I have bad credit(570) but make 6-figure salary. Will landlords rent to me in Baltimore? (apartments, foreclosure)

[netmasters]

I am relocating to Baltimore. I have very bad credit(570) but I make 6-figure salary. Do you think landlords will rent apartments to me? I am trying to get an apartment in Inner Harbor/Federal Hill/Fells Point/Guilford area. I can easily pay up to $2000/month for a 1bedroom apartment/condo. My salary is easily more than 3X the annual rent (12months * $2000) that I am willing to pay.

My credit got crushed during the recession and I am working to make it better. I do not have any rental delinquencies on my credit report.

Thank you for your help in advance.

[MrRational]

Bottom line is that most property management co's (let alone their staff) simply aren't set up for anyone but the plain vanilla tenants that easily fall within the broad parameters they operate in. You don't. Your job is to find a LL who will color outside the lines some. That will almost have to be a private party or small holding PMC.

If the LL has some sense... they'll look into WHY someone with more than enough income hasn't been able to get (or has lost?) a good credit score. Specifically they'll be concerned about what OTHER bills you have to pay each and every month aside from the rent and utilities. In this vein... you're going in the right direction by looking for a place that costs 1/3 less than the upper limit of what you're income should be able to afford in rent.

But if the reason is that the other $1000/mo is being garnished already or you're paying down ginormous CC bills or still have 4 years on the auto lease for the 7series BMW... then maybe you'll need to look even more down market than the $2000 places for a while yet. Good luck.

[davecj]

It's all a numbers game for good landlords. I would include a letter with the rental app explaining the situation. I would be far more lenient if I knew upfront rather than having to find out on the credit report. If all else fails offer two months security.

[netmasters]

Originally Posted by MrRational

Bottom line is that most property management co's (let alone their staff) simply aren't set up for anyone but the plain vanilla tenants that easily fall within the broad parameters they operate in. You don't. Your job is to find a LL who will color outside the lines some. That will almost have to be a private party or small holding PMC.

If the LL has some sense... they'll look into WHY someone with more than enough income hasn't been able to get (or has lost?) a good credit score. Specifically they'll be concerned about what OTHER bills you have to pay each and every month aside from the rent and utilities. In this vein... you're going in the right direction by looking for a place that costs 1/3 less than the upper limit of what you're income should be able to afford in rent.

But if the reason is that the other $1000/mo is being garnished already or you're paying down ginormous CC bills or still have 4 years on the auto lease for the 7series BMW... then maybe you'll need to look even more down market than the $2000 places for a while yet. Good luck.

Thanks for your response

[netmasters]

Originally Posted by davecj

It's all a numbers game for good landlords. I would include a letter with the rental app explaining the situation. