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Old 07-27-2014, 11:35 PM
 
8 posts, read 6,589 times
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Hey guys,

I posted this in the Indy page but haven't received any replies so I thought I'd try here. I'm a new grad student who just started a 1 year lease in a pricey apt downtown. I lived 10 hours away before the move so I didn't get a chance to check out other places, etc, so we just signed online without seeing it. My parents are helping me pay for the first year since they kinda insisted on someplace very close and safe and know it's pricey.

But I'm 25 now and feel I'm over living near students and dealing with the noise and stuff, so I really would like to rent a small house. My aunt says it's a bad idea and I will be robbed and killed. I haven't presented the idea to my parents yet. I truly think I could handle it though and I would be at the house basically everyday.

So, this would be about 10-11 months from now. Will they ask me for a co-signer still if I can't produce a W2 with enough income? The fin. aid office is offering a letter saying I would have more than enough loans to cover the rent. Would I still need a co-signer in that case? How about if I offered to pay the year's rent all at once? Would I still need a co-signer? Obviously I am a very responsible student, very clean and quiet, so I would be a good tenant. Will the landlords be willing to rent a single family home (2, 3, even some with 4 bedrooms are affordable for me) to a single student?

Just wondering if this is feasible or not? Anyone been in a similar situation or familiar with this?

Last edited by sarahz2; 07-27-2014 at 11:48 PM..
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Old 07-28-2014, 12:09 AM
 
2,286 posts, read 1,500,680 times
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They may just want a larger deposit.

As to the other stuff, if the house is more expensive, don't go into debt to rent it. If you can actually afford it, you're 25. You don't need your parents' permission.
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Old 07-28-2014, 03:29 AM
 
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Thanks @rarog for the reply. The house's rent, even a 3 or 4 BR, would still be at least 400 cheaper than what we pay now for a measly 1 BR apartment. I bring up my parents only because I thought if I need a co-signer, they would be the ones to sign. I needed them to sign for this apartment. I would prefer if I didn't have to get them involved though, so I would be willing to pay the year's rent upfront or provide a letter from the fin. aid dept saying I *do* have access to loans should something happen, since my income is basically very low now and will soon be 0 since I will stop working. Also I wasn't sure if landlords will rent out single family homes to single people or if there needs to be more people on the lease.
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Old 07-28-2014, 07:56 AM
 
Location: Dallas, TX and Las Vegas, NV
5,658 posts, read 4,361,283 times
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How would you manage yard care? Just wondering. I hate taking care of lawns.
What about a small place with 2 bedrooms? A large place would require higher utility bills and many landlords might be hesitant thinking you wanted a big place in order to take in borders. Most landlords forbid renting out rooms to other people unless they are on the lease.

But I do think since you have been renting a while and can afford it, you will be able to find a place to rent. Usually the income requirements are that the rent can't be over 1/3 your income.
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Old 07-28-2014, 10:55 AM
 
Location: Des Moines Metro
5,044 posts, read 5,957,365 times
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I got to know grad students and people in my major. We rented houses together, all of us on the lease. There's a slew of things that can go wrong, but if you pick the right people it can be a good experience or limit it to one roommate, someone you've gotten to know well. Keep everything in writing and hash out the house rules and expectations beforehand.

I've always hated apartment living.
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Old 07-28-2014, 02:07 PM
 
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Thanks @WorldKlas - I'm talking 0 income here, which is why I would offer to pay the year's rent upfront...would they still require a cosigner? You mentioned lawn care, like mowing? That's not too hard and it's done about every two weeks right? Piece of cake I doubt I would have a large lawn anyway. I had to help mow my family's multi-acre land...talk about taking all day!

