Apartments for Low Income

Questions and Answers

Your Questions About Apartment Ratings

December 1, 2012

Susan asks…

Am I being too picky with apartment searching?

I want a decent apartment but I can’t afford anything over 400 a month. Maybe 500 if I don’t eat, lol. I would be living alone unless I can convince my sister to move with me but she says she wants to stay in the area we are now and I want to move out of state. I check out the apartment ratings on website and most of the ones I can afford say they have management and roach problems. I am a college student. Anyone have any tips when apartment searching? Are there any good websites I should check out?

Administrator answers:

You could rent a room until you get back on your feet. Where you’d share the kitchen, living area. I know a lot of families with very large houses that are just kinda hurting with the economy. Their kids moved out/college and they have a need for some extra income.

Just keep your head up – Craigslist has a huge amount of people trying to take advantage of people.

Also, for mental health reasons, you are going to live there, so it can’t be a daily struggle. Perhaps sell the car if you have one, take the bus/public transportation, and step up a notch.

Subletting?
A hostel?
A religious organization so you can really save up. Kinda like a hostel atmosphere.
Roommate ads in the paper are risky, but they are sizing you up too.

Linda asks…

How do i check the safety of an apartment?

I have a wife and a baby girl and i am worried about thier safety. I have tried to look up thier ratings on apartment ratings and its a mixed bag i cant tell who is lying and some look suspicious , i looked at the place and it isnt horrible but i could see why it could be potentially dangerous. I know theres a risk all the time when it comes to apartments and crime has no address but i just want my family to be ok , i thought about buying a gun to protect myself and only keeping it in the home , i just dont know what to do and how to do it.

Administrator answers:

You can always contact the local police department for crime stats in the area.

Thomas asks…

What is the best way to purchase an apartment with NO MONEY DOWN?

I have heard about financing 80% and having the seller carry 20% but most properties where sellers are willing to do this are just not viable.

I currently own and have been managing a duplex for 4 years and would like to expand into more units/properties. I have considered going through a hard money lender but most of them still want 15% investment from me. Shame to say I don’t have that kind of capital available. I have also considered doingan assumable loan deal where I try to assume the existing loan on the property, but I am not sure if its anything like the regular home loan assumptions.

I have sought advise from some lenders and brokers, but the brokers are always approaching form the perspective of charging as many fees as they can get away with and I am not sure if I can trust them, seeing as my own buyers agent was somewhat misleading when I purchased my home.

I see a lot of really great properties in my area that have really great financial s, and the tenants don’t poop on them on apartment ratings that I would like to buy.

I guess if anyone knows any other creative way I can finance with very minimal out of pocket costs or know a lender that will work with me, I would appreciate a response.

Administrator answers:

You CANNOT buy investment properties with NO MONEY DOWN – I bought 2 in 2008 and had to put 20% down on each, plus more cash for closing costs

only way around it is to get an investment partner WITH cash (and good credit)

James asks…

Does anyone know anything about Dominion on Lake Lynn Apartments in Raleigh, NC?

They looked really nice when i was looking at them online but then when i went to the apartment ratings website everyone was saying how awful they were.

Administrator answers:

As far as I can tell, they’re just your typical sprawling suburban apartment complex. Nothing impressive….they’re a dime a dozen out in north Raleigh.
I definitely prefer the apartment buildings in and around downtown. They’re a bit older but have more character and you can walk places from them…using cars way less. Better value for the money.

Maria asks…

Thinking about moving to Southside on Lamar in Dallas, TX. Any positive or negative comments?

Wanting to move to Southside on Lamar in Dallas, TX and I am curious if it is a good place or a bad place to move. Looking for some more current reviews than those on the apartment ratings website.

Administrator answers:

I never lived there, but I lived downtown for years. I had lots of friends that lived on Southside. Don’t do it. It is hugely overpriced and you don’t get much to show for it. Its really not that great. No one I knew stayed there very long. With all these condos popping up around downtown, I suggest waiting a bit and watching the prices of anything not brand new plummet. For the prices on Lamar you could buy your own townhome or condo. Email me if you want the name of a good agent in Dallas who specializes in condos and townhomes. I know a few,

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