Housing and leasing

 Q: How do you show responsibility/ build a good relationship to your landlord BEFORE renting a place?

A: If you show maturity and come prepared with a copy of your credit report to show you have some sort of established credit, this shows to them that you are serious about this process. Always be honest and forthcoming.

Q: Would it be better to do an automatic payment or manual payment?

A: An automatic payment in my opinion would be better but it is personal preference. 

Q: What are some questions we should ask the landlord before you rent/lease a place?

A: This would go back to the private/single owner versus a large apartment complex. If you are renting from a single landlord then I would ask what pre-existing conditions there are in the home that you are aware about (Ex. the air conditioning, when the last repairs were) and how quickly they respond to a request (whether it be an inquiry or a request for service). You'll want to know if they are prepared to take care of any emergency for you. BUT for larger apartment complexes, you'll be able to get any information you want about them easily accessible online. You're also going to want to ask questions like "How long of a lease term do you guys allow (short or long term) and is there a discount?" and always ask about pet policies if you are planning to bring your pet with you. 

 Q: Could you explain what a Class A apartment/ space is? What is the going rate for a Class A apartment in Irvine (near UCI for example)?

A: A Class A apartment is the highest rated asset in terms of quality both in construction as well as in maintenance which isn't necessarily only physically. Which means that they landlord and the property management company have established themselves as a highly reputable law abiding landlord that commits to fair housing which is a governmental agency that's established to ensure that everybody has an equal right to apply. They will have high quality instruction, maintenance, and legal compliance. In terms of going rates, there is no better time than now to lease an apartment home since the housing prices of 2008 and 2009 there was a dramatic expansion of rents in Irvine and Orange County. 

Q: If something is damaged in the house, who would be in charge of the expenses for fixing it?

A: It varies, if it were a professionally  managed apartment community then you wouldn't have to take care of things such as leaks or having to change your light bulb. If they are little things that come with living in the home then you won't be responsible for taking care of those damage, but if for example you get into a fight with your roommate and you punch a wall, you will be responsible for the damages. 

Q: What are some other expenses that the tenant is responsible for that is not necessarily part of the base rent? (utilities, CAM, etc.)

A: Utilities are certainly something you have to account for, private landlords typically do pay or include utilities in the rent because they typically don't have a good system for pro rates to you so they will include it in the rent. Depending on the number of vehicles that you have, you might have to pay extra per month to have access to spaces for all your vehicles. If you bring a cat or a dog with you, you're most likely going to be charged pet rent. Storage costs can also come into play. You aren't going to worry about HOA or CAM costs because those are typically apart of the operating expenses in managing a property.  

Q: What kind of features should first time student renters consider when choosing a space? (location, parking, security, etc.)

A: I wouldn't base it off of features, considering that is more toward personal preference. All of this goes back to personal decisions and  personal circumstances. If I was first time student renter I would want to minimize my expenses and look into an area closer to campus. Your location can also vary the amount of security you are ensured. I highly recommend that you don't pay extra to live in a gated community, it is ultimately more so for privacy than your own security.  

Q: What is renters insurance? Is there a renters insurance in Irvine? 

A: Any landlord is going to require you to have renters insurance to protect their own asset, but would also benefit you if you had it. It's very inexpensive and you can get top tier coverage; there will be instances where you wouldn't expect that you would need the coverage.   

Q: What are the benefits of a short/long term leasing agreement?

A:  For short and long term lease agreements you will pay a premium for a short term lease agreement. The land lord wants to know that there is stability while you are renting from them. The longer you commit to, the more assured that you have a solid credit profile and that you are qualified to live there in the first place. That stability will come with a small discount whereas a short 3 month lease, the tenant will want to collect a higher rent in consideration of the extra work that is going to happen. 

Q: So if the tenant defaults, what can they expect from the landlord (procedurally, notice, eviction, guarantor liability, etc.)? 

A: You would have a grace period where rent would be due on the 1st and would be considered late after the 3rd, most of the time if it's late you will be charged a late fee but there won't be any legal action. But after the fifth day you most likely will be sent a legal notice claiming that you haven't paid your rent. If 3 days after that you haven't paid your rent then eviction proceedings against you. 

Q: What would be a good FICO score for purposes of renting? What does FICO stand for?

A: Fair Isaac Credit Organization; For first time renters, any score above 650 is a good FICO score.