Renting an Apartment Despite of Bad Credit

By Irene James

In today's leasing world, most apartment complexes conduct credit checks on prospective tenants before they can approve for an apartment. Some people find this practice controversial since they do not see why a leasing office would be interested in conductive a comprehensive credit check on a other areas of one's credit other than those that pertain to housing or broken leases. But this is a reality that most tenants have to contend with in order to get an apartment. Apartment complexes do this in order to protect themselves from discriminatory allegations and also to create a safe environment for existing tenants. With that said, can bad credit cause you to be denied an apartment?

The criteria that apartments use to determine tenant approval varies from apartment to apartment with some being more strict than others. Apartments are owned by different entities. Some are owned by different corporations while others are owned by individuals. Those that are owned by individuals tend to be more lenient than those owned by larger companies and if you have bad credit, you might want to know which ones are owned by individuals. Then there are apartments which will not approve you if you owe more than $1500 to previous landlords. Others are concerned about utilities in collections while others will flat out deny you if you have a broken lease. The key is to ask.

Before you embark on an apartment search, check your credit score. It is always beneficial to know what is contained in your credit file including your FICO score. You can easily do this by contacting Experian, TransUnion and Equifax, the three major credit bureaus. You can also go to annualcreditreport.com and get a free copy if you have not already done so. You'll be amazing at how many people embark on an apartment search without first scrutinizing their credit report.
As we mentioned earlier,ask. Before you go into the process of getting that money order for your security deposit, ask what the leasing criteria is. If the apartment complex does not tolerate people with less than perfect credit, do not bother to write the check for the application fee or get that money order. Simply go elsewhere. Some apartments are obnoxious enough to receive your deposit even though you have informed them you have bad credit. In most cases a simple phone call can give you the information you need.

If you have bad credit, ask the apartment complex whether they can take a larger deposit. Some will agree. Again, some will decline. Offering a larger deposit signals to the apartment manager that you are a responsible person and that you want to look out for the interests of the tenant.
Another tactic you can employ is to get a cosigner. This is someone who has excellent credit and does not mind having his name down. Sometimes it can be difficult getting a cosigner. If that is the case with you then just get references These can be people are respected in the community and that can state that they know you and that you are a person who is trustworthy.

Irene James is an internet expert specializing in credit issues and has been helping disadvantaged families and individuals who have credit or criminal histories find housing. Visit http://www.simplecreditsecrets.net for more details.
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Buy An Apartment Building With No Money Down - Is It Realistic?

By Ted Karsch

The brand new apartment building investor/buyer should be aware of what I consider to be the most important rule to multifamily investing:

First, the new apartment investor MUST find a profitable property

This may sound obvious but, in my role as an apartment building financing specialist, I speak to dozens of aspiring investors every week who call me or email me saying that they found a great piece of real estate, with a super CAP, in an excellent area, that is 95% occupied and that they would like to find a loan to purchase the apartment building. Unfortunately, many of these "great opportunities", upon closer inspection of such documents as rent rolls and the income and expenses, it becomes clear that the apartment building does NOT "debt service". This simply means that the real estate does not produce enough income on an annual basis to cover all expenses including the loan payments, taxes, insurance and maintenance costs. After doing the math, the investor goes back out into the field, armed with more knowledge. Persistence usually pays off because there are plenty of profitable properties for sale, it just takes some time to find them.

After finding a profitable apartment building THEN the investor should seek financing

Commercial mortgage companies and apartment building lenders almost always require a buyers contribution to be 20% of the purchase . The purchase price shouldn't be confused with what the buyer thinks the property is worth, or even what the real estate recently appraised for. Banks are only going to lend money based on the purchase price of the apartment building. Of course, there are exceptions to this rule. One exception is when the investor is purchasing the place to do a construction rehabilitation of the property. In this case, the loan process is usually more involved and more documentation is required.

