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Thread: How do I get approved for an apartment?

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    Senior Member Kaylee84's Avatar
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    Default How do I get approved for an apartment?

    I want to move out of my current apartment (my roommates are JACKASSES) and get a one bedroom. How does a stripper get approved for that?

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    Default Re: How do I get approved for an apartment?

    If you don't have any good rental history or verifiable employment make up a more 'acceptable' cash paying job(since you won't have any pay stubs) and have a friend pose as your boss in case landlords want to talk to one. Say you have been subletting from someone for a while and get a friend to pose as that person too.

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    Banned Melonie's Avatar
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    Default Re: How do I get approved for an apartment?

    6 months worth of up front rent payments in cash are usually very effective as well !!!

    Actually, where renting an apartment is concerned there is a world of difference between a property administered by a 'corporation' versus a single family / private owner. The 'corporate' landlords are bound by regulations / policy which requires them to confirm your identity as well as your 'ability to pay'. This typically means pulling your credit reports, wanting to see income statements in some form ( past tax returns, paycheck stubs ) etc. Private owners have more discretion.

    In terms of the landlord, signing a new lease with a tenant basically amounts to the landlord 'loaning' the tenant 6 months or a year's worth of rent money on the assumption that it will be paid back month by month. From the landlord's ( as well as a legal ) viewpoint, when a tenant signs a lease and becomes delinquent on the payments before the term of the lease is up they are still legally liable for the remaining months worth of rent whether they continue to live in the leased apartment or not. Thus landlords holding leases are basically in the same position as lenders holding auto loans or any other type of fixed term debt. This is why they look at the same sort of income and creditworthiness info as an auto lender would.

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    Veteran Member Davey17's Avatar
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    Default Re: How do I get approved for an apartment?

    Very well said Melonie ..

    Cant really add anything more relevant , other than to say ..As a landlord ..6 months in advance will do it for me every time . This allows the landlord a great opportunity , I have taken a year up front also ( even at a slightly lower rate ) and this proposal is always extremely enticing .

    Good Luck . !
    Enjoy ... and Progress , Its all in the name of personal enjoyment

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    Banned Melonie's Avatar
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    Default Re: How do I get approved for an apartment?

    ^^^ yup, cash up front takes away the risk for both the landlord and the tenant. And as you point out, it's often possible to negotiate enough of a discount on up front multi month lump sum pre-payment to offset the 'lost' interest earnings if that money had been allowed to continue sitting in a bank account or money market fund while making monthly rent payments.

    Unfortunately, some of the 'corporate' property management outfits have a 'stick up their a$$' about following corporate procedures to the letter i.e. E-Verify would-be tenant's identity, pulling credit reports, insisting on proof of income etc.

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    Default Re: How do I get approved for an apartment?

    what I do, as a landlord, is look at a tenants history, references, etc. Bank accounts are key for cash earners.

    If none of the above, a couple to 6 months advance rent...but here's the trick (if just a couple). I take the advance rent, and you keep paying on time. This means you've always got a month or so "in the bank" with me, so if you're late one month there's no eviction. It also means you get some free months at the end of your lease term (depends what you put in).

    background (legal/criminal/evictions) are all I do for checks. I assume if you're renting, your credit sux.

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    Moderator Genoveve's Avatar
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    Default Re: How do I get approved for an apartment?

    Quote Originally Posted by pinups4 View Post
    I assume if you're renting, your credit sux.
    Why?

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    Default Re: How do I get approved for an apartment?

    another reason it helps to file taxes and have proof of income...

    also before you sign a lease make sure you can inspect the property before you are bound to the lease in case its dirty, has mold or other things.. I have a friend with a 1 year old who signed a lease, the aprtment had the previous tenants belongings in it when she saw the property, when she moved out there were nails with the sharp ends sticking out of walls and baseboards, an entire bathroom wall of tile by the shower collapsed with water damage and black mold. She only got out of it after calling a consumer advocates radio show.

    Protect your tenant rights...

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    Default Re: How do I get approved for an apartment?

    Quote Originally Posted by pinups4 View Post
    I assume if you're renting, your credit sux.
    LOL! You've obviously never lived in LA/NYC/SF then.

    In addition, people also like to travel or be non-committed to an area. I know this is the case for me. I don't want to be tied down anywhere. Maybe in 10 years it will change for me.

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    Reminder Re: How do I get approved for an apartment?

    Quote Originally Posted by Genoveve View Post
    Why?
    \

    There are a Stack of reasons NOT to buy property ( and I sell it )
    They are tottally different choices , and particularly depend on where you wish to live . Im a property investor but its in a area I know well .

    The reason you would purchase would be to build equity ...Good time to stay out of the market in my view ....and Certainly DOES NOT mean that your Credit reference Sux .
    Enjoy ... and Progress , Its all in the name of personal enjoyment

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    Default Re: How do I get approved for an apartment?

    When I was 20 I had my own checking and savings acounts... not much in them but got them... then I opened up a visa and master card and a gas card... needed the gas card. made sure I paid them all on time even the minimums... after 6 months i was on file with the credit agencies and had an apartment. worked for me but did get in trouble after wards with credit cards. had to buy sooo much stuff for work and the apartment.... never ending battle....

    it was easier when i had an apartment with my girlfriend back in the day. but she had decent credit too.

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    Default Re: How do I get approved for an apartment?

    I've recently gone through this struggle myself and have some tips for you.

