Renters Resource

Finding the right home can be incredibly challenging in the current market conditions. To make your application stands out from the crowd… here are a few suggestions to increase your chances of securing the home or improving your chances for the future. Also, some pointers on getting ALL of your security deposit back when you vacate the home!

First and foremost! Many properties are individually owned by small mom and pop landlords who depend on the income to pay for their expenses. Majority of the corporations do not offer pension plans. As an alternative, they offer 401K retirement plans that shifts the risk and burden to the employees. Therefore, many individuals and retirees who own income property instead, depend on the income that the property generates to cover their own expenses. Owning a home comes with great sacrifice and for the most part reward. There can be many expenses. From property taxes, special assessment taxes, homeowner association dues also known as HOA, painting, expenses for renovations like kitchen, bath, flooring, and anything else happening like a leak, appliance malfunction or even a garage door spring snapping all by itself…. now the car is trapped in the garage! Some tenants are current and past homeowners who are more familiar with these circumstances and expenses.

Landlord’s that have worked with Ardy Mohseni look for tenants with the following qualifications below... unless the tenant is on assisted housing,

1.      Tenant generates 3 x the rent in gross income (rent is $1K... you need to make $3K per month gross)

2.      FICO or Credit Scores of 700 and above (no past or existing collections/charge offs)

3.      Liquid savings of at least 12 months of the rent payments

4.      Long employment history at same employer or same field of work

5.      Pets (Some Landlords prefer no pets)

Now this is a perfect application described above. Strong applications might get all the advantages. From lower move in costs and other perks landlord may offer to secure the right tenant. Such as, giving possession of the property with delayed rent payments. Most of the time... tenants need to give a 30-day notice to their existing landlord. If your credit is not good… focus on your strengths. However, keep in mind that bad credit means you will pay more for everything. That includes a higher security deposit and or rent payments up front.  High credit card balance to limit ratios also hurt your credit scores. Paying the balances below 50% of the limit will help bump up your credit scores.

Do not have any credit? Many banks offer secure credit cards and with just a few hundred dollars you can get a credit card to start building credit. For example, bank approves you for the secure credit card, you pay $500 to the bank and they give you a credit card with a $500 limit. Responsibly using the card and paying it off on time with no late payments will gradually start building your credit scores. Need to have at least three to five creditors or what is called a trade line to build and keep a good score. Credit cards, auto loan, mortgage, macy’s, home depot card, etc.. the FICO system can be a scam as if you payoff debt like a mortgage... the scores can still go down. Weird how the scores are calculated! 

Get a letter from your current landlord stating what a wonderful tenant you have been and never missed any rent payments if that is the case. Do not have 12 months of the rent in savings? However, have a 401k or IRA or Stock portfolio you can submit the statements with your application to make it stronger or have a Guarantor who has great credit and income guarantee your application.

Guarantors need to submit all the same documents as the tenants.  If your money or the Guarantors money is under a pillow and the landlord cannot verify the funds… it will be more challenging for them to accept your application. Many landlords want to see you have some funds in reserve and in the event, something happens you are still able to meet your lease payment obligations to pay the rent.

Find out exactly what documentation the landlord needs to decide on your application. Get those documents back to them exactly as they requested and all in one email with a fully completed signed application to rent.  If more documents are requested after submitting the initial documents… provide them immediately. Follow up on your application to stay top of mind.

Employment history is also especially important. Make sure your application is complete with all boxes and fields. If the agent or landlord has a hard time verifying the information and calling your supervisor for employment verification it will be more difficult for you to get your application approved. Oftentimes tenants leave information blank on the application to rent and that can cause frustration for the individual who is trying to get your application verified.

Got Pet? Submit a picture of your pet with the application. Generally, there will be a minimum of $500 security deposit per pet and some cities or properties with an HOA do not allow certain breeds, size, weight or restrict the number of pets and yes, a goldfish is considered a pet. Make sure to do your research prior to moving forward with the application process and that the community you want to live in, and the landlord is ok with your pet. The more pets you have... the more challenging it will be to secure a home.

After you are successful in securing the property with an executed lease agreement… make sure to do a move in inspection and take pictures of everything prior to moving in. Save to a folder on your computer with your lease documents for the day you are going to vacate.

During your tenancy if anything happens such as, a water leak or anything else that needs repair… do not let it pester! Quickly, contact the landlord or the property manager and have them look at the issue. A small water leak that would have cost $100 to repair can turn into a $15,000 problem very quickly! If you did not notify anyone about the issue... that can potentially put you on the hook for the repair expenses if the landlord wants to follow through with a court action. 

Get all of your security deposit back if you return the property to the landlord in the same condition as when they leased it to you! Prior to vacating within 30 days… do a walk around with the landlord to make sure there will be no deductions. Sometimes during move out... movers cause damage and if its not repaired there would be security deposit deductions. Some items like carpets have normal wear and tear however, if you are intentionally walking into the property after a day of dirt bike riding with muddy boots on new carpets, I am sure you can imagine how that would end when the lease is over.

Feel comfortable to reach out to Ardy at 949-433-9668 DRE #01743349 with any questions.

SOLD Price Range 

$1,450 - $4,500,000

My philosophy is simple: Clients come first! I pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. I believe that if you’re not left with an amazing experience, I haven’t done my job. I don’t measure success through achievements or awards but through the satisfaction of my clients.