Los Angeles Rentals. How Do You Handle Bad or No Credit?
Jane Peters, Power Brokers Int'l, Los Angeles Reator, offers readers a valuable education on credit ... with a "twist". This includes info regarding credit from two unique perspectives. The first being the renter/client that has NO credit. The second through the eyes of an international buyer, a non-US citizen. A perspective that is probably well-known in a city such as Los Angeles, CA ... but maybe not as well known in smaller towns dotting America.
We become a member of the larger, world community increasingly often, no matter our locale. We should be educated, prepared ... as to how to handle these credit scenarios, should they come our way. I say, thank you to Jane for preparing us well ...
Gene
Los Angeles Rentals with no credit or bad credit?
A few of my rental clients are looking for Los Angeles rentals will less than stellar credit or no credit.
The sad part is they often don’t know that their credit will not meet the standards of a prospective landlord and are shocked when they are refused. One hit on your report, a late payment, something about which you may not be aware, can drive your score down, so you need to check your credit report at least once a year.
What is considered good credit?
In my experience landlords are looking for mid 700s and up. If you are in the 600s then you need to pull out all the stops.
How can you get around a bad credit report or no credit?
Prospective tenants from another country generally have no credit. Together with those who don’t have great credit the landlord may be satisfied with a combination of the following options:
- Pay several months rent up front.
- Find a strong guarantor who will sign the lease and be responsible over the entire tenancy.
- Offer a little more in rent.
- Find excellent references, especially previous landlords.
- If you are from out of the country and working for a local company, get that company to vouch for you. Maybe they will be willing to act as the guarantor.
- Proof of enough funds to show that you can afford to pay the rent for a year with money to spare.
And last but not least, don’t even think of negotiating on the price. You do not have a strong position from which to bargain.
Money can make a difference, so don’t give up, and be prepared to be creative.
Los Angeles Rentals
Buying or Selling Los Angeles Real Estate
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Jane Peters, connecting you to the L.A. real estate scene
Buying or selling real estate in Los Angeles can be an overwhelming process. Contact Jane Peters, Los Angeles realtor specializing in absentee owners, out of town buyers, and those who need that extra attention, in order to make the transaction a smooth, trouble-free, and fun experience.
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