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Old 10-15-2017, 01:01 PM
 
Location: Straddling two worlds
2,596 posts, read 831,742 times
Reputation: 1806

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First let me state I do not want this to be a landlord bashing thread and there is another thread for retiring on a shoestring.

I want to hear from folks who have successfully convinced their landlord to rent to them when they only had limited income and assets and what you had to do to get there. I have included some links below to get us started.

This one is only slightly helpful, but I include it because at least someone is paying attention.
https://money.usnews.com/money/perso...me-for-renting

These companies cover different states but essentially act as a co-signor/guarantor if you don't have (or want to ask) a relative or friend to be able to do that for you. What states they cover and how much they charge varies widely. If anyone has experience with this type of company (good or bad), please let us know. These are just random samplings based on a Google search.

https://www.insurent.com/search-buildings/

Search Apartments - American Cosigners

LeaseLock - Where renters get approved. Apartment cosigner and guarantor alternative.

Below is from a property management company I have already submitted an application to because of what they state below (emphasis mine). I hope there are other like minded property management companies out there.

"The rule of thumb is that one week’s gross pay should cover your monthly rent....If your source of income is SSI or DPA, a trust fund, or any other form of unearned income, be assured that it is the amount, not the source of your income that will matter."
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Old 10-15-2017, 04:54 PM
 
Location: Straddling two worlds
2,596 posts, read 831,742 times
Reputation: 1806
Please delete this thread.
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Old 10-15-2017, 06:03 PM
 
4,496 posts, read 4,770,603 times
Reputation: 10003
I'm interested in what some others might have to say. Don't delete so soon. I haven't moved yet, still working but I'd like to keep to a certain budget too when I do move.
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Old 10-15-2017, 06:49 PM
 
Location: Miraflores
788 posts, read 899,850 times
Reputation: 1546
While living in Peru, on several occasions, I paid the whole years rent in advance and then future years on a monthly basis. Usually in the states they just ask for a bigger deposit if your credit score is good.
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Old 10-18-2017, 01:27 AM
 
Location: Planet Woof
3,139 posts, read 3,528,629 times
Reputation: 9889
1. You find a really cheap studio or one bedroom apartment.
2. You get into a senior subsidized apartment or get a Section 8 certificate.
3. You rent with roommates a la ''Golden Girls''.
4. You share a place with your SO.
5. You live out of a van, RV, mobile home, or other. And yes, there are seniors doing this.
6. You relocate to an area where the COL is cheap to do any of this.
7. You move in with your adult kids or other extended family.
8. You move in with an infirm or elderly person as caregiver.
9. You work as a live in nanny, petsitter, or house sitter/care taker.
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Old 10-18-2017, 06:29 AM
 
Location: middle tennessee
1,932 posts, read 1,002,084 times
Reputation: 7062
In retrospect, I did everything "right".


I found a two bedroom duplex (utilities included) online in the town where I planned to retire. I called the management company and arranged to see the place the next day.


It was about 100 miles away so I rented a car for the trip since I wasn't sure my old truck would make it. I rented a big car because it felt safer on the interstate. It was a big trip for me.


I wore my one conservative church/funeral outfit. It's always ready.


I mentioned that I was a widow and had just sold my house. My only income was my SS. They did ask for personal references. Nothing else.


I asked for a short lease because I was sure I would buy. They were interested in finding me a house when I was ready.


I netted about 20 thousand on the house I sold. My husband spent his retirement funds the last year of his life and left no insurance. All fine. I'm just giving you a picture of my financial situation.


I liked the place, went back to the office and wrote a check for rent and deposit.


I have self confidence, I looked good in my one best outfit, and I was driving a big expensive car


The rent was more than half of my SS but I figured I would be okay since it included utilities and I have no debt.


I lived there about 5 years and then bought a small house. I was never late on the rent and built up an excellent credit rating during the years before I found my 600 sq ft house. It's about half the size of my old apartment.


I know this wouldn't work everywhere. Maybe not anywhere today. I would say make sure you're not getting in over your head, put your best foot forward and go for it.


Still driving my old truck
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Old 10-18-2017, 02:49 PM
 
Location: SE corner of the Ozark Redoubt
2,843 posts, read 956,473 times
Reputation: 2853
Quote:
The rent was more than half of my SS but I figured I would be okay since it included utilities and I have no debt.

I lived there about 5 years and then bought a small house. I was never late on the rent and built up an excellent credit rating during the years before I found my 600 sq ft house. It's about half the size of my old apartment.

I know this wouldn't work everywhere. Maybe not anywhere today. I would say make sure you're not getting in over your head, put your best foot forward and go for it.
I agree you did everything right, and I think it would still work today.

The only question I have is, did it take you 5 years to find
a house, or were you happy enough in the duplex that
you weren't looking very hard?
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Old 10-18-2017, 03:32 PM
 
Location: middle tennessee
1,932 posts, read 1,002,084 times
Reputation: 7062
Quote:
Originally Posted by TRex2 View Post
I agree you did everything right, and I think it would still work today.

The only question I have is, did it take you 5 years to find
a house, or were you happy enough in the duplex that
you weren't looking very hard?



Just to be clear, it wasn't a plan. I hadn't rented in many years so I didn't expect any difficulty. This thread just made me think about that time. My house sold really fast and I had to be out in 30 days.


I liked my duplex but I was ready to move because the older neighborhood where it was located became over run with dogs. I was just browsing the rentals online when I found my house among them.


I may move again, if I'm physically able. The neighborhood here is appreciating. If I can sell this place and have a nice nest egg I will do it. I would rather rent as I age and have someone else do the upkeep.


I have very few possessions now. A nice studio with a patio/garden would be nice A house with a MIL apt and no mother inlaw sounds good. I could find an area I like and put an ad in the paper. I might be an ideal tenant for people who like to travel. I still have my funeral/interview outfit.

Again, if I am able.


It wasn't easy and it will not be easy in the future, but there is no point in dwelling on that. I have to live somewhere. Good luck to the OP. I hope you land on your feet.
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Old 10-18-2017, 10:26 PM
 
10,830 posts, read 8,109,940 times
Reputation: 17072
Quote:
Originally Posted by HappyDogToday View Post
1. You find a really cheap studio or one bedroom apartment.
2. You get into a senior subsidized apartment or get a Section 8 certificate.
3. You rent with roommates a la ''Golden Girls''.
4. You share a place with your SO.
5. You live out of a van, RV, mobile home, or other. And yes, there are seniors doing this.
6. You relocate to an area where the COL is cheap to do any of this.
7. You move in with your adult kids or other extended family.
8. You move in with an infirm or elderly person as caregiver.
9. You work as a live in nanny, petsitter, or house sitter/care taker.
10. You get a cosigner. (I've cosigned on loans and rental applications for both younger and older family members whom I knew to be responsible even though they were low-income.)
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Old 10-18-2017, 10:59 PM
 
33,046 posts, read 22,175,598 times
Reputation: 8970
Quote:
Originally Posted by alpineprince View Post
While living in Peru, on several occasions, I paid the whole years rent in advance and then future years on a monthly basis. Usually in the states they just ask for a bigger deposit if your credit score is good.

People in this forum say that is risky for landlords to entertain.
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