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I don't know any of the legal stuff and had one lady tell me she would think im a crazy drug dealer if i proposed this?
I had no idea I would have trouble like this. I'm leaving a family members after helping out with their health issues and recovering from a surgery and rehab myself so I haven't been working as much and am self employed. I'm going to have to hop around motels next month.
There is nothing I can change about my bad luck over the last 3 years. I'm getting my health back and plan to start making more money on the books but that won't be reflected until next round of taxes.
I have money in my bank and assets I could sell beyond that.
Myfico says 797 right now, I could pay off installment loan to get that to over 800 if I wanted. I only have it for a credit mix. I let one credit card carry a small balance just for the score benefit at any given time.
I have no evictions, no judgements, no criminal history.
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.
Only thing I can think of is because my income isn't showing high enough on paper so they won't work with me. And/or they don't like the idea of somebody staying for just a year?
I'm kind of baffled right now on what to do. I haven't found a property management place yet to help. I assume offering this kind of deal directly to a house owner could be risky.
Kind of bugs me that I can show a history of how to deal with money and have the money for a year lease and more, but it seems to be a deal breaker right away. somebody with lower credit, lates and a steady history of living check to check will get a place over me.
Call some RE agents in your area and explain the situation. They will probably be your best bet to find a place with your situation. I never agree to take a year up front for a number of reasons but mostly it is a big red flag for grow houses. That's just the way it is.
In several states it is against the law for a landlord to take that much money at one time. If by "bay area" you mean San Francisco area, it is against the law in California for the landlord to accept that much money upfront.
The majority of landlords will not accept a full year's rent from a brand new tenant for several reasons. I suggest that you try something else because offering a year up front is not working for you.
Keep in mind you can always agree to pay rent each month and simply put that lump sum into the bank. Then pay each month from that account. And show the acct balance to the landlord and explain what you plan to do.
It protects you to pay each month because what if it's a fake landlord that doesn't really own the property or a fake property manager that isn't really allowed to write a lease,so the lease is worthless, but you already paid 1 year rent in advance.
What if the property is foreclosed in 3 months and then you are kicked out early because foreclosures have some exceptions that can override the lease end date.
Forgive me if I'm mistaken but I was given a california renters guidebook and somebody that looked it over with me made it seem like they can take up to 2 months rent as a deposit and upfront money if the lease is 6 months or more.
And whats interesting to me is I do know of customers in san francisco and marin that actually like to move around and rent every 1-2 years. Only difference between me and them I think is we are talking places that go for $5000+/month and they have jobs.
So I know prepaid leases can be done. Why wouldn't they accept prepaid in exchange for current income requirements on a set lease??? Whether there are damages, etc. to resolve, that all would be done at the conclusion of a lease anyway.
None of these places have flat out told me its illegal to take the prepayment.
In several states it is against the law for a landlord to take that much money at one time. If by "bay area" you mean San Francisco area, it is against the law in California for the landlord to accept that much money upfront.
The majority of landlords will not accept a full year's rent from a brand new tenant for several reasons. I suggest that you try something else because offering a year up front is not working for you.
This is another fallacy with California tenant law that gets propagated through internet lore
"This subdivision does not prohibit an advance payment of not less than six months’ rent if the term of the lease is six months or longer."
In the OP's example, if it were in CA, a landlord could draw up a one year lease and accept all 12 month's payments up front, in addition to the security deposit.
Forgive me if I'm mistaken but I was given a california renters guidebook and somebody that looked it over with me made it seem like they can take up to 2 months rent as a deposit and upfront money if the lease is 6 months or more.
And whats interesting to me is I do know of customers in san francisco and marin that actually like to move around and rent every 1-2 years. Only difference between me and them I think is we are talking places that go for $5000+/month and they have jobs.
So I know prepaid leases can be done. Why wouldn't they accept prepaid in exchange for current income requirements on a set lease??? Whether there are damages, etc. to resolve, that all would be done at the conclusion of a lease anyway.
None of these places have flat out told me its illegal to take the prepayment.
What's your whole story? You are self-employed but work under the table? I'm guessing the pre-payment is not the only issue. I'm sure it's also because your income is low and maybe unprovable?
no i don't work under the table. my tax records reflect taking a hit starting in 2014 due to health issues/surgery starting in late 2013. so for example i'm not making 2.5x rent since. i did have some money trickle in but basically haven't worked much. i had more health issues. i helped take care of my dying grandmother until her last breath on hospice, and then my brother had a stroke/surgery and i helped at his household until now. I hope to be getting back to work, etc.
so lucky for me i had family at times and savings. i'm sure my string of bad luck or whatever you want to call it could ruin many households.
i am clean and have of course offered to let them run all their background checks and provide any records. the one lady that mentioned druggies to me talked about people that have offered her money upfront not to do checks, etc.
i guess i find it interesting how hard it can be to get through initial screening at some of these lower tier property rental places that i see have bad reviews on craigslist. yet i know for a fact despite what they want landlords to believe, they do shady stuff to get places populated and are dealing with evictions and lease breakers all the time.
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