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btw.... That 2.5 thing? That's a FLOOR (minimum) not a target.
ok none of these places are explaining. is it a legal thing like when they make a listing all the rules must apply? so i don't check out before applying thus i am not eligible? i wish they would explain this if its simply the case?
couldn't they pitch the deal to the owner and/or yank the listing and make one just for me if they liked my offer?
i just want to prepay so they are covered while i get back on my feet for one year lease. i plan to purchase a home with a relative before the year is up.
i think this is pretty stupid when you look at all the factors. i still have my business on file with irs and doing my taxes if that somehow showed job stability.
so its better if i have lower credit and am living check to check but make a certain income at face value than prepaying for a set period of time plus full deposit?
i also don't get the part about evictions and being a headache with prepaid rent. you would have to go through the same process to rectify who owes/what if the lease was broken?
Given your situation, it seems to me you might do better by seriously working your personal connections. People who know you or know of your situation might feel better about renting to you than a stranger would.
Also, maybe you should lower your sights and look for renting a room or being a roommate. After all, if you are planning to buy in the foreseeable future, you could take a deep breath, put excess stuff in storage, and put up with less privacy for a while.
You simply can't make a LL take your money, no matter how sincerely you believe that s/he is passing up a good deal by refusing to rent to you.
The Housing Act 2004 contains its own definition of a deposit which says:
“tenancy deposit”, in relation to a shorthold tenancy, means any money intended to be held (by the landlord or otherwise) as security for—
(a) the performance of any obligations of the tenant, or
(b) the discharge of any liability of his,
arising under or in connection with the tenancy.” (Section 212(8)).
So, it goes to say, if 12 months deposit was paid up front, then 11 months of this is a deposit (because it is security for the tenant's obligation to pay rent) and should be protected. And if it isn’t, then the tenant can go to court and ask for his penalty of three times the deposit sum.
So any landlord that does this just does not know what they are doing.
The rules from the property management company at our prior rental were either 3 times rent income or 3 times rent times the term of the lease in savings.
The rules from the property management company at our prior rental were either 3 times rent income or 3 times rent times the term of the lease in savings.
nobody i have talked with mentioned anything like this as an option when i explained my situation, maybe i should keep trying.
when i type The Housing Act 2004 into google it mentions something about the uk, so i don't think this applies to my situation?
i want to take my mother with me thus renting a room doesn't make much sense.
we stayed in a motel for a while and i quickly found out without seperate rooms and a full kitchen this is a depressing environment.
In 2015 my income from my job totaled $8500. My monthly rent is more than $1000. I was able to sign a new lease by showing my landlord a statement from a savings account that showed I was clearly able to cover the rent for the course of my lease. (yeah, I know, anything could happen, but that's true of employed people, too)
I'm sure not all landlords will go for this, but it's worked well for me. Combined with your good credit, etc, this should be possible with at least some rentals.
I have been looking for places that are around $1500/month and have been telling these places I want to only lease for a year and will prepay plus a full deposit and am not getting anywhere.
In the Bay Area, $1,500 is a very affordable place that likely get many applicants. Yes, you say you are only staying for one year but 1) What if you stay longer? 2) You have no job! 3) You can't cover the rent a year from now! 4) Most landlords want a tenant who stays for longer. The last one would be a biggie in my book because renting a unit out is a cost and a hassle. As a landlord I would not rent to someone who is only going to stay for a year.
While your offer of one year rent up front may be enticing to some landlords, the fact that you don't plan to be a long term tenant and that you are unemployed are big blockers. Given the rental market in the Bay Area, there is bound to be someone who is a better candidate than you are, someone who 1) has a job 2) going to stay for longer than a year.
I'm sure someone will rent to you, but just note that you are not the ideal tenant even though you have cash and assets.
.
In the Bay Area, $1,500 is a very affordable place that likely get many applicants. Yes, you say you are only staying for one year but 1) What if you stay longer? 2) You have no job! 3) You can't cover the rent a year from now! 4) Most landlords want a tenant who stays for longer. The last one would be a biggie in my book because renting a unit out is a cost and a hassle. As a landlord I would not rent to someone who is only going to stay for a year.
While your offer of one year rent up front may be enticing to some landlords, the fact that you don't plan to be a long term tenant and that you are unemployed are big blockers. Given the rental market in the Bay Area, there is bound to be someone who is a better candidate than you are, someone who 1) has a job 2) going to stay for longer than a year.
I'm sure someone will rent to you, but just note that you are not the ideal tenant even though you have cash and assets.
.
i am still looking and nobody seems to care. one place told me they can look into alternative methods to income but only had a dozen properties, and nothing for my needs.
one lady was nice enough to actually talk to me and she made it sound like there are tons of applications to choose from so for them its just running them and getting bodies into places. its not that they don't want to help but the market kind of dictates it. this lady did suggest that i contact the rep for a property and make a proposal because they work directly with owner on deals and they could bend the rules. this place also hasn't had a property for me so i haven't persued. all the other management places so far seem to stick to the book on their requirements.
i also have to assume that even though its typical for them to want a year lease and then month to month, being honest about only wanting to stay short term turns them off. i get the impression they would like to think they can somehow screen for long term tenants. based on all the personal problems i have dealt with in the last 3 years i just don't buy banking on that unless somebody gets a great deal.
seems like allot of the private parties renting their properties don't even know all the laws, etc. so i probably am scaring off lots of them as well as a scammer.
i am still very surprised at all this. i understand its a business but don't understand the problem in my situation. having the money should be the icing on the cake and make me a better candidate in my opinion.
i can't imagine what others are going through if they get sick at the wrong time. at the end of the day i wonder how these landlords would feel if they are in the same situation, you are basically forced to be homeless if you want your own place!
i didn't want to move into an apartment building but it looks like that may be my last chance. i have 5 weeks before i need to move. does anybody find that apartment buildings are more lax on these kinds of things? i figure i will look around to see what areas are safe and go in person to these offices with my info and i have a feeling i will eventually hit.
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