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I am contemplating selling my home and renting an apartment in another state. My problem is that I know I will need to give first months rent and security for the apartment. I won't have this money until I get the check for the house in my hands. How do I secure an apartment to go to so that the day my house closes I can have a place to move into that night or the next night when I arrive?
Also I may not have a job yet in the new state. Will an apartment complex rent to me if I can give them x amount of months rent upfront (once I have my cash from the house of course.)?
Well, you've got three strikes against you going in.
First off, you are going to have a hard time finding a place to rent without a job. Some places will rent if you pay X up front. Many will not. We've been burned a couple of times when someone paid 6 months cash up front and at the end of 6 months, still didn't have a job, and we had to evict. You will probably have to shop around a bit to find someone willing to take that deal.
Secondly, I doubt you will find anyone willing to hold a unit for you to be occupied on a potentially unknown date (closing delays are pretty common) on only a handshake and your word. I never give this advice, but do you have a credit card you can get a cash advance against? Since you can pay it back within 30 days, it isn't a horrible option. Barring that, do you have a relative or close friend who is willing to give you a 30 day loan? Because if you are wanting a place to move into the day you close and have $0 to pay prior to that day, you are going to have a hard time. The other choice is that you may have to keep the truck rental and stay in a hotel for a few days until you can secure a place.
Third, you didn't mention it, but I assume if you don't have money for deposit, you also don't have money for travel to go look for places ahead of time. Because of all the scams out there, many Landlords will not rent to people who want to take a place sight unseen. It is very often a scam of some sort. Plus, the LL will probably want to meet you as part of the application process to make sure you aren't a total scumbag (yes appearances can be deceiving, but if your car is totally full of garbage and you reek of smoke, and your clothes are all filthy, odds are you aren't going to take great care of their nonsmoking, clean, garbage free rental). If you can't afford to travel and are trying to do everything remotely, you are going to eliminate some more landlords right there.
First point: There are some places I think where I am going that have 6 month leases and I would have no problem giving them the entire 6 months up front once I have my money. I would hope by the end of that time I will have employment.
Second I guess you are saying I would basically have to have a place already rented before my closing date to ensure I have a place to move into.
Third I do plan on looking at places before I move there. I could drive there and potentially stay at a relatives house for a couple of days in order to look around.
My main problem is having the money ahead of time to rent a place. If I had the money in hand to pay first month and security do you think a place will take me if they know I am selling a home and can give them the rest in cash when I move in? Or would they not trust I would give them the money once I moved in without a job?
I have to agree that finding someone to rent to you when you have no cash at all in hand is going to be virtually impossible and not having a job multiplies your problem. Who knows how long your house will take to sell - it could be months or years!
Well yes it will take a few months but not years! lol One thing is good I live in an area that is still desirable and houses sell. Not within weeks as they did a few years ago but if they are priced right they will move.
Well yes it will take a few months but not years! lol One thing is good I live in an area that is still desirable and houses sell. Not within weeks as they did a few years ago but if they are priced right they will move.
Then I guess you'll have to ride it out until your house sells and you have the financial wherewithal to facilitate a move. Seems to me that you don't have much of a choice.
If things are as good as you think in your particular area where house sales are concerned then hopefully you can come out basically clean financially and with enough in pocket to finance a move. First and last and maybe even a one month security on a rental eat up a lot just initially. Good luck!
Subleting may be a good option. Look on craigslist under sublet/temporary housing. There are people who go out of town for a month or two and want to rent their place out short term.
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