Apartments for Cheap

Questions and Answers

Your Questions About Cheap Apartments No Credit Check

January 19, 2013

Lisa asks…

how old do you have to be to rent a apartment?

my boyfriend wants to get a apartment up here in jacksonville with me. he’s 16 turning 17 in 3 months. and he has enough money to get the apartment. but how old can you be? and if anyone lives in jacksonville fl, can you help me out and find a cheap apartment close to baymeadow rd? thx..

Administrator answers:

Most rentals require a credit check… I don’t know if there are specific laws pertaining to under 18 rentals…. However, an income large enough to pay the rent each month is required. This may be an issue depending on if you and your boyfriend have a full-time job….many states have laws limiting the working hours for people under 18…. You may need a “co-signer” to get into an apartment. A co-signer is a person like a parent with good credit that is legally required to pay the rent if you are unable to pay. Remember to get into an apartment you need first and last months rent, a damage deposit and will need to make monthly payments on utilities, food, etc. I would have a trusted adult (parent, sibling, trusted friend) over 21 help you determine if you can afford an apartment and help you find a decent place.

Maria asks…

How can I check my credit score if I still live with my parents?

I have a few credit cards and would like to check my credit score to see if I can get an apartment. However, I am living at home with my parents still and all the online applications ask me to choose whether I’m RENTING or OWN a home and I do neither so the rest of the questions don’t apply to me. Is there a way for me to check?

Administrator answers:

First check your credit reports at
Annual Credit Report.com
Never get conned into paying for reports – they are free, always have been.
IF they are in pristine condition you can go to MyFico.com and pay a one time for the score.

How to get top scores:
Use your credit card for things you need and pay in full each month.
Carrying balances (especially if above 30% of available limits) decreases your score.
It is 100% myth that carrying high balances is good for your credit.

To get estimates of your score (if you are very cheap).
Quizzle.com
Credit Karma.com
Mine were only about 10 points off.

Note: It is not the score they are focusing on – it’s what is in your reports that they want to know.
Such as high credit card balances, judgements, unpaid bills, etc…

Robert asks…

Are there any furniture stores from which you could pay off furniture AND build credit?

i’m about to get my first apartment and i need living room digs and i thought i may build credit at the same time. i know you can do so with car payments, etc. any info/advice on apartments/credit/nice cheap furnishings would be much appreciated.

Administrator answers:

You may also want to check out http://www.homelement.com
They offer financing through GE.

Sharon asks…

What are some great community marketing tips for leasing apartments?

I am a leasing agent and I have to work every Saturday until our occupancy is 95%. Currently, it is 88.6%. We have faxed fliers to apartment locators and our property has kept rent rates the same for current residents. What can us leasing agents do? We need help!!

Administrator answers:

You can make sure that you have cheap move in rates such as $99 down or nothing down. Also make sure that your first year or at least first 6 months or so is under a great promo. And look at complexes around you and see what they are offering and prices, and how you compare. Utilities included in rent are a plus. Now I will give you a list of little things you can do incase the things I’ve already mentioned are not within your power…

Offering current residents large referral bonuses (like $300+)
Placing your site on Rent.com
When your potentials come in, have some coffee and cookies ready
Make sure your model apts. Are stylish and realistic, also “staged”
Don’t be too “salesman” like, don’t be pushy, just helpful
Free flat screen TV with new lease?
Lenient with credit, especially in this market when a lot of ppl are suffering…just get a month up front to protect your company.
Place ads at colleges
Also on Craigslist

Good luck. I am a regular apartment hopper :) I finally found one that I love and hopefully will stay for at least a few years. The things I’ve listed for you are things I look for when picking an apartment. A huge turnoff is a large deposit required. Thats not attainable for many apartment goers such as myself. I go to college so I am living check to check but have a perfect rental history for 5 years straight. Anyways, just be professional and helpful, make sure you are the best for the money!

Good luck.

Daniel asks…

Im renting out an apartment for the Olympics in London – any tips?

I have never done this before and have no idea where to advertise it! I suppose that it would mostly be people from abroad (the States?) but dont know where would be best – I would really appreciate any tips.

It’s a really beautiful apartment (very close the the site) so Im only looking for nice people – it’s difficult to think of where to advertise it to get the right people.

Many thanks – I look forward to hearing from anyone who can help me

Administrator answers:

I’m on the other side of the pond, so my thoughts must be checked with relevant national British or local laws & ordinances.

Check with your landlord first. When I subleased my apartment, my landlord made the renter submit a form so they could perform a background and credit check. If the person passed, I could sublease at a price of my choosing. If not, the person could not sublease. The advantage of an official sublease was if he/she was locked out, the landlord would let them back in. Also, they were authorized to make some maintenance requests.

