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At the end of Sept of this year my husband retired after a career with the federal government. After moving every 2 to 3 years for the last 13 years we are making one final move the end of February but want to rent for at least the first 6 months to year to give us plenty of time to look around the area before buying. All we have for income purposes is his retirement which is quite good but will that be enough or are LL's looking for employment? We have no bills, excellent credit and a good chunk of savings but no job, nor at this point in time is he or I really looking for a job. What do you as LL's look for in regards to monthly income versus rent? Thanks in advance for any answers.
You have some sort of paperwork stating how much retirement income he is getting and probably some bank statements showing how much you are depositing every month.
The landlord does not care whether or not you have a job. The landlord cares whether or not you have enough verifiable income to pay the rent. If you have proof that you are receiving that retirment fund income, you should be good to go (as long as you qualify in the other areas as well.)
......... What do you as LL's look for in regards to monthly income versus rent? ..........
I require that take home income every month be 3 times the monthly rent. If there are extremely heavy debts, then the income must be higher, but never lower than 3 times the rent.
If you are alighting in a temporary place, I suggest that you rent the cheapest place that you can find that is still safe. Save your money for the expenses of buying, closing costs, moving again, a bigger down payment.
Anyone can put up with living in a small place for 6 months in order to preserve their capital.
About 3x the rent good credit and stable job. If retired its fine just gotta prove income. The income can be either single or married. I also look at DTI so you can make 8k per month but if you pay out 7k you're nit renting from me
Just out of curiosity, how do you handle people who are moving but haven't started a job yet? I'll be moving in June to start a new job, so technically won't have any income at the time of moving...
Just out of curiosity, how do you handle people who are moving but haven't started a job yet? I'll be moving in June to start a new job, so technically won't have any income at the time of moving...
You verify the applicants employment, must like you would with any other applicant.
At the end of Sept of this year my husband retired after a career with the federal government. After moving every 2 to 3 years for the last 13 years we are making one final move the end of February but want to rent for at least the first 6 months to year to give us plenty of time to look around the area before buying. All we have for income purposes is his retirement which is quite good but will that be enough or are LL's looking for employment? We have no bills, excellent credit and a good chunk of savings but no job, nor at this point in time is he or I really looking for a job. What do you as LL's look for in regards to monthly income versus rent? Thanks in advance for any answers.
Mama Mia! You are the perfect tenants! Guaranteed income - never to worry about losing your job. Savings, no debt, mature, no kids lol! ......doesn't get any better than that! As long as your landlord references are good, I see no problem.
In your situation, I wouldn't have required 3x the monthly rent. I didn't do that. I rented to a lot of students in Santa Clara, CA. I would look at your debts and your credit and landlord references, and I used to give wiggle room on the income required. So, although most landlords do use the 3x rule, not all do.
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