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Old 11-07-2015, 04:51 PM
 
128 posts, read 138,965 times
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I know Tucson is a retirees' haven but I'm wondering if being a very young "retiree" will be a problem. (I do want to start some businesses but am currently not working. I don't like to call myself retired but I suppose that is what I am, technically). I want to rent for a while before buying. I live off investment income which will be something like 8-10x the rent of the apt/house I'd choose but of course I don't have a 9 to 5 job. Is this likely to be a problem when trying to rent?
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Old 11-07-2015, 05:17 PM
 
5,282 posts, read 3,323,312 times
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Quote:
Originally Posted by lafemmeviolonista View Post
I know Tucson is a retirees' haven but I'm wondering if being a very young "retiree" will be a problem. (I do want to start some businesses but am currently not working. I don't like to call myself retired but I suppose that is what I am, technically). I want to rent for a while before buying. I live off investment income which will be something like 8-10x the rent of the apt/house I'd choose but of course I don't have a 9 to 5 job. Is this likely to be a problem when trying to rent?
If you give them a copy of your bank account statement (checking or savings) and have $20,000 or more in it, I think you should be able to prove to them you have enough money to cover a year's worth of rent. You can also try and go the private route and rent from an individual instead of a company that owns an apartment complex.
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Old 11-07-2015, 05:27 PM
 
128 posts, read 138,965 times
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Originally Posted by cjseliga View Post
If you give them a copy of your bank account statement (checking or savings) and have $20,000 or more in it, I think you should be able to prove to them you have enough money to cover a year's worth of rent. You can also try and go the private route and rent from an individual instead of a company that owns an apartment complex.
Ok, thanks. I think I will open a separate account and put that much into it because I feel a bit uncomfortable giving them statements that reveal my entire net worth.
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Old 11-07-2015, 05:34 PM
 
5,282 posts, read 3,323,312 times
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Originally Posted by lafemmeviolonista View Post
Ok, thanks. I think I will open a separate account and put that much into it because I feel a bit uncomfortable giving them statements that reveal my entire net worth.
No worries, I think most places just want to know that you will be able to pay the rent for the length of your lease, be it 12 months or less or whatever, especially if you are not employed. Heck, if they do give you some issue for not having a job, you might be able to just pay the entire length of the lease with one check. I know most people probably wouldn't want to do that, but if you already have the money, just tell them you'll pay the lease in full right there. Or maybe give them 6 months up front. Good Luck!
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Old 11-07-2015, 06:14 PM
 
Location: Rosa’s Cantina
177 posts, read 194,236 times
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I just did this in Texas and the landlord, a big apartment complex, wanted to see a dollar amount equal to the rent X 3 X the length of the lease. They didn't bat an eye at my circumstances (same as yours) and the length of time from me officially putting in the application to approval was under 2 hours. I got the impression this sort of thing isn't that unusual. I was a little stressed in advance but for no reason. Good luck.
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Old 11-08-2015, 12:14 AM
 
Location: To The West of America's Mountain
4,728 posts, read 7,050,475 times
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I'm retired, own my own home, but needed to rent an apartment for my son. We rented from a investment company owned and managed complex. All I have is Social Security and investment income, but they didn't bat an eye. I paid the standard two months plus a deposit and went on lease-pay for the rent. They ran a very quick credit check, let us put the apartment in both my son's and my name as co-tenants (he was unemployed at the time), and he moved in the following weekend. I'm not sure it would be much of a problem to rent without an income, yet have ample money on hand. They'll run a credit check and if they like what they see, it shouldn't be a problem.
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Old 12-24-2015, 08:33 AM
 
128 posts, read 138,965 times
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Thank you again for the responses; this sets my mind at ease. Much appreciated.
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Old 01-01-2016, 02:53 AM
 
10 posts, read 13,144 times
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A couple of years ago I went to look at an apartment complex in Tucson with a friend. The application had a section for those with no employment income but trust income. Not sure that exactly fits your circumstances, but it's so similar I'm pretty sure it wouldn't be that much of a problem for you.
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Old 01-06-2016, 05:13 PM
 
2,056 posts, read 2,469,089 times
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They basically are interested in evictions and/or court judgements. I had to declare bankruptcy recently due to medical bills, and not 3 months later I got a very good credit card offer! We moved a couple of months ago and I was worried about this on my credit, but they ran credit checks on 4 different places we were interested in, and everyone of them came back positive and we were approved. So it's not quite as spooky as one would think, which actually surprised me.
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