Using co-signers to get a place (coming from overseas, no rental history/job) (Sacramento: extended stay)

[NorCalBound11111011110]

I believe I've done my due diligence in searching prior forums about this and didn't find much. Overall, it seems that many apartment complexes do not really accept co-signers. I damaged my credit about 5 years ago and then moved overseas for work. I would like to go to the Bay Area/Silicon Valley to start work. Looking over some ads on Craigslist it seems like some common things are required (understandable given the high rental demand) like rental history, credit report, and income. Coming from overseas, I've got some cash and can even pony up to one year of rent up-front but I believe it is technically illegal and read most landlords are apprehensive about doing so. How can I get over this issue? This is a serious chicken and egg issue. I have family with good employment and properties (just not in the Bay Area) and therefore would like to go the co-signer route. Am I going to be stuck with an extended stay type of hotel paying like $2,500 a month for a studio? Airbnb/hopping around until I find a job?

Thanks and feel free to give some brutal truths if need be (hopefully with some supporting info).

[NoMoreSnowForMe]

First, it's not illegal for a landlord to accept payment up front. This might work for you, but probably not in a highly desirable location.

I recently retired from an apt mgr position in Santa Clara. I was the resident manager for an owner who owns several apt buildings around the bay area either as sole owner, or with family members. So, not a corporate property management situation.

Landlords, IMO, aren't so much hesitant to accept money up front, as they are to take an "iffy" tenant. They will be afraid that if you have had financial problems, where it can be viewed that you were irresponsible, that you will be undesirable in other ways, as well. Unfortunately, people who don't pay their bills, usually cause other problems, as well. They will be the type to have loud parties, or problem boyfriend/girlfriend issues, they may not pay the utility bills, which will end up a problem for the landlord, they may not be respectful of noise regarding the neighbors, or may not keep their car registered or operable. Just in general, people who are irresponsible in one area of their lives, tend to be irresponsible or not respectful, in other areas of their lives, too. So, this is the fear you are up against.

Also, dealing with a co-signer is a pain in the rear, legally. To do things legally, any time notice is given to the tenant for anything, notice is also to be given to the co-signer. Plus, the only real power a landlord has over a tenant, to get the rent paid, is to threaten eviction. The co-signer doesn't live there, so there is no real power over the co-signer. A landlord still has to evict the tenant, who probably won't have money to pay the bill, then go sue the co-signer. It's a can of worms. Landlords simply hope the co-signer will make the tenant pay up, or will pay the bill themselves.

But, if you can find a qualified tenant, with no bad credit, and who doesn't need a co-signer, why would you take one? And the competition for decent housing in the Bay Area is fierce right now. So, your only real hope is to find a landlord who will take you on, because he has a unit that there isn't any competition for, or because it's worth the gamble, because you are willing to pay a bunch of money - either in higher rent, or up front, because the landlord needs the money.

Just be aware that you may get a real dump and pay a premium for it.

IMO, you'd really be better off paying for an Extended Stay room until you get a job and can find a decent place on your own. I did this myself when I moved to the Bay Area from the Davis/Sacramento area a long time ago. I first stayed in the Fremont Extended Stay Hotel, then moved to the one in Alviso/North Santa Clara, until I could find a job and an apartment. If you stay for 30 days or more, the taxes are WAY less (luxury taxes). They have a kitchenette, cable, all utilities included, a laundromat, fax services, wi-fi. They're a pretty good deal overall, in my experience.

And when I was interviewing in the Santa Clara area, employers had no issues at all with the fact I was staying in an Extended Stay Hotel.

[ggcd951]

you may get some luck with roommate situation with month-to-month. For signing an apartment rental, not sure about it. Thanks,

[teoreticar]

Originally Posted by NoMoreSnowForMe

First, it's not illegal for a landlord to accept payment up front.

In California a landlord may only collect an amount not to exceed 2 months of the rent to for any purpose for an unfurnished apartment. It doesn't matter if the landlord calls it advance payment or deposit.

Example, if the rent is $1000 per month, the landlord can ask for a $1000 deposit and $1000 last month's rent + rent for the current month (pro-rated from when you take possession according to the lease). Additional laws apply if the landlord has accepted "last month's rent".

[NorCalBound11111011110]

Originally Posted by teoreticar

In California a landlord may only collect an amount not to exceed 2 months of the rent to for any purpose for an unfurnished apartment. It doesn't matter if the landlord calls it advance payment or deposit.

Example, if the rent is $1000 per month, the landlord can ask for a $1000 deposit and $1000 last month's rent + rent for the current month (pro-rated from when you take possession according to the lease). Additional laws apply if the landlord has accepted "last month's rent".

What about a furnished place? And cause I'm married, sharing is unfortunately not an option.

[teoreticar]

I was in same situation like you couple years ago. I moved from Europe. Long story short "extended stay hotel" was best option for us. (about 2,500 per month).
When first of us manage to found job (3 months later) we moved to nice single family home (rental) and now I am in my own condo. Later my wife found nice job and we are just fine. So that is you have to "invest" in your future. We spent about 35k before we started to "make money".