O’FRUGALS GUIDE TO RENTING IN LOS ANGELES

You can find places to rent everywhere in Los Angeles right now, and some are quite reasonable.
Here is some advice to finding the place that is PERFECT for you and your budget.
 
WHERE
Decide where you want to live. Each place has its wonderful advantages and disadvantages.

Where you decide to live is where you will more than likely stay. Los Angeles is made up of loads of cities. If you live North Hollywood it will be rare that you will visit Venice often so choose where you settle wisely. Perhaps you would prefer to live near where you work, near friends or near the sea.

Research areas first. Check out www.neighborhoodscout.com www.lalife.com for information. This is the website for Los Angeles city www.lacity.org These are good places to start.

If you have the cash Beverly Hills, Santa Monica are great places to live. Silverlake is sometimes not good value for the buck but has a cool vibe. Franklin Village and Larchmount are amazing. Each have their quirks. When you choose your area drive around in the evening/night to see what the vibe is like and if you would feel safe living there. Take note of the zip codes – this will help you while searching online.

LIFESTYLE
What you are looking for in a place? What’s your Budget? Make a list: size - Bachelor, Studio, Loft, pool, parking, particular energy/vibe, close to amenities/social activities/schools/stores, etc.
How many bedrooms do you need and do the bedrooms need to have attached bathrooms?
If you have a pet or thinking of getting one will there be an issue?

Not everywhere is going to have what you are looking for but it is good to have an idea of what is necessary for you to be happy.
 
PRICE
Rent can vary.
 Hollywood average:
 Bachelors – Bedsit - $695 – $995
 Studio - $1050 – $1400
 1 Bedroom Apartment - $1250 – $1650
It is more expensive by the sea you should probably add $200 – $300


RENT-CONTROLLED PROPERTY
There are pockets of rent controlled properties. There has to be more than one unit on a lot, and the building needs to have been built before 1979. The Los Angeles Housing Department has a list of properties. http://lahd.lacity.org/

If the property is rent-controlled, presently the landlord can only raise the rent 3%, plus one percent for each utility paid for by the landlord. If the landlord pays So Cal Gas and the DWP, the landlord can raise the rent by 5%.
You can check the status of the building you are thinking of renting on Blockshopper http://losangeles.blockshopper.com and then call LA Housing Dept.
Beverly Hills - Rent Control Hotline (310) 285-1031
Los Angeles – Rent Control Hotline (800) 994-4444
Santa Monica – Rent Control Hotline (310) 458-8751
West Hollywood – Rent Control Hotline (323) 848-6450


PARKING
Make sure there is parking included.
Some will be on-street parking which can be a dog fight.
If there are parking spaces available you may need to pay extra $50 to $100. In this economy you can try negotiate this to be all in with your rent. If there is only on-street parking check if there is street cleaning.


PUBLIC TRANSPORT
Is where you are looking close to public transport? Contrary to popular belief the bus, underground and rail system is pretty decent in Los Angeles.
Living near a hub will ensure you will rarely need to drive saving you money which O’Frugal loves. www.metro.net
Hubs are Hollywood/Vine, Hollywood/Western, Hollywood/Highland, Vermont/Santa Monica, Universal City, Wiltshire/Western and of course Downtown where most the depots are.


MANAGED PROPERTIES
Many properties are run by management companies. USA is run on how good your ‘Credit Rating’ is. If you are arriving in LA with none or a credit rating of zero and you are taking out a lease yourself you may have to pay up to a double deposit (but no more than double except for furnished no more than triple).
Try to rent from owner owned properties if you have no credit to avoid this problem however you may still have to pay a large deposit so budget for this.
If you have a dog or cat you may have to pay a pet deposit additional to the security deposit can be another $250.
A managed property will ask for an application fee (no more than $30) and will do a credit check on you meaning if your credit rating sucks you’ll lose the fee. They will require your social security number, a payment slip and usually calculate your ability to pay by if you earn up to three times the rent amount.
See my ‘O’Frugals Guide to Building Credit Rating’


UNFURNISHED
Most places will come unfurnished. So be aware of that. Check out my ‘O’Frugals Guide to Furnishing your New Place’.