If it’s a condominium, contact your association. If there’s no one you have to report to, I’d hire a real estate agent or attorney for an hour to go over what you should do to protect yourself.

If that’s the case, I’d just ask the landlord to share with you the background and credit check. If they look good, the applicant is probably honest and will treat your place with respect. I recommend making up a sublease agreement (your landlord may be able to help with that), clearly defining what they must do, like take out their own trash, pick up after themselves, etc. I’d also ask for a sizable security deposit, just in case.

As far as advertising goes, I’d start out cheap with craigslist.org and thoroughly vetting applicants. If it’s as nice and convenient a location as I think it is, charge a high price. That’ll discourage riffraff and attract more serious people seeking that once-in-a-lifetime Olympic experience. In describing your place, use apartment listings as a template: laundry, kitchen, security, how much sun you get, space, bathrooms, bedrooms, furniture provided, etc. Make sure to describe nearby amenities like dry cleaners, subway, pubs, restaurants, proximity to venues, other sightseeing spots, etc.

If my situation in life were different, I’d be tempted to take you up on your place and save you a lot of hassle. Alas, alack.

Don’t skimp on preparing yourself. By getting agreements in writing, you’ll probably get a more responsible tenant and avoid nasty surprises when you return to London.

Hope that helps!

John asks…

How does this $10,000 and $8,000 housing credit work?

I have about $30,000 saved up and thinking of getting a condo or a cheap house, I also dont really have a job, or a consistent one

How does this work? Do you need proof of income and they will take that money out of your taxes?

Can you qualify if you dont have a job? Do you have to pay it back?
Also when does it expire? I heard it was December when they stop doing it

I really want to buy a place because I hate paying rent

Administrator answers:

You asked several questions and they have different answers.

The housing tax credit is $8,000 – the details are as follows:

2009 First-Time Home Buyer Tax Credit Fact Sheet
Who is Eligible
• The $8,000 tax credit is available for first-time home buyers only.
• The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
• All U.S. Citizens who file taxes are eligible to participate in the program.
Payback Provisions
• The tax credit is a true credit. It does not have to be repaid.
• The only repayment requirement is if the home owner sold the home within three years after the purchase.
Income Limits
• Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.
Effective Dates for the Tax Credit
• First-time home buyers would receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
• A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).
• Buyers can take the tax credit on their 2008 or 2009 income tax return.
Types of Homes that Qualify for the Tax Credit
• All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years. This also includes newly-constructed homes.
For more details on the tax credit, go to www.federalhousingtaxcredit.com

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The other questions regarding down payment, income and mortgage qualification are harder. Where do you live? What is the local housing market? If you do not have a job what do you do for money?

I would suggest that you speak with a mortgage company who can pre-qualify you – that will tell you what you can afford to buy. Then visit a local broker in your area and they can show you what is available at your price.

Richard asks…

How will I check credit report of my future tenent?

If I want to rent out my place, how do I check credit report of my potential tenent? Thanks.

Administrator answers:

I would not trust a credit report handed to me by a prospective tenant. It is too easy to phony one up using a computer and some simple editing tools. Best advice is to require an application fee that will cover your cost to obtain their credit report. This will scare off most tenants with poor credit because they know they are throwing money out the window.

Many good sized town have an “Apartment Association” of some kind. You might want to think about joining it. One of the membership advantages is usually access to credit bureau reports. Most of the time, it is the cheapest way to obtain them.

Good luck with your real estate endeavors.

Paul asks…

Would an 18 year old girl be able to afford an apartment in Austin?

Would a typical 18 year old college student be able to afford an apartment in Austin?

Should I just get a room-mate instead?

Administrator answers:

It depends where you’re willing to live. I’ve had apartments off of Cameron Road (Wildwood Apts) and off of Metric Blvd (Trails of Walnut Creek). Both of these were older apartments in what I considered to be safe areas and the cost was around $550 for a one bedroom.

Expect to pay 800-1200 for a one bedroom in newer apartments. The cost will rise as you go closer to downtown. A studio, sometimes hard to find, will knock a couple hundred dollars off.

Look at apartments.com and austin craigslist to get an idea of rental prices. Anywhere you look, check out the area in the day and night time and see what kind of vibe you get.

I’ve had a lot of roommates, some good, some bad. If faced with leasing alongside someone I didn’t know, I would find the cheapest, safest place on my own I could afford. Remember you’re just as responsible for lease and damages should they bail or wreck havoc. Bad credit will mess you up.

The benefit, of course, to having a reliable roommate is that not all of your money is tied up in rent. Leaving you money to go do things or just not stress about making rent each month.

Longwinded but hth

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