We appreciate your interest in leasing a residence overseen by Legacy Asset Management. We aim to provide transparency during the application procedure, which encompasses fundamental credit requirements and expected lease terms. If you have any concerns about your unique circumstances or if you require additional information, please feel free to contact us.

Application Guidelines for 2142 Portland St, Los Angeles, CA 90007

Every individual aged 18 or older who intends to reside in or co-sign for the property must complete their own application and submit a non-refundable application/processing fee of $53.50. Application fee shall be sent via Venmo @LegacyAssetManagement prior to processing applications.  Please note that this fee does not guarantee the acceptance of your application or a rental offer. It is solely utilized to process your application comprehensively. Even if you have recently conducted a credit check or have no credit history, you must still submit a new application through our designated system. We are unable to accept external applications. Additionally, each adult applicant must furnish:

  • Brief Bio and statement on how you intend to fund Rent and Security Deposit.
  • Two forms of valid identification, one of which must be a scanned color photo I.D. (acceptable I.D. includes but not limited to: driver’s license, student ID, passport, social security card, permanent alien registration card, DMV Registration Card with Matching name and Address to present address, or a copy of a utility bill with Matching name and Address to present address).
  • Copies of your last two months’ paycheck stubs if employed
  • Copies of Most Recent Bank Statement
  • Copy of your Financial Aid Award if this is your main source of income.
  • If you are self-employed,  PLEASE PROVIDE THE BEST CONTACT INFORMATION FOR YOUR EMPLOYER.  If self-employed, the previous year’s tax return along with five (5) months previous bank statements (all pages) showing deposits of at least 2.5 times monthly rent and/or letter from CPA verifying income. Applicants must also have a gross monthly income and debt to income ratio that sufficiently covers the monthly rent of the apartment being leased along with all existing debt. The combined rent along with monthly payment obligations or “back end” ratio should not be greater than 45% of applicants gross income. Newly employed applicants will be required to provide a new hire acceptance letter with company letterhead and with hire date and starting salary. All sources of income must be legal and verifiable. Applications that do not meet our income requirements or have sources that cannot be verified may be subject to possible alternative requirements or simply denied upon Management’s discretion.
  • Proof of Voucher or subsidy if applicable

If you have a credit protection service or a Credit Freeze in place

Kindly ensure that you coordinate with these service providers to allow Legacy Asset Management to conduct a smooth and accurate credit check.
Leaving these safeguards in place may result in delays.

Qualifications considered, but are not limited to credit score, income, and rental history

  • Each applicant must have a minimum credit score of 640**.
  • Good landlord references are required for approval. If bad landlord references are obtained, this will cause the denial of your application. You must be prepared to provide your last 3 landlord references as rental history, as well as their contact information.
  • Units have occupancy limits so please confirm with the leasing agent that you meet this requirement.
  • Each applicant must have a positive, verifiable rental or home ownership history.

If you do not meet these criteria, Legacy Asset Management may request   a guarantor.  Guarantor shall complete application.  Guarantor must complete a full application and pay the screening fee.  Guarantor Requirements (Minimum): If an applicant does not meet screening criteria, Management may allow a qualified guarantor in lieu of denial at Management’s discretion. Guarantor must complete an application and screening, provide verifiable identification and income documentation, and meet the following minimum standards: (i) credit score of 700+; (ii) verifiable gross monthly income of at least 4× the monthly rent; (iii) back-end DTI not to exceed 40% when including the guaranteed rent; and (iv) 3–6 months of rent in liquid reserves. Guarantor must sign a written guaranty agreement that is joint and several and guarantees performance of all tenant obligations under the lease.

Pets are not accepted in any residence unless stated in the advertising details.

INCOMPLETE APPLICATIONS OR THOSE MISSING REQUIRED DOCUMENTATION WILL NOT BE PROCESSED. 

 

If credit application is approved, a lease will be emailed to you for signature. However, Legacy Asset Management reserves
the right to cancel the lease if either of these apply:

1. The lease is not signed within 48 hours of
2. The deposit to hold the residence is not provided within 48 hours of lease signature unless latter date is agreed to in lease.

** Applicants with subsidized housing credits can opt for a different screening/application process.  Please let us know if you would prefer that option.  **

Download Application 100A – Application To Rent Or Lease