ROOM TO LET
Room to Let might be a better option when moving over. It’ll mean you will be on a short term lease, might come already furnished.


SUBLETS
Finding a sublet is a great way to test out an area to see if it is somewhere you will want to stay and mostly come furnished.


INCLUDED
Trash and water should be included but make sure.
Find out Gas and Electricity costs. Is there Internet access? Is the place cable ready?
Does it come with Furniture? Is there a fridge? Stove? Is the water filtered?
Are there management fees? eg. Pool cleaning, gardening, maintenance etc.
Make sure there is air conditioning - you will need it believe me.


AREA TAXES
Some areas have an extra tax so make sure you ask about this and if you are affected.
Santa Monica city council is one that does this.


WHERE TO LOOK
Facebook friend might have a place in their complex so send around a message! Ask around your class mates, your church, your band. A personal recommendation is always excellent for landlords… mostly.

Ads for Owner Rental Properties can be found here:
 - Notice boards in the SAG office with Rooms to Let, Sublets, places to rent.
 - Actors Work Program site too. Info on their Affordable Housing www.actorsfund.org/services-and-programs/housing
 - AFI (American Film Institute) have a notice board in The Warner Building. It’s based in a really nice area of Los Feliz which is very popular and can have some great deals.
 - Notice board at Beachwood Market on the top of North Beachwood Drive is worth checking out.
 - Check local shop and supermarket noticeboards too for gems.
 - Craigslist is simply amazing! Caveat though, many people drop around a deposit to the new place on a Friday, turn up with their key on the Monday to move in to find it doesn’t work in the door and the people gone. They are out of pocket of their deposit. http://losangeles.craigslist.org/ Don’t get ripped off and if you do GO TO THE POLICE!

 Mix of Managed and Owner Rentals here:
 - West Side Rentals is good because they vet all the apartments/rooms that they advertise. There is a set up fee of $70 www.westsiderentals.com You can always call the numbers advertised on the properties. If you head to Actors Fund office they’ll let you use it for free!! www.actorsfund.org
 - Rent.com is another popular site www.rent.com Sometimes can be out of date so phone first.
 - 4 Rent in LA is an apartment listing service in Los Angeles www.4rentinla.com

Other sites http://pbmmgmt.com/ http://www.housingmaps.com/
http://www.affordablehousingonline.com/

LEGAL ADVICE
Here are some amazing sites full of legal info to help you if you need it. www.avvo.com/free-legal-advice/Renting/ca/los_angeles
www.caltenantlaw.com


NOTES

 - Try not go alone to check out properties. If you get a bad feeling - leave.
 - Do make sure the keys work in the door before you leave if you are paying a deposit.
 - Check out the area at night.
 - Budget for having to pay up to double the rent as a deposit. Pets may need extra.

O’FRUGALS GUIDE TO BUILDING CREDIT RATING

I know we O'Frugals don’t like the idea of credit cards we love cash but if you want to buy this car, rent that apartment or get a loan to start your new frugal conscious business then get out there and get busy building your credit.

First of all has your credit been damaged? It be saved. Claim a free credit report from here. www.ftc.gov/freereports You can dispute any accounts that they have. Simply write a letter with documentation and ask that this be removed from your report.

Worst thing on a Credit Report is a Bankruptcy. Try not to file unless there is no other option. Whether you have filed a Chapter 13 (13 is a pay back plan with just some debts eliminated) or Chapter 7 (everything is eliminated except for a few essentials), it doesn’t shine a gleaming light of competency on you and your ability for managing your finances. Regardless of why you were faced with filing, this entry stays on your credit report for 7-10 years! AGH! So you just got to deal with it leave the past in the past and start all over again!

With a bit of work within 18 months you can have your credit score up in the high 600 range. Your credit score can range from 300-800+, and if your score is below 600 for any reason it’s time to take action.

So do it now - arrange automatic payments for every card, bill and loan. Lateness can cause 100 points. Pay those library fines and parking tickets on time.

You need 2 types of credit to build your rating. Revolving credit aids quicker results than installment! It is possible to see results within 30 days by reducing a credit card debt.

