Getting an apartment in LA with bad credit? (extended stay, apartment complexes)

[thefunkyone]

Any tips for this? I moved here a few months ago and was offered a great job with a stable company. I'll be making around $22/hr to start and can easily afford my own apartment as I have virtually no other bills. However my credit is shot from a bankruptcy a few years ago. Would it help grease the wheels so to speak if I put down an extra deposit? What are your thoughts.....?

[wrcousert]

Do you have a stable rental history? Did you always pay your rent on time?

Try to get some letters of reference from your previous landlords. Maybe that will help.

If not, I heard there are some extended stay hotels that have rates comparable to apartments. You might have to use one of these for a while.

[PeppermintChapstick]

Available apartments are plentiful in L.A. right now. If I were in your situation, I would:

1. Get some sort of Confirmation of Employment letter from your new supervisor that includes what your salary is. Shouldn't be a problem if you explain it's for the purpose of renting a place.
2. If you can get letters of reference from previous landlords, do so and have them ready to show a potential landlord.
3. Explain about the bankruptcy upfront to a potential landlord. In my experience, landlords don't like surprises. Plus, if someone is going to be inflexible regarding your credit, better to know right away then waste your time.
4. Someone will correct me if I'm wrong on this, but I don't think a landlord can collect a deposit higher than a first month's rent. However, I think it would go a long way towards being approved if you were to offer to pay, say the first 2-3 months rent plus the deposit upfront. Whatever you can afford.

Good luck!

[nmnita]

Originally Posted by thefunkyone

Any tips for this? I moved here a few months ago and was offered a great job with a stable company. I'll be making around $22/hr to start and can easily afford my own apartment as I have virtually no other bills. However my credit is shot from a bankruptcy a few years ago. Would it help grease the wheels so to speak if I put down an extra deposit? What are your thoughts.....?

I have never experienced anything like what you are dealing with, but I think your best shot would be to put down an extra deposit like you mentioned, probable about 3 months rent. I know these things suck and the management should take into consideration today's economy. Another option, look for small buildings not handled by large management companies.

Nita

[SandyCo]

There are a lot of vacancies right now; you shouldn't have too much trouble finding an apartment. As long as you're honest, you should be fine. Tell them before they run the credit check; why waste $25-$50 if they'll probably decide not to rent to you based on your bankruptcy? And yes, you might offer to give them at least a month or two of rent up front as a show of good faith.

[Cyanna]

If you have bad credit but a steady income many apartment complexes will approve you if you are willing to pay extra security. If the rent on the apartment is $1200, and the security is $500 they may ask you to pay an extra $700 in security. Most will no longer accept more than a month's rent upfront due to legalities which could arise.

Lets say a new tenant with bad credit has paid three month's rent up front, but within a few weeks of the start of tenancy it is obvious that they are a problem tenant who needs to be evicted. Since three month's rent has already been accepted the landlord cannot begin eviction proceedings until those three months have passed.

[thefunkyone]

Thanks guys! I forgot to mention I have not officially rented before. Lived with parents, bought a house, lost house, lived with parents, rented rooms from people. But I've never rented my own apartment or signed a lease.

I think I will try and go with a smaller management company and offer 2-3 months rent in advance with the deposit. I'll also get a letter from my employer showing my salary.

[Cyanna]

Originally Posted by thefunkyone

Thanks guys! I forgot to mention I have not officially rented before. Lived with parents, bought a house, lost house, lived with parents, rented rooms from people. But I've never rented my own apartment or signed a lease.

I think I will try and go with a smaller management company and offer 2-3 months rent in advance with the deposit. I'll also get a letter from my employer showing my salary.

Anyone you have rented from can be a rental reference, even if it was just a room you rented.

[pr0zac]

Even with horrible credit, the worst I've had to do is pay first+last months rent. You also might want to look into paying your rent via WilliamPaid.com to help your credit.

[wrcousert]

I've been turned down before and my credit wasn't horrible.