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We retired and moved overseas to travel and see the world, but will probably be moving back to USA in 2-3 years and I'm curious how retired folks without a work paycheck pass the prequal if no pension social security. We could easily prove adequate investments to generate income to expenses, have excellent credit, no history of anything that would come up negative criminal/bankruptcy/eviction/etc. no dogs.
Can you just show them bank/investment account statements? We currently have an automatic dump into a checking account every month for spending money, would that suffice? If needed I could increase it during the last year abroad to make sure it easily covers the higher cost of living in USA.
I suspect the answer will be "depends on the landlord" but would be interested if anyone on here has first-hand accounts of what does or doesn't work. We're hoping to look at renting apartments at first since we don't own a lot of stuff and would be better for easing into things.
we are having the same issue potentially getting a mortgage . banks want to see income outside your control like social security ,pension ,annuity ,etc .
most of the buyer's of bank mortgages have strict income requirements on the mortgages they buy .so even though we have a multi 7 figure portfolio the 3 banks we asked said it is a toss up as to whether we will qualify with me delaying social security .
We could easily prove adequate investments to generate income to expenses, have excellent credit,
no history of anything that would come up negative criminal/bankruptcy/eviction/etc. no dogs.
Can you just show them bank/investment account statements?
Statements alone? Not likely. They're too easy to gin up.
They'll want to see 1040's (and 1099's) and TRW reports which confirm the legend.
They will want to see proof of income for the past several years.
When you find an apartment you like I would tell the person taking the application that you have no current employer as you have been traveling overseas for the past few years (hoping they assume this cost more than the rent) and you would be glade to show then the first two pages of your 1040 for the past year or two. The point is to get this up front .
They may ask for someone to guarantee the rent.
As you said, it will depend on the landlord.
We retired and moved overseas to travel and see the world, but will probably be moving back to USA in 2-3 years and I'm curious how retired folks without a work paycheck pass the prequal if no pension social security. We could easily prove adequate investments to generate income to expenses, have excellent credit, no history of anything that would come up negative criminal/bankruptcy/eviction/etc. no dogs.
Can you just show them bank/investment account statements? We currently have an automatic dump into a checking account every month for spending money, would that suffice? If needed I could increase it during the last year abroad to make sure it easily covers the higher cost of living in USA.
I suspect the answer will be "depends on the landlord" but would be interested if anyone on here has first-hand accounts of what does or doesn't work. We're hoping to look at renting apartments at first since we don't own a lot of stuff and would be better for easing into things.
Cheers.
I would look at original tax returns followed by bank statements and credit check. I have rented to self employed but it's just a bit more research than a employed by someone type
We rented an apartment and all we needed was proof we had the equivalent of 2 years rent in the bank, plus good credit.
This is often acceptable at large corporate managed apartment complexes. They may want to call for confirmation, but chances are if your credit is in the 800s, you're golden.
Small time landlords may have a problem with it, though if it were my property, clean credit would be better than any amount of income.
The one time my spouse and I went apartment shopping with no income, every place was willing to rent to us once we showed our financial statements, so long as our credit checked out, but they were all corporate owned apartments.
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