Revolving - credit cards, home equity lines of credit

Installment - car loans, student loans, mortgages

Revolving

- Store Credit Use only a small portion of your available credit and don’t apply for too much credit at once. Start out slow, and make some small purchases at stores who will grant you a small amount of credit at a reasonable rate. Electronic, appliance, and furniture stores are usually good to start building credit and will charge you a reasonable rate. Make sure they report back to the 3 main credit bureaus Equifax, Experian and Trans Union. When buying an item stay within your budget and make a down payment of half. Then pay off the rest within 6 months or earlier. Do the same thing at a furniture or appliance store. Doing this you can have 3 - 4 good entries in your credit file within 9 months!

- Credit Card Credit is measured by the gap of how much you have owed on the card and the cards limit. So keep within 30% of what you are allowed. Some credit card companies forget to notify the credit bureaus of your maximum limits allowed so look out for this on your credit report. At the beginning get a small limit credit card and only charge very small amounts. Pay off your balance in full each month, and pay it off early if possible. If you already have credit cards pay off the highest-rate card first. It is better to have small amounts spread over several cards than one large amount on one card. Use an older credit card that you have – the older the credit the better!

- Secured Credit card Cant get a credit card then go for a secured credit card or deposit based credit card – most will convert in 6 months or less if you abide by all the requirements. You put down a deposit from $200 to $500. Treat it like a credit card and pay it off monthly. Make sure you get one with no application fee and a reasonable annual fee, that reports to the major credit bureaus Equifax, Experian and TransUnion and converts to an unsecured card after a few months of on-time payments.

Maxing out your credit cards hurts your credit score. Don’t charge more than 30% or so of your credit limit, always pay the balance off in full each month.

MYTH: You don't need to carry a balance over or pay credit card interest to build your rating. The leading credit scoring formula doesn't distinguish between balances that are paid off and balances that are carried month to month.

Installment

- Bills Pay your bills on time – sounds easy but doing this helps a lot. As soon as the bill comes in the door pay it online if you can. Set up direct payments out of your bank account.

Mortgage - Make sure that you pay on time or early on house or car. This will improve your credit score.

- Car loans Great way to build credit but you might need to pay up to 21% interest at first. An idea would be to trade that car in later when your rating has improved and refinance for a lower interest rate you can keep doing this year after year until you are happy with the amount you are paying. Make sure your though that there is no pre-payment penalties on the loans! And try to make a down payment.

- Student loans Student loans can be used to build your score. Make your payments on time, all the time, and try to pay more than you owe whenever possible. Pay double or triple the amount if possible

If you don’t have a loan it might be wise to take one out. Applying for and getting an installment loan helps build your credit rating. Take it out for a minimum amount for 2 to 3 years

If you do all the above and follow the basic instructions you will get an 680 score plus. Monitor your credit reports during this time. You can request one credit bureau at a time every 4 months.

O’Frugalers don’t pay for something that you can get for FREE. Go to the Federal Trade Commission’s site here to get the full details of getting your free credit reports: www.ftc.gov/freereports

On the report check for: proper credit card limit is recorded, no sign of any credit misdemeanors older than 7 yrs, misspelled names, wrong addresses, accounts that are not yours, late payments that you can get negotiated off.

With a little determination and effort you can build and increase your credit score even after filing bankruptcy!

If you are having trouble and need more help contact your local church or check here www.ftc.gov/bcp/edu/microsites/moneymatters/index.html

For government advice check http://ftc.gov

Roger Corman

Can't stop reading about Roger Corman. Not only that LOADS of things have cropped up recently about him or involving him. Watched 'Death Race' last night. Based on one of his films and he Exec Produced. CLASS! My friend's reading 'How I Made a Hundred Movies in Hollywood and Never Lost a Dime' http://www.amazon.com/Made-Hundred-Movies-Hollywood-Never/dp/0306808749/ref=ntt_at_ep_dpi_1#reader Classic read and a lot of fun. Found his myspace page http://www.myspace.com/rcorman There are trailers there for some of his movies. My mom rang me to say Studio Solas from Ireland is opening an LA base - they are run from Cormans old studio in Ireland. Realised I've worked with SO many people that have worked with them. An inspirational guy - looking forward to meeting him.