Question About Queens Rent (Boston: apartment, leasing agent, insurance)

[RC1981]

How much rent can I pay in advance? If I have enough to pay the entire year's lease at once, can I do it in one fell swoop and avoid credit checks? I have some student loan screw ups (no defaults or anything, but a lot of delinquent payments, but I'm up to date now and back on track, although Sallie Mae told me that my credit would take a considerable hit) and based on that I'm not sure how great my credit report is going to be and if I'd be able to get past the credit check. On the other hand, I've never missed a car payment, mobile phone payment, never had service shut off for not paying electricity or tv or internet or anything like that (except one that was an accident when I moved out of a place in Boston I ACCIDENTALLY left the Comcast cable modem in the apartment and forgot to give it back, they called me up and they were pretty mad, but I don't know if they hurt my credit for it), never missed an insurance payment, and have good references landlord-wise and job-wise.

But just in case I can't get past the credit check for whatever reason, student loans or cable modems, could I just plunk down the entire year's rent at once and not even have to worry about it? Or can I show them my savings account and show that the balance is more than enough to cover the entire life of the lease and will that be enough?

[photostoresheila]

I had a friend who had not so great credit but was doing great financially because his new business was taking off. He told his broker that he was willing to pay for an entire one year lease and he got an apartment rather quickly.

[RC1981]

Originally Posted by photostoresheila

I had a friend who had not so great credit but was doing great financially because his new business was taking off. He told his broker that he was willing to pay for an entire one year lease and he got an apartment rather quickly.

So then it is do-able/legal to just pay out the entire lease at once and landlords/leasing agents will be willing to do it in place of a credit check?

[photostoresheila]

Yes, it all depends on the landlord of course. But I would definitely make them aware of your ability to pay out the lease.

[RC1981]

Originally Posted by photostoresheila

Yes, it all depends on the landlord of course. But I would definitely make them aware of your ability to pay out the lease.

Great, sounds good. I doubt the student loans would have entirely destroyed my credit to the point where nobody would rent to me, especially given my references, work history, and salary, but I just don't want to fall in love with a place and get screwed out of it on a technicality like this.

Thanks again for you replies!

[mathjak107]

the problem is how does a landlord know what will happen after the first year and your now already in their apartment.?

[RC1981]

Originally Posted by mathjak107

the problem is how does a landlord know what will happen after the first year and your now already in their apartment.?

Well if the lease is for one year I'm sure I'd get a call at around the 10 month mark asking me what my plans are, that is if you have a responsible landlord.

[mathjak107]

the point is a tenant can pay the first year in advance , have crappy credit, no more money at years end and now the landlord has a potential problem. if he renews your lease he has to worry that you cant give him another year up front or if he does trust you that you may not pay him based on your low credit score.

he has to worry that if you dont have the money and he doesnt want to renew you that you will just stop paying him too and they have to evict you.

its hard enough to find good tenants when they start out with good credit scores and divorce , illness or job loss hits but to take a shot with someone you know who has already demonstrated a lack of financial responsibility increases the odds the landlord may have trouble.

im not saying you arent trust worthy but when all someone who doesnt know you has to go by is your credit score then thats who you become.

[mathjak107]

one thing i want to add is showing someone you might have the capacity to pay with your bank book after the first year your prior lack of financial responsibility demonstrates a lack of willingness to pay in the past.

having the capacity to pay is one thing,having the willingness to pay is quite another.

you may very well be one of the most financially responsible people around today but all anyone has to judge you on is your past.

[Kefir King]

RC,

Most landlords willl jump at your prospect of paying a year's rent in advance.

Have to wonder how landlords SURVIVED before the age of computerized records of all our bowel movements? <irony intended>