Many of the potential apartment building buyers that I work with don't have the liquid capital required for the 20% down payment mandated by the bank. Here are some of the strategies that DO WORK in the real world. There are no secrets, despite what many "real estate gurus" will you, to financing an apartment building investment with no or little money down.
Many investors are not aware of all the creative methods that can be used effectively to raise investment capital. Here are some of the ideas that I have seen be successful in the real world, with real investors, buying real apartment buildings with less money down.

1) Incorporate a limited partnership and raise money from other investors. Forming a limited partnership for the purpose of raising money for an apartment building investment is a great solution if the investor does not currently have the liquid capital needed for the 20% down payment. A limited partnership should be formed under the direction of an experienced real estate attorney who understands the intricacies of this kind of partnership agreement. The limited partnership normally consists of one general partner and one or more limited partners. The general partner is the only member who has the power to make executive decisions concerning the apartment building investment. The limited partners invest their money with the expectation of receiving a return on their investment when the property is sold or as structured payments from monthly net cash flow. The investor/general partner should prepare detailed financial statements on the project to present to potential limited partners in order to convince them to invest their hard owned money. A good real estate attorney should be able to help with this aspect of the partnership as well.

2) Raise capital from friends and family
This may seem like an obvious solution but it is surprising how many investors neglect to look close to home when trying to fund a good apartment building investment deal. Unfortunately, if the investment doesn't work out as intended the investor not only is risking his investment capital but he is also risking a close friendship or good relationship with a family member. Because of this it is generally a good idea to have a qualified real estate attorney draw up a formal agreement that clearly spells out the responsibilities of all parties involved.

3) Obtain owner financing
Most owners of apartment buildings are experienced investors who are financially adept. They are accustomed to receiving and utilizing some form of owner financing to structure their investment projects. Many great properties have been purchased from sellers who have for some reason or another neglected the property or are ready for retirement. Sellers who are motivated to relinquish ownership of their apartment building will be more willing to offer some form of flexible owner financing.

If you are new to investing in commercial apartment buildings I highly recommend you read my e-course, "Buy Your First Apartment Building E-Course" This course not only gives you all of the in-depth information that you need to purchase your first apartment building but it also gives you all of the interactive forms that you will need to figure out the cash flow and expenses.
This course will actually teach you exactly how to determine if your apartment building will be a profitable investment. You will also get access to the names and phone numbers of 25 banks nationwide who specialize in commercial lending on apartment buildings. Visit http://www.ApartmentBuildingInvestor.com/ecourse.html to learn more.
Article Source: http://EzineArticles.com/?expert=Ted_Karsch

Getting Help Finding That Perfect Apartment

By Kim Shufelt

You have just been relocated to a new city or maybe you just want to move to another part of town. Finding a new apartment can be a daunting task when one considers trying to narrow down their search with all the options they prefer. In the end, it could mean hours of your time, which often equals money.

This is where apartment locators come in handy. If you haven't used an apartment locator, this is how they work. First, they want to know what it is you are seeking so they can give you your top choices based on your preferences. Here are some of the types of questions an apartment locator will ask you:

1. What kind of rent would you like to pay?
2. How many bedrooms or bathrooms do you want?
3. Do you prefer parking?
4. Do you have pets?
5. Is there a preferred area you would like to live in?
6. Is it important if the apartment has a washer/dryer?

Once you have answered these questions, the locator can give you a list of apartments and possibly photos so that you can sort through your choices on your own time. Having this information ahead of time will save you time in driving around from apartment to apartment and fighting traffic. This alone is often worth the use of an apartment locator, and their services most often are free to you.

The apartment locator not only has access to all apartments in your desired area, they also help you organize your move-in date, work with you on signing your lease and sometimes can help you find movers to assist you. In addition, if apartment complexes are offering rebates or discounts, your apartment locater can pass this information on to you, which can save you a lot of money up front.

