any more tips? Should I just offer my first born? I have dealt with apartment complexes in the past, normally they just run the credit check and could be OK with that. But they may balk on my application if I put unemployed or self employed.

I am engineering professional with 10 years experience and wanted to take a much needed break and also need to move. I never had housing/apartment problems/reference checks. But "unemployed" seems to get a bad rap.

...

Do you think I stand a chance for a 1 bedroom apartment? I was looking at Oakland Downtown/West Oakland/Emeryville/Lake Merritt. I was hoping to live here, and public transport into SF.

- I was looking for a range of 800-1000. I could go more if you think it will get me in the door.
- There is a complex property Advent Properties which seem to have decent places. I was trying to get next to Bart.
- There is another complex Acorn apartments.

[mayorhaggar]

a) not having a job will be a deal-killer for most landlords. The rental market in the Bay Area is competitive right now and there's no reason for a landlord to rent to an unemployed person when they are guaranteed to have other applicants who have jobs. And you need to show proof of current income, you can't try and scam them with stuff from last year. Paying several months in advance might work but probably not in this market. So I'd try to line up a job first and foremost, and find some temporary lodging until you find a job. Craigslist has a temp shares section, often someone's roommate moves out early so they need someone to take the room for like 3 months. Yeah you're living with other people but at least you have a roof over your head and can focus on getting a job and then getting a permanent place.

b) I like Oakland but I don't think you need to look at West Oakland, it's a mix of desolate and dangerous and it's kind of inconvenient in terms of getting to the fun parts of Oakland.

c) That said, 800 to 1000 for a 1br will put you out of reach of a lot of the nice parts of Oakland. I'd definitely focus on the Lake Merritt area but you might need to settle for a studio. The Dimond District and a few other areas nearby would also be good to look at, if you can find rentals there.

d) Otherwise, I'd look at Albany and El Cerrito, could maybe find a 1br or at least a nice studio at your budget. Emeryville I wouldn't look at, it's mostly expensive condos and the potentially cheaper part is a few blocks of decrepit houses right next to a crappy part of North Oakland. Plus it's kind of a hassle to get from there to say Berkeley or Oakland.

[galtor3]

True,

However, let us say that outliers exist and there are humans out there that are in the same situation, just purely based on there being statistical anomalies. I was curious if any of them exist and if they could share some information. Maybe I will be the first, who knows, I will at least try and write a book (blog) about it. At the very least, we have started a discussion on the topic. It may not benefit me but it may benefit others.

Also, I wouldn't give the land lord nothing to work with. It would be: Account Information showing several "years" worth of assets to cover the apartment, good credit rating, references from past apartments

[mayorhaggar]

Well I'm speaking from the experience of living in the Bay Area for 8 years, and making a salary of about $36,000 a year, so I didn't have a big budget. I started out in SF in 2004 paying $600 a month to live with roommates, and when I left I was paying $850 for a studio in Rockridge in Oakland, which I moved out of in early 2012. The main thing that's changed since then is rents going up and the rental market getting more competitive due to the tech boom in San Francisco and Silicon Valley.

[galtor3]

But you did do it, with roommates. Good to know.

[aslowdodge]

As a landlord I would not rent to you. Nothing personal but it's just business. That being said a well qualified cosigner might work for me. Mayorhaggar's idea of roommates might be your best bet depending on the strength of their finances.

[HappyinCali]

Good luck! It will be tough but doable.

On the negative side, one of my co-workers is looking for a higher-end apartment. He is a very well-paid professional but his fiancé isn't working and all the landlords are giving him crap about her being unemployed, even though he makes bank. They are looking for high end apts, though so it might not be apples to apples

On the positive side, my wife's brother is on some hard times and currently unemployed. He just got a room with very good roommates, who were understanding, but gave 3 months of rent in advance. We pay for his rent for now, so it not an issu tha he Is unemployed. It is a tiny room for 800 in sf

Generally, the more info you have the better. Roommates are more likely to be understandable than a landlord. So look for those first. If you deal with a landlord and can afford it, offer some months in advance.

[galtor3]

Yea, you guys are right, this won't work what I said in my OP. Will some places accept an acceptance letter once I get a job or is even that risky. Do I need a month of work with paystubs?

[momtomonsters]

We just moved to the area for my husband's new job. We presented the offer letter and was able to secure a cute little house in Castro Valley. They asked for bank acct info but I believe they just ran a credit check.
So for us, the offer letter was sufficient.

[aslowdodge]

I think you need to get as many ducks in a row as possible. As a landlord part of how I get tenants is based on a gut feeling. I have accepted tenants that weren't as solid on paper but I had a good feeling about them and it has worked out.