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Just sold the house and pocketed a lot of money. Our plan was to lease in our new state while we figured out where to buy. We never realized though how difficult it would be to qualify for a rent house as a retiree. Pay stubs mean more than large assets in the bank. Many won't even allow you to pay the whole year up front. Not to mention how outrageously high application fees are just to be turned down. Any advice on how you qualified for rent as a retiree is appreciated.
paying a year up front means nothing if they have to evict someone when the year is up .
the problem with assets invested is they can be spent or lost . we are finding a similar situation polling banks as to whether we can get a mortgage while delaying ss . so far it is a toss up they have been saying and they can't say whether we will be approved since they sell the mortgages and their are strict income requirements on what is sold . it will be up to the underwriters to decide.
So does a pension qualify as "income"? It certainly does for tax purposes...as does SS. Does SS qualify? Otherwise, I don't know how anyone on here can do all the rentals and new homes unless they just pay cash.
Maybe opt for an apartment. I rented the place I am in now with assets only. The complex had a formula that I needed to show bank balance for the rent times the length of the lease times three.
So does a pension qualify as "income"? It certainly does for tax purposes...as does SS. Does SS qualify? Otherwise, I don't know how anyone on here can do all the rentals and new homes unless they just pay cash.
yes , income streams outside your control are fine. pensions ,ss , annuity ,etc , rmd's are not .
When I had my rental house I used to get a lot of requests from seniors who could not qualify at larger rental properties. I think the secret is to find someone who either manages the property themselves or who is a small landlord (1 or 2 units) who works with a property manager. I was always willing to accept social security benefits as proof that they could afford the rent, and I certainly would have been thrilled to have someone pay in advance. I wouldn't mention that you only plan to be there a year.
We had the same trouble. My husband was retired. He has 2 pensions. I was self employed. I have an annuity, verifiable self-employment income and assets. None of that mattered. We were unable to get a conventional mortgage. We had the option of going No Doc but the rate was high or paying cash.
most banks sell the mortgages and they have to go by the standardized income requirements . we already are resigned to the fact we will likely pay cash .
I don't even know if this is a viable solution anymore but 5-6 years ago a couple I knew moved to Fl after a bankruptcy. They were retired but I don't think any of us will forget the recession.
They found a rent to own house and they became good friends with the owner. After a year he trusted them and they were able to buy the house on a contract for deed.
As I said, it was quite a while ago, but it's a thought. Mathjack would know more if it was feasible I think.
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