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Hey guys! This is my first time renting from someone other than friends/family, and I have some questions....
I found an adorable tiny cabin right in the mountains I grew up in, that's just 30 minutes from downtown Denver and my six-month-old's father. Tucked away in the woods but still accessible, charming old woodstove and barn siding but updated kitchen and appliances. Beautiful sunroom with big windows. Reminiscent of how I grew up and I've wanted so much to have that kind of homesteading life for my son! I need to move within the next couple months and there are few decent options of similar price so I want to maximize my chances of making this work. Thanks for any advice before I apply.
(a) I've read that landlords sometimes require you to make 3x the cost of the rent. Is this likely? Because this cabin would be about 70% of my income, which is cobbled together from a low-paying part-time job, grants for school, scholarships, child support, and student loans. Would a landlord write me off because of this? Would it matter that most of my income is not from working (i.e., the student loans)?
(b) I have poor credit. I have hardly anything on my record, never had a credit card, and so all that's affected it has been when I was late paying some medical bills a few years ago. I'm working on bringing it up but is there any way to overcome this when I need a place /now/?
My income is going to stay pretty measly while I knock out the next couple years of school, because as an engineering student in a demanding program and single parent to an infant there just is not time or energy to work more than 20 hours per week, and with a child development associate's I just make pennies right now. But my hope is that after I graduate I will be able to land a good job and I would love to stay in this home for the long run and raise my son there. So how could I make myself a more desirable candidate?
Offer an extra month or two of rent/security deposit at the get-go? Try to get a co-signer? (Not sure my parents are in a position to cosign).
Thank you!
Edit to say: I would go get a modest apartment to get me through school or crash with a bunch of roommates. I've been there. But with a family now it's important to me to live somewhere nice if we possibly can. If I followed the 30% on your income on housing rule there's literally nowhere in Denver we would be able to live besides a filthy sketchy room in the scariest part of town. No thanks! I know 70% sounds outrageous but we can't go too much lower, honestly. I DIY a lot of food/necessities, don't pay childcare because my son comes to work with me and Dad has him during class, don't have a car (walk/bike/bus/lightrail), parents contribute by paying for my cell phone, we get Medicaid. Don't have time for entertainment anyway.
Only the landlord in question can give a good answer so ask them. I personally don't allow loans as income so it would be a no from me. Can you get a co-signer? I'd allow that.
Only the landlord in question can give a good answer so ask them. I personally don't allow loans as income so it would be a no from me. Can you get a co-signer? I'd allow that.
Landlords in college towns are accustomed to renting to students with parents as co-signers and rent checks coming from parents. Student loans are part of the income mix for students and accepted for qualifying by many landlords who rent to students.
How do you even think you can handle this? Besides Rent There is Gas car upkeep Food Child care and Utilities! WAIT! Cause an Eviction will really mess you up for any Future renting or buying
There's a reason that LLs stick with the 30% guidelines, because that's usually what people need when renting. Spending 70%of your income on rent is crazy, if you ask me. Of course you want a nice place, who doesn't. But you get what you can afford or you figure out a way to make more money (pt jobs, get a roommate etc). It's great that you want to give your child the house on the Prairie lifestyle but your child us six months old, I don't think he or she really care at thus moment. Finish school, get a good paying job, and get a nice place. Just my two cents
I would deny you based on inability to meet income requirements and bad credit. Your financial issues would most likely become my financial issues when you couldn't come up with the rent. Then I would have to deal with evicting and loss of income.
My suggestion for you is to get something you can afford. Finish school then get a house you want. Your kid is 6 months old. He or she cannot possibly enjoy the lifestyle you portray. You are enamored with the rustic living. The kid is just the justified reason you convinced yourself as to why you "need" the place.
Hey guys! This is my first time renting from someone other than friends/family, and I have some questions....
I found an adorable tiny cabin right in the mountains I grew up in, that's just 30 minutes from downtown Denver and my six-month-old's father. Tucked away in the woods but still accessible, charming old woodstove and barn siding but updated kitchen and appliances. Beautiful sunroom with big windows. Reminiscent of how I grew up and I've wanted so much to have that kind of homesteading life for my son! I need to move within the next couple months and there are few decent options of similar price so I want to maximize my chances of making this work. Thanks for any advice before I apply.
(a) I've read that landlords sometimes require you to make 3x the cost of the rent. Is this likely? Because this cabin would be about 70% of my income, which is cobbled together from a low-paying part-time job, grants for school, scholarships, child support, and student loans. Would a landlord write me off because of this? Would it matter that most of my income is not from working (i.e., the student loans)?
(b) I have poor credit. I have hardly anything on my record, never had a credit card, and so all that's affected it has been when I was late paying some medical bills a few years ago. I'm working on bringing it up but is there any way to overcome this when I need a place /now/?
My income is going to stay pretty measly while I knock out the next couple years of school, because as an engineering student in a demanding program and single parent to an infant there just is not time or energy to work more than 20 hours per week, and with a child development associate's I just make pennies right now. But my hope is that after I graduate I will be able to land a good job and I would love to stay in this home for the long run and raise my son there. So how could I make myself a more desirable candidate?
Offer an extra month or two of rent/security deposit at the get-go? Try to get a co-signer? (Not sure my parents are in a position to cosign).
Thank you!
Edit to say: I would go get a modest apartment to get me through school or crash with a bunch of roommates. I've been there. But with a family now it's important to me to live somewhere nice if we possibly can. If I followed the 30% on your income on housing rule there's literally nowhere in Denver we would be able to live besides a filthy sketchy room in the scariest part of town. No thanks! I know 70% sounds outrageous but we can't go too much lower, honestly. I DIY a lot of food/necessities, don't pay childcare because my son comes to work with me and Dad has him during class, don't have a car (walk/bike/bus/lightrail), parents contribute by paying for my cell phone, we get Medicaid. Don't have time for entertainment anyway.
They don't call it the American dream for nothing. When is your alarm clock set for?
Child support can count as income, but student loans are not income because they have to be paid back.
You're already "in love" with this cabin but you need to take a step back and look at this logically instead of emotionally. When it comes to finances, making decisions based on your emotions usually end up being decisions you'll come to regret.
I would advise against using money from student loans to pay your rent. Live in that modest apartment until you've graduated from school and you & your BF have the income to afford something nicer. Think long-term.
I just read you don't have a car... How do you expect to get to Work School Store 30 mins from no where? That baby gets sick Hospital Drs...... Now is NOT the time for you to be doing this.
Thanks for the responses guys! Here's the thing...the '30%' thing just isn't a remote possibility. 30% of my income is $550. There is no (safe) apartment for rent in Denver for $550. We're looking at $800-$900 for a modest studio. So that would be 50% of my income bare minimum...if no landlord will consider over 30% we're screwed.... I don't believe that in high COL places like San Fran etc people really follow that rule. It just wouldn't be possible. Right, and if student loans can't count as income then 30% of my income drops down to $390. ??? My understanding was that student loans were intended to cover living expenses as well, including rent.
Before going to school fulltime I cleared 1200/month, working fulltime and making several dollars more than minimum wage. And that's before the cost of childcare. So I should have been maxing out at $360/month rent (not gonna happen in Denver, maybe with 5 roommates in a dump in scaryville). Thus I went back to school and upped my income with grants and loans. But landlords won't rent to loans, apparently...
How does this make any sense??? Forget about the 'rustic dream'. The cabin is comparable in cost (maybe $100 more per month) than a decent 1 bedroom anywhere in Denver. There is no affordable "modest apartment" I should be choosing instead....
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