Having an expert who is familiar with the neighborhood you are considering moving into is also handy when it comes to evaluating safety. For many, safety can be a primary consideration when choosing an apartment community. No amount of amenities, swimming pools, clubhouses and fancy appliances are worthwhile if you don't feel secure in your own home. Last, because it my be important for your apartment to be located close to your job or at least an easy access, apartment locaters who are familiar with the town or city you are moving to, can help you narrow your choices. This again in the end will save you time and money.

Is an apartment locator right for you? There isn't much you have to lose as they do all the work and you pay nothing for their time.

Kim Shufelt is the CEO of http://www.Dallas-Apartment.com the leading Dallas apartment locater for apartments in Dallas offering free personalized Dallas apartment listings and all other areas of the Dallas Metroplex. For more information, please visit http://www.Dallas-Apartment.com
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Secrets To Headache-Free Parking At Your Apartment

By Jeff Swett

All in all, apartment parking lot etiquette seems like it would be simple...right?

Wrong.

After observation over many years of my various apartment communities' parking lots, I have come to the conclusion that not everyone may have knowledge of the rules, regulations, and general niceties that come with sharing a massive parking lot.

We're here to help. There are some very simple ideas and tips to follow when parking at an apartment community that can make storing your vehicle easier for you and the residents around you.

Assigned Parking- One thing to always be aware of is if a community has assigned parking. Lots with awnings, usually are marked with numbers and these are assigned to particular residents of that apartment. You should avoid parking in these spaces at all costs. Even if you notice that no one ever seems to park in space "107", you should park in your assigned spot. Parking in the wrong assigned spot can cause a domino effect of residents parking or the assigned resident might even call to have you towed. So pay attention and park in your own spot or general shared spaces...not the assigned ones.

No Double Parking- I assure you that parking your car at an angle and taking up more than one spot will do you more harm than good. This action is more likely to anger other parkers who can't find a space, which can end in your car being towed or worse. Sure, your tricked out Honda Civic is a really great car, but keep it in one space please.

Private Property- Remember that the other residents' vehicles are their own private property. Be respectful of this and try not to lean on, sit on, or damage someone else's vehicle. You should also keep in mind that vandalism is unacceptable at all times for any reason. Even if you are really peeved at that double parked Civic, vandalism is NOT an option and is prosecutable by law. There are sometimes security cameras and a good number of witnesses around at a community, so be respectful of other resident's property.

Slow it Down- The speed bumps that are found throughout the drive aren't made to be jumps. The speed bumps are their to slow you down. Remember that there are often families with kids that live in apartments too. Kids, animals, adults, and other cars can dart out into the drive or around the corner. If you are going to fast, you might not have time to react and can cause a really bad accident or worse. So, please, slow it down.

Accidents Happen- We all know that from time to time accidents happen. Whether you bump another car while opening your car door or some other accident, be a responsible resident and leave your information on a piece of paper under their windshield wiper or if you know which apartment they live in, drop by and let them know what happened. Trust me, its better to let them know this way than to have them find out it was you from another witness or worse...the law.

If every single resident were to follow these very easy and respectful rules when parking at their communities, parking would be a simple and headache free endeavor.

(Oh and never park in a handicap space unless you have a handicap pass or sticker).

For more information on getting the most out of apartment living or to find a new place, check out Apartmenthomeliving.com
Jeff's just a regular guy with a funny goatee that really enjoys people and life. On top of that he is a bit of an expert on apartments, living in them, and getting the most out of the apartment living lifestyle.
As a Managing Partner of Apartment Home Living, Jeff wants to help you find the right apartment by getting to know you. Not only where you want to live & what you want to pay, but what you like. This way, we can help you find an apartment that fits your personality, not just your budget.
At AHL Apartmentites have a platform to share their own stories, get great info & tips on apartment living, read Jeff's entertaining blogs/stories, find Answers to a wide array of apartment related questions, and have a ton of fun sharing their love of apartment living with others.
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