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My husband changed jobs in December after being recruited by another firm for a better opportunity, and then was subjected to a partial layoff a mere 6 weeks later, about 1/3 of his salary. Obviously, this hurts financially and career-wise, and his prior position was filled so going back wasn't possible. I haven't been able to find a full time job and was working part time but was laid off in November.
Because of this, we had already exhausted our savings and were slowly tackling debt when this happened. Losing a 3rd of your salary is huge, and some (not all) of our bills have gotten behind (credit cards). We still paid our rent, insurance (including renter's, vehicle, and ADT service) etc timely. Obviously, the recent lates to my husband's credit have tanked his scores. We are still trying to make arrangements with some of the credit cards (some are more willing than others to help you out, it's a process) but it's not an issue we are ignoring. Prior to the past few months, my husband had a perfect payment history for 10 years. We have two children and made the decision to feed and house them (with heat) as the priority.
My credit is good now, but short history and low limit cards with an old bankruptcy (discharge was over 4 years ago, but the issues that led to it are over 8 years now and not even on my credit report). Still paid my rent timely every month though.
We have the opportunity to move to a new area for a more stable corporate job with more earning potential and a lower cost of living. (We don't anticipate him even having a job at his current 6 months from now, business is sinking like the Titanic, so this is a preemptive move for us) We would be bringing a decent northern salary to a southern state. The area we are in is just dried up for his field right now for a liveable wage.
Together, we have 8 years of rental history, plus I have my own history from 2001. Our current landlord has agreed to write us a letter and the complex we rented at previously will give a positive reference. We have no evictions or judgements.
So
-no evictions or judgements
-clean criminal history
-Positive rental payment history (I've always had my full security deposits returned, even from the 2 complexes I rented from)
-Great references (personal, professional, and rental)
-good employment history
-Carry renter's insurance
-Good payment history on credit until very recently
If you WOULD rent to us, what would you expect?
If you wouldn't, what is it that would turn you away?
If you are on the fence, what would sway you?
Some things that are important in the overall decision making process
1) What's his credit score and what is yours?
2) What is rent at the new place in ratio your combined income. Is the combined income 3x (or more) than the monthly rent?
3) Do you have the funds to pay first and last month rent, plus security deposit.
4) Do you have any pets? Do either of you smoke? Either or both of these can limit the number of available rentals and if you have credit or income issues, then it makes it even tougher.
Thanks Chet. What would you like to see? I know our real estate agent had us write a letter talking about who we are etc and our current landlord said it is why he chose us, so we plan to do that again.
sware2cod:
1- mid 600's for both? I'm not positive anymore. His has obviously gone down, but prior it was upper 600's maybe low 700's.
2 - His salary alone will be more than 3x the monthly rent. We absolutely live within our means, which is why even when we lost 1/3 of his salary, we were still able to pay the rent, car, insurance, etc. Again, the lates have not been with ALL creditors, just a couple.
3 - yes, and we have traditionally paid a 2 month security because we have pets.
4 - we are not smokers and have pets. While we are aware our pets limit the amount of rentals available, they're non negotiable, we had them before the kids! We have always offered a larger security deposit (2x the rent) and it's never been an issue, we have always gotten it returned. Our pets are non destructive and well cared for.
Cotter,
I don't understand what you mean by "bringing a decent northerner's salary to a southern state"?
The South pays lower, that's jsut the way it is.
He may stay with the same company, if that is what you mean, just transfer down to the South,
but you don't know if his salary will be cut even further.
Every company pays less in the south. That is why they move down here, to pay their labor
force less.
Honestly, no I wouldn't rent one of my rent houses to you because I get a minimum of 80 inquiries when I advertise a rent house here in this Dallas area and there are so many more applicants with high credit scores to consider. I am not in this business to risk anymore than I have to. But, I understand that making this move is desirable for you. So, rent an apartment. Most apartment complexes are more liberal than small time owner/landlords like me. And so many take pets.
Cotter,
I don't understand what you mean by "bringing a decent northerner's salary to a southern state"?
The South pays lower, that's jsut the way it is.
He may stay with the same company, if that is what you mean, just transfer down to the South,
but you don't know if his salary will be cut even further.
Every company pays less in the south. That is why they move down here, to pay their labor
force less.
Meaning he is taking his full salary from here in Connecticut, the salary before it was cut, to a location down south. He currently works for a small firm, family owned. The offer is from a corporate firm, more stable, that he previously worked for. He will not be making less money, but the cost of living is lower so that money goes further. He actually has another offer that would not require renting, the job comes with housing.
I know what you're saying, that most places in the south pay less, but the offers are both equal to his current salary
Honestly, no I wouldn't rent one of my rent houses to you because I get a minimum of 80 inquiries when I advertise a rent house here in this Dallas area and there are so many more applicants with high credit scores to consider. I am not in this business to risk anymore than I have to. But, I understand that making this move is desirable for you. So, rent an apartment. Most apartment complexes are more liberal than small time owner/landlords like me. And so many take pets.
I would love to rent an apartment since they're typically so much less expensive than a single family home but finding one which will take our dog and 2 elderly cats is near impossible since most complexes seem to have a 30lb limit (she is 44lbs) or a 2 pet limit. But, I do appreciate your response.
You would have lost me at "2 cats". We selectively allow dogs depending on breed and size, but we flat out refuse cats.
Aside from the pet issue. We always disclose this prior to even viewing an apartment if it isn't mentioned in the listing.+
ETA: Let's just assume that there are no pets involved to make this easier. This has less to do with the pets and more to do with recent credit issue.
Last edited by cottercutie; 06-21-2014 at 03:19 PM..
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