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Old 04-13-2013, 09:25 AM
 
335 posts, read 667,606 times
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Posting this for a friend who wants to rent a apartment in LA.

What math formula do LA landlords use to figure out if you and your income can afford a rental? is it 1.5 x the monthly rent ? or is it different.


thanks
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Old 04-13-2013, 09:30 AM
 
Location: The Triad
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Quote:
Originally Posted by 2O13 View Post
is it 1.5 x the monthly rent ? or is it different.
In the rest of the world (where RE prices resemble reality) rent affordability starts at 3:1
If you have a lot of other payment commitments it can go much higher.
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Old 04-13-2013, 09:33 AM
 
335 posts, read 667,606 times
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Quote:
Originally Posted by MrRational View Post
In the rest of the world (where RE prices resemble reality) rent affordability starts at 3:1
If you have a lot of other payment commitments it can go much higher.
sorry i dont understand your formula can you break it down btw this is for LA cali. not the rest of the world. thank you

I know where i live it has to do with your income and the amount of the rent. Example if the rent is $1,000 you times that by 1.5 and your income will have to be $1500 or more a month to qualify .
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Old 04-13-2013, 11:10 AM
 
Location: The Triad
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Originally Posted by 2O13 View Post
if the rent is $1,000 ...your income will have to be $1500 or more a month to qualify .
If you have $1500 of income and spend $1000 of it on rent...
how much is left for everything else you'll nee that month?
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Old 04-13-2013, 11:55 AM
 
Location: Santa Monica, CA
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Take your gross income per month before any taxes, insurance or 401k deductions and divide it by 3. That is what most landlords don't want you to meet or exceed. LA being as expensive as it is some landlords may not be strict about requiring that much income.
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Old 04-13-2013, 12:40 PM
 
335 posts, read 667,606 times
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Quote:
Originally Posted by MrRational View Post
If you have $1500 of income and spend $1000 of it on rent...
how much is left for everything else you'll nee that month?
You;re still not answering my question. I am asking what the LANDLORD formula is not yours. don't know of a nicer way to say it ...but, nothing personal please don't bother trying to answer my question AGAIN.... again nothing personal.

Last edited by 2O13; 04-13-2013 at 12:48 PM..
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Old 04-13-2013, 12:43 PM
 
335 posts, read 667,606 times
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Quote:
Originally Posted by Dunbar42 View Post
Take your gross income per month before any taxes, insurance or 401k deductions and divide it by 3. That is what most landlords don't want you to meet or exceed. LA being as expensive as it is some landlords may not be strict about requiring that much income.
Thanks for the post and the formula.



I notice every city has a different formula .
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Old 04-13-2013, 12:59 PM
 
335 posts, read 667,606 times
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update.

My friend just called me who i posted this for. she said she just filled out forms for a high rise in W. Hollywood. They required 1.75 x of the rent. Another place she is going to look at texted her and said they want 2.5x the rent both were highrise buildings.

The one condo she called the owner directly did not have a formula just wanted proof of income an a min credit score of of 700. this was also a high rise in West. Hollywood.

so it seems that each landlord has a different formula
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Old 04-13-2013, 01:16 PM
 
Location: A Very Naughtytown In Northwestern Montanifornia U.S.A.
1,088 posts, read 1,937,024 times
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Quote:
Originally Posted by 2O13 View Post
Posting this for a friend who wants to rent a apartment in LA.
What math formula do LA landlords use to figure out if you and your income can afford a rental? is it 1.5 x the monthly rent ? or is it different. thanks
There is no so called "formula", each individual landlord or property management company makes a judgment call for each applicant. Sure there are policies and procedures but no blanket formula.
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Old 04-13-2013, 02:35 PM
 
4,213 posts, read 8,259,394 times
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Quote:
Originally Posted by 2O13 View Post
You;re still not answering my question. I am asking what the LANDLORD formula is not yours. don't know of a nicer way to say it ...but, nothing personal please don't bother trying to answer my question AGAIN.... again nothing personal.
that post made me laugh out loud!

but yes your question is answered later in this thread. every landlord has a different formula.
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