Interiors. Tuesday , November 08th , 2016 - 14:10:33 PM
Who knew apartments required good credit before giving you a lease? Many unsuspecting bad-credit-applicants have realized this fact the hard way. I know I did. Turns out apartments view a lease as a loan. If youre seeking a 12-month lease on an apartment thats $800 a month, youre essentially taking out a $9600 loan that you repay over a period of a year. If youre late, youll get a late fee. If youre too late, theyll repossess the apartment. So in that sense, I guess it is a loan.
Lastly, furnished apartments have a higher turnover rate influenced by different market forces including the weather and season, the holidays, currency exchange rates and others. That means that you will have your hands full looking for new tenants. Not every tenant is on the hunt for furnished properties as many have possessions that they wish to bring with them. Be aware that your target market with a furnished space may be considerably smaller. So if you want to start your own property investment, opting for furnished apartments is a smart choice.
Here are some things to keep in mind as you look for an apartment that doesnt do credit checks. No credit check apartments are typically owned by individual landlords rather than a large property management company. Individual landlords often own one or two properties. So based on the number tenants they have, its often not worth it to do a credit check. Large apartment complexes almost always do credit checks. The way they see it, they cant afford to lose money on a non-paying tenant, so they do their due diligence upfront to prevent that from happening.
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