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Old 03-11-2012, 10:18 PM
 
3 posts, read 2,247 times
Reputation: 10
Default Will I have problems renting?

I'll get right to the point..

I am a home owner (house is paid in full). I am currently going to relocate across country and rent my current house out which will bring me $2000 a month after taxes.

My credit is good (in the 700s). I had a judgement against me however it was paid off. Made mistakes with my credit cards years(5-7) ago.


I've never filed bankrupcy, had a car reposessed or anything of that nature.

My girlfriend has perfect credit (800s).

I am pretty sure we will be ok with the credit check, however what worries me is that we are moving and currently will not have verifiable income (other than my rental property).

The units we are looking at will cost around $1800-$2000 per month. That being said, I can easily afford to pay the rent upfront for a year - however I do not want scare the landlord/leasing company with such an offer.

Would you suggest possibly offering more of a security deposit, or perhaps 3-6 months of rent up front? Maybe offering to show bank statements of savings?

I am not worried about finding a job, as the area I am moving to has many jobs available that I am more than qualified for (as well as my girlfriend). I will also have the $2000 income from my rental property.



Any advice would be greatly appreciated. I know the obvious response would be "rent something cheaper" however I am confident that after a month or so we will have jobs. I'd rather not move 3 times or be stuck in a lease at a place that we are not happy with.

We want to pick the place we want to live and do it the first time.

Thanks in advance.
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Old 03-12-2012, 06:19 AM
 
Location: St Thomas, US Virgin Islands
20,685 posts, read 22,785,351 times
Reputation: 21566
Why don't you stay in temporary quarters such as an extended stay motel or similar for a month or two until you find jobs and know where you'll be working? The location of your workplace also has bearing on where you choose to live and while things are up in the air it would probably be more sensible to bide your time on finding an apartment. Bring whatever you need to get by for a month or so, then ship whatever else you have when you're settled. Good luck!
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Old 03-12-2012, 06:48 AM
 
4,950 posts, read 4,383,964 times
Reputation: 4940
Showing bank statements with account balance might help. Most landlord want income to be a certain percentage of rent each month. For some landlords, income needs to be 3 times higher than rent, or sometimes 2.5 times rent.

With a large bank account, this could change the picture but it likely differs from landlord to landlord. Your credit history also comes into play.

Last edited by sware2cod; 03-12-2012 at 07:00 AM..
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Old 03-12-2012, 06:54 AM
 
Location: Beautiful TN!
5,336 posts, read 4,358,169 times
Reputation: 5569
You said the judgement was 5-7 years ago, I do not believe that long ago is going to do anything to your chances of renting, not with those good of credit scores.
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Old 03-12-2012, 08:38 AM
 
3 posts, read 2,247 times
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I thought of the extended stay possibility, but with such a large move (3000 miles) it would be a huge hassle.

The area I am moving to is the area I will work. It is 30 minutes from nearly 15-20 current job openings that are perfect for me.

We are looking to rent a condo. This will also make it easier to meet people.


I think I will offer a higher security with 3 months rent paid in full. I will also show a savings statement.

I also have no overhead. My car is paid and I have no bills.
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Old 03-12-2012, 09:03 AM
 
Location: The Triad (nc)
16,347 posts, read 19,140,063 times
Reputation: 13204
Quote:
Originally Posted by renter101 View Post
I thought of the extended stay possibility, but with such a large move (3000 miles)
it would be a huge hassle.
Not nearly as much "hassle" as being committed to a location...
and then finding the commute to work is unbearable or worse unmanageable.

For a move of 3000 miles or 300 miles (and maybe even just 30 miles)...
finding the job and securing the income MUST come first. It's that simple.
(and fwiw... don't move your furniture 3000 miles too. Sell it.)

Unless you have done the job search in advance...
and by that KNOW where you're work location will be for the next two or more years...
don't commit yourself to a home location until you have that settled.

Extended stay hotels, motels can <-- the best bargain in extended stay

The credit history worry is almost a non-issue.
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Old 03-12-2012, 12:49 PM
 
Location: St Thomas, US Virgin Islands
20,685 posts, read 22,785,351 times
Reputation: 21566
I agree with MrRational. A 3K mile move isn't something you enter into on a wing and a prayer and one should never commit to any rental sight unseen. This is a big move and I'm very familiar with the whole scenario so am not just spouting off for the heck of it. Of course take the plunge and do so with optimism that you'll be a shoe-in for one of those 15-20 current job openings only 30 minutes away from where you plan to live.

But if you commit to a rental, ship all your belongings and don't land one of those jobs then you'll be in deep doo-doo which you could have easily avoided. With all due respect, I obviously have no stake whatsoever in what you do but I do have considerable knowledge about moving long-distance and all the pitfalls along the way. Just passing that info along.

I hope too that where renting your house out is concerned you're fully cognizant of landlord tenant laws in your state and that you're planning on utilizing the services of a reputable property management company to look out for your interests. If you read even half of the current threads on this forum you'll quickly understand how important this is.

Good luck!
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Old 03-13-2012, 08:53 AM
 
3 posts, read 2,247 times
Reputation: 10
Thank you for all the great advice. Much appreciated.

I spoke with an agent and paying the lease in full is not a problem. I do have someone to look after my rental property.

Thanks again!
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Old 03-13-2012, 12:57 PM
 
Location: Austin, TX
14,088 posts, read 18,571,935 times
Reputation: 6190
I don't think you should have much of a problem finding a place to rent. With good credit scores and savings adequate to pay the rent, which you can demonstrate, you shouldn't have to do more then provide an adequate deposit. I would never pay the lease in full or 3 months in advance in your situation. It simply should not be necessary.
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