Thanks @Meemur - I agree w/you, but I know as a student in an intense program, I will be up at random hours in the night cramming, taking a shower, eating, cooking, whatever. Which is why I want a place of my own, so I can do these things without worrying about others.
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Old 07-28-2014, 02:16 PM
 
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The crazy thing is that there are more 3 and 4 bedroom homes in this area for 50% less than what I am paying for this 1 BR apartment. There aren't that many 1 or 2 bedroom homes. I just home the landlord would be willing to lease a larger place to a single student. I am not into having people over and having them destruct things since I value my personal space. I guess I hope I could convey that to the landlord...maybe show them my academic records to convey I am a serious student? I don't even have time to have people over..
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Old 07-28-2014, 04:02 PM
 
Location: Des Moines Metro
5,044 posts, read 5,957,365 times
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Quote:
Originally Posted by sarahz2 View Post
Thanks @Meemur - I agree w/you, but I know as a student in an intense program, I will be up at random hours in the night cramming, taking a shower, eating, cooking, whatever. Which is why I want a place of my own, so I can do these things without worrying about others.
That makes sense, but a 3 - 4 bedroom house is a lot for one busy person to manage. I bought a 2 Br trailer on its own land and rehabbed it and then returned to grad school. Later, I sold the trailer for a profit and put that money into a house.

Those are hard to find but a rental trailer in a quiet park or duplex would be a lot easier to clean, heat, and keep up.
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Old 07-29-2014, 12:42 AM
 
8 posts, read 6,589 times
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Quote:
Originally Posted by Meemur View Post
That makes sense, but a 3 - 4 bedroom house is a lot for one busy person to manage. I bought a 2 Br trailer on its own land and rehabbed it and then returned to grad school. Later, I sold the trailer for a profit and put that money into a house.

Those are hard to find but a rental trailer in a quiet park or duplex would be a lot easier to clean, heat, and keep up.
Sounds interesting. I did see someone selling or renting (I can't remember) a trailer for quite cheap. How safe are the trailer lots though? And is it really quiet? For some reason when I think of trailers I think of people sitting on lawn chairs drinking beers...I also remember that 7 yr old girl who was killed, she lived in a trailer. I used to live in West Virginia and trailer lots got a bad rap there. But I haven't personally experienced it. Could it fit a large couch and a large dresser?
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Old 07-29-2014, 05:30 AM
 
Location: Beautiful Rhode Island
6,786 posts, read 11,050,528 times
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Quote:
Originally Posted by sarahz2 View Post
Hey guys,

I posted this in the Indy page but haven't received any replies so I thought I'd try here. I'm a new grad student who just started a 1 year lease in a pricey apt downtown. I lived 10 hours away before the move so I didn't get a chance to check out other places, etc, so we just signed online without seeing it. My parents are helping me pay for the first year since they kinda insisted on someplace very close and safe and know it's pricey.

But I'm 25 now and feel I'm over living near students and dealing with the noise and stuff, so I really would like to rent a small house. My aunt says it's a bad idea and I will be robbed and killed. I haven't presented the idea to my parents yet. I truly think I could handle it though and I would be at the house basically everyday.

So, this would be about 10-11 months from now. Will they ask me for a co-signer still if I can't produce a W2 with enough income? The fin. aid office is offering a letter saying I would have more than enough loans to cover the rent. Would I still need a co-signer in that case? How about if I offered to pay the year's rent all at once? Would I still need a co-signer? Obviously I am a very responsible student, very clean and quiet, so I would be a good tenant. Will the landlords be willing to rent a single family home (2, 3, even some with 4 bedrooms are affordable for me) to a single student?

Just wondering if this is feasible or not? Anyone been in a similar situation or familiar with this?
I would be very circumspect about renting to a single young woman because they tend to be high maintenance when it comes to single family houses. (I've found that they usually can't do simple plumbing or electrical fixes- like resetting a circuit, etc. and will call a landlord to change a lightbulb).

However, if you feel you can be reasonably self sufficient and also maintain a lawn and shrubs, etc. (What about snow removal in your climate?)... Check for crime reports to be sure you get a safe neighborhood and then offer a year's rent up front (no cosigner) and make sure you can afford the needed monthly utilities... heat, AC, water, electricity, garbage, etc. With house rentals, landlords typically do not pay any utilities.
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