Preparing for the full body cavity search of getting an apartment.
Good people, below is a list of things you will need when you find your apartment and should be on your person at all times.
1. Cash or check book: Depending on the type of apartment expect to pay at least $75 for the application fee. And no. Do not ask the broker to cover that cost. I have seen many an apartment lost because the client was taking their dear sweet time getting the check for the application fee. MAKE SURE YOU GET A RECEIPT AND REQUEST A COPY OF THE CREDIT CHECK FOR YOURSELF.
2.Identification and other documents of reference: You maybe the nicest person in the world who takes care of wounded seals from Mongolia or volunteers to read to deaf children but the landlord/property management company is only concerned that you are able to pay the rent on time and that you aren't in any danger of bolting in the middle of the night. Some landlords will require pay stubs, tax returns, bank statements, letters of reference from landlords and an employer verification letter stating your salary. Some landlords require that tenants make 40-50 times the rent of the apartment. Not including bonuses. You should also have a driver's license, passport or some type of photo ID. HAVE THESE DOCUMENTS ON YOU AT ALL TIMES. The more time you spend looking for these documents more likely the apartment of your dreams is slipping away from your grasp. Most landlords will take just the credit check but better safe than sorry.
3. Certified Checks: When the deal goes down you are usually required to put up first and last month's rent and the safety deposit which adds up to three months worth of rent. LANDLORDS WILL NOT TAKE A PERSONAL CHECK! THEY MUST BE CERTIFIED! DO NOT HAGGLE WITH LANDLORD OVER THIS BECAUSE YOU WILL PISS THEM OFF AND THEY WILL THINK YOU DO NOT HAVE THE MONEY AND THEY WILL KILL THE APPLICATION. AND IT IS PERFECTLY LEGAL FOR THEM TO REFUSE A TENANT ON THE GROUNDS OF POOR FINANCE. IF YOU DO NOT BELIEVE ME THEN I RECOMMEND YOU TALK TO A LAWYER. DO NOT BE A CHEAPSKATE. IT ONLY COSTS $10-$15 TO COVER THIS COST.
4. Lease Guarantor: If your finances are unsuitable for the apartment, depending on the landlord they will allow a guarantor. This is the person or persons that is responsible for paying the rent if you ditch. They will most likely have to go through the same application process as the tenant and will be required to earn 80-100 times the rent. Tri-state (New York, New Jersey, Connecticut) guarantors are the preference among landlords but it really depends on their comfort level.
Now if you are someone who does not wish to divulge your personal information then all you need to do is provide additional security which can add up to 6 months of rent in advance or pay one year up front. Private owners are more partial to these types of deals but larger companies will most likely tell you to take a hike.
If you are an international transfer with no credit history in the United States you will you will most likely have to get a guarantor, pay additional security or work out a deal with landlord preferably a private one. Some landlords will take credit checks from other countries. I had one client who presented a Canadian credit check, which was accepted by the landlord.
I know the process seems rather intrusive but you have to look at the landlord's perspective. Every tenant that lives in their properties is a potential risk and landlords must always proceed with caution.
In my next entry I will present apartment lingo.
1. Cash or check book: Depending on the type of apartment expect to pay at least $75 for the application fee. And no. Do not ask the broker to cover that cost. I have seen many an apartment lost because the client was taking their dear sweet time getting the check for the application fee. MAKE SURE YOU GET A RECEIPT AND REQUEST A COPY OF THE CREDIT CHECK FOR YOURSELF.
2.Identification and other documents of reference: You maybe the nicest person in the world who takes care of wounded seals from Mongolia or volunteers to read to deaf children but the landlord/property management company is only concerned that you are able to pay the rent on time and that you aren't in any danger of bolting in the middle of the night. Some landlords will require pay stubs, tax returns, bank statements, letters of reference from landlords and an employer verification letter stating your salary. Some landlords require that tenants make 40-50 times the rent of the apartment. Not including bonuses. You should also have a driver's license, passport or some type of photo ID. HAVE THESE DOCUMENTS ON YOU AT ALL TIMES. The more time you spend looking for these documents more likely the apartment of your dreams is slipping away from your grasp. Most landlords will take just the credit check but better safe than sorry.
3. Certified Checks: When the deal goes down you are usually required to put up first and last month's rent and the safety deposit which adds up to three months worth of rent. LANDLORDS WILL NOT TAKE A PERSONAL CHECK! THEY MUST BE CERTIFIED! DO NOT HAGGLE WITH LANDLORD OVER THIS BECAUSE YOU WILL PISS THEM OFF AND THEY WILL THINK YOU DO NOT HAVE THE MONEY AND THEY WILL KILL THE APPLICATION. AND IT IS PERFECTLY LEGAL FOR THEM TO REFUSE A TENANT ON THE GROUNDS OF POOR FINANCE. IF YOU DO NOT BELIEVE ME THEN I RECOMMEND YOU TALK TO A LAWYER. DO NOT BE A CHEAPSKATE. IT ONLY COSTS $10-$15 TO COVER THIS COST.
4. Lease Guarantor: If your finances are unsuitable for the apartment, depending on the landlord they will allow a guarantor. This is the person or persons that is responsible for paying the rent if you ditch. They will most likely have to go through the same application process as the tenant and will be required to earn 80-100 times the rent. Tri-state (New York, New Jersey, Connecticut) guarantors are the preference among landlords but it really depends on their comfort level.
Now if you are someone who does not wish to divulge your personal information then all you need to do is provide additional security which can add up to 6 months of rent in advance or pay one year up front. Private owners are more partial to these types of deals but larger companies will most likely tell you to take a hike.
If you are an international transfer with no credit history in the United States you will you will most likely have to get a guarantor, pay additional security or work out a deal with landlord preferably a private one. Some landlords will take credit checks from other countries. I had one client who presented a Canadian credit check, which was accepted by the landlord.
I know the process seems rather intrusive but you have to look at the landlord's perspective. Every tenant that lives in their properties is a potential risk and landlords must always proceed with caution.
In my next entry I will present apartment lingo.
posted by Grunt at
11:03 PM