    1. To verify your income, collect bank statements showing weekly deposits of all of your earnings.

    2. Technically you are an independent contractor; put that down on your application and hopefully they won't ask for more details. If they do, you can either tell them what you do and hope they don't mind or make up some bullshit, like an at-home business, although I do not recommend the latter.

    3. Break away from the large corporate companies. Private landlords tend to be much more forgiving when it comes to credit worthiness and ability to verify income. To find them, look on craigslist or drive around your neighborhood and keep an eye out for hand written "for rent" signs.

    Worst case scenario, money talks. So prepare to do what others suggested and have 6 months or more upfront.

    I've broken leases and left property damage, which I'm not proud of, but I still had to find a new place to live and I did it quite successfully by taking the private landlord route. I found a really cute house where I can sit and build up positive credit/rental history. Then, hopefully in a couple of years, I'll be ready to buy. good luck!

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    Default Re: How do I get approved for an apartment?

    Quote Originally Posted by BringOnTheMen View Post
    ^^FYI under 21 year olds can't get credit cards anymore. New law. Sucks major when you actually have money to pay it off and want to build credit.
    Whoa really?? When did that go into effect? I think its smart, TBH. There's no need for most to have one. Are they still able to get loans if they have a secure job and are under 21?

    I had offers pour in for ccs when I was 18. I saw a lot of friends literally use their ccs like they never had to pay them back... and well, didn't. They are good safety nets though.

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    Default Re: How do I get approved for an apartment?

    I saw a lot of friends literally use their ccs like they never had to pay them back
    ^^^ the new credit policy ( or more accurately the 'no new credit' policy ) towards under 21 borrowers ... credit card and otherwise ... are a 'side effect' of recently enacted new regulations on lenders limiting their ability to levee late fees, higher penalty interest rates etc. Since statistics show that a relatively high number of under 21 borrowers go delinquent, and the new regulations prevents banks from recovering as much money from delinqent borrowers, the banks simply stopped lending to people under 21 altogether ( with a few exceptions i.e. cosigners, guarantors ). Of course this 'hurts' good credit risk under 21 borrowers severely by making them wait until they are 21 to really start building a credit rating now.

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    Default Re: How do I get approved for an apartment?

    Quote Originally Posted by GlamourRouge View Post
    I had offers pour in for ccs when I was 18. I saw a lot of friends literally use their ccs like they never had to pay them back... and well, didn't. They are good safety nets though.
    They are like 30 day interest free loans (keep your actual money in the bank earning interest right until you need to pay the CC) plus you can accumulate frequent-flyer points in Australia. It all adds up. (Provided of course that you're 100% sure you'll pay the CC bill)
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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    Default Re: How do I get approved for an apartment?

    Quote Originally Posted by pinups4 View Post
    what I do, as a landlord, is look at a tenants history, references, etc. Bank accounts are key for cash earners.

    If none of the above, a couple to 6 months advance rent...but here's the trick (if just a couple). I take the advance rent, and you keep paying on time. This means you've always got a month or so "in the bank" with me, so if you're late one month there's no eviction. It also means you get some free months at the end of your lease term (depends what you put in).

    background (legal/criminal/evictions) are all I do for checks. I assume if you're renting, your credit sux.
    This is the most idiotic thing I have ever heard. You are asking for 5 months security and the first months rent? Also, everyone that lives where you live owns a home because if they are renting it means that they have bad credit? Where do you live? Do you live in one of those places where houses are $100,000.00? Where I live you can't buy a parking spot for that.

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    Banned Melonie's Avatar
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    Default Re: How do I get approved for an apartment?

    ^^^ essentially, a landlord signing onto a new tenant lease is 'loaning' that tenant 6 months / a year's worth of rent money in exchange for the tenant paying back that 'loan' in 6 / 12 monthly installment payments. This is why the credit rating and income verifiability of the would-be tenant is increasingly important. This is also the reason that a would-be tenant with poor credit ponying up 6 months worth of rent payments in advance can allow them to 'get around' the issue of bad credit rating / unverifiable income source etc.

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    Veteran Member Davey17's Avatar
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    Default Re: How do I get approved for an apartment?

    " background (legal/criminal/evictions) are all I do for checks. I assume if you're renting, your credit sux. " ....

    I really disagree with the above Statement .. there are many many reasons why any individual may Rent . My personal example ... Im a property investor ( In Australia ) ..often my tenants have an AAA+ credit rating ..sometimes not .

    But I am also a Tenant ..In a commercial property and in Thailand where we hold two properties ( Rent ) one in Bangkok , and one on the beach ..now Im sure you could quickly come up with a whole lot of reasons why , but basically Thai property can be restrictive for a Foreigner .. yet we are very good tenants ..But Why buy ??

    Agree completely with Melonie .. 6 months rent in advance , I will take pretty much everytime , it shows commitment and generally the tenant wants to stay for a while .

    But never assume your tenant CANT buy ..one of my tenants at the moment , I would hazard a guess ..is much wealthier than myself , but the timing for him is not quite right at the moment ..In the meantime , Im rapt to have him on board .
    Enjoy ... and Progress , Its all in the name of personal enjoyment

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    Default Re: How do I get approved for an apartment?

    I've heard of dancers locally not being able to pay up-front and get a place... even students with student refunds willing to pay upfront get turned down for leases here. I've been told that corporate leasing entities assume that if you have cash to pay, you're a drug dealer or prostitute. Seriously.
    I had to find and independent landlord to rent here. I have a great house within walking distance to downtown... and pay what I would've for a crappy apartment. I had to hunt a long time, though.

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