Co-signers and apartments for LA (rentals, insurance, eviction)

[antialphabet]

I'm looking to rent with a roommate somewhere in the Los Feliz-Silverlake-Echo Park area.

I had decent credit recently until an injury that lead to an ambulance trip and hospital stay resulted in a lot of bills for me.

I had my mother handle my hospital accounts since I am still under her insurance.

Somehow, she lost track of them, and I ended up with 3 hospital accounts in collections. I've paid them off immediately, but my credit score dropped horrendously to a 599.

I am currently disputing the negative reports through Experian.

When I was apartment searching recently, I got the impression that a lot of managers/owners don't like to accept co-signers.

In the area I'm looking, how likely is it that I could explain my situation to a landlord/owner, and convince them to accept my mother or aunt as a co-signer, if they are listed as a tenant? Do they generally frown on that as well?

[antialphabet]

anyone?

[BennyPhoenix]

A person would have to have a very convincing argument for me to accept a cosigner who wasn't a tenant.
A consigner from outside of the area would be an automatic NO because eviction or other lawsuits would be cost and time prohibitive.
It is still a landlords market; Why bother with cosigners when there are plenty of prospective tenants with good credit? I dont, but some might.
Your best shot might be to find a place where the rent is above market or an apartment that has been on the market for a long time, some landlords might take a risk if it is worth it to them financially.
Also, there are some landlords who do not run credit checks, I dont know how many but there are some.

[antialphabet]

Originally Posted by BennyPhoenix

A person would have to have a very convincing argument for me to accept a cosigner who wasn't a tenant.
A consigner from outside of the area would be an automatic NO because eviction or other lawsuits would be cost and time prohibitive.
It is still a landlords market; Why bother with cosigners when there are plenty of prospective tenants with good credit? I dont, but some might.
Your best shot might be to find a place where the rent is above market or an apartment that has been on the market for a long time, some landlords might take a risk if it is worth it to them financially.
Also, there are some landlords who do not run credit checks, I dont know how many but there are some.

So it wouldn't help to have a co-signer meet with the landlord, and agree to sign as a tenant?

[katenik]

I'm not sure that it is true that it's a landlord's market. I've seen many lingering "For Lease" signs around my neighborhood, and personally know of one place that hasn't moved in five months. There are a lot of single-family homes in the rental market these days, and people who can afford an extra $300-500 a month are foregoing apartment rentals for the space and privacy of a house.

I was fresh out of school and had no job when I moved into my previous apartment. I had a co-signer and still got the 50% off move-in discount on my deposit. No problem.

[antialphabet]

Originally Posted by katenik

I'm not sure that it is true that it's a landlord's market. I've seen many lingering "For Lease" signs around my neighborhood, and personally know of one place that hasn't moved in five months. There are a lot of single-family homes in the rental market these days, and people who can afford an extra $300-500 a month are foregoing apartment rentals for the space and privacy of a house.

I was fresh out of school and had no job when I moved into my previous apartment. I had a co-signer and still got the 50% off move-in discount on my deposit. No problem.

I've noticed a few places that have been on the market for a long time in Los Feliz, as well.
Hopefully I can work something out.

Thanks to both of you for responding.

[katenik]

Originally Posted by antialphabet

I've noticed a few places that have been on the market for a long time in Los Feliz, as well.
Hopefully I can work something out.

Thanks to both of you for responding.

I think you'll be fine if you avoid the high-end, corporate-owned complexes that can afford to be picky. There are many small-scale landlords around who are just trying to make the mortgage, and won't turn away good tenants with minor dings on their credit reports. Botton line: they care about your ability to pay the rent on time, and most realize that, even when struggling, people will give priority to their rent, above all other expenses, unless they want to be homeless. According to the landlords I know, the riskiest tenants are people who have unrelated roommates, because they often feel that the other person will be responsible if they don't pay...and legally, they are correct.

[BennyPhoenix]

Originally Posted by katenik

I'm not sure that it is true that it's a landlord's market. I've seen many lingering "For Lease" signs around my neighborhood, and personally know of one place that hasn't moved in five months. There are a lot of single-family homes in the rental market these days, and people who can afford an extra $300-500 a month are foregoing apartment rentals for the space and privacy of a house.

I was fresh out of school and had no job when I moved into my previous apartment. I had a co-signer and still got the 50% off move-in discount on my deposit. No problem.

Places can linger because of many reasons: Rent is too high, landlord is very picky about choosing a tenant, crappy apartment.

To the OP: You just need to keep looking til you find a landlord who either doesn't do credit checks or one who will accept a cosigner, there are some out there.
Best of luck.