Los Angeles Rentals. How Do You Handle Bad or No Credit?

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Real Estate Agent with Power Brokers Int'l BRE# 01439865

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.Handling Bad or No Credit When Renting a Los Angeles Home

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

 

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  1. Gene Mundt 09/11/2012 06:41 PM
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Topic:
Real Estate Market Trends
Location:
California Los Angeles County Los Angeles
Tags:
renting a home in los angeles
moving to los angeles
los angeles rentals

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Rainmaker
862,508
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

Pat,  thank you.

Carla, better get cracking or you will be the guarantor.

Roger,  here credit is king.  So many have lost out because of iffy credit even though they are solid.

Dorie,  credit can change at a moment's notice, so it would be nice if the overall picture was looked at.

Shannon,  that is great advice.  A lender can certainly help.

Laura,  you are absolutely right.  And thank you.

Jeff,  I generally find the ones who ARE concerned and it is difficult to get around.

Ginny,  thank you.

Gene,  I think no credit is sometimes easier.  Thanks for the kind words.

Michelle, that is sometimes the only way to get around it.  Pay several months up front.

Norma,  but then we have those great tenants that waltz in with good scores and it goes so easily :)

Larry, you need to ask them what would happen if the tables were turned.

 

September 12, 2012 05:37 PM
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1,389,188
Tammy Lankford
Your Lake Sinclair Expert (706-485-9668)
Lane Realty

I find a lot of people don't even know their credit score.  When I recently got ready to purchase a new car I pulled my own credit so I could see where I stood at getting that zero % interest (love some free money) and was well prepared when I got to the dealership.

September 13, 2012 01:23 PM
Rainmaker
862,508
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

Tammy,  that is the way to do it.  Don't wait for a nasty surprise.

September 13, 2012 01:25 PM
Rainmaker
256,173
Coral Gundlach
Century 21 Redwood Realty, Arlington Virginia

This is great advice!  I had not thought of all these ways around a bad credit score.   It is true that people just don't know, they don't check and they don't realize there are dings on their credit.

September 13, 2012 05:10 PM
Rainmaker
862,508
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

Coral,  people need to plan ahead to avoid losing out on difficult to find rentals.

September 13, 2012 05:14 PM
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Jane Peters

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A Los Angeles Realtor® specializing in absentee owners, out-of-town buyers and those needing extra assistance with one of the most important transactions of their lives. Just sit back and relax! You are in capable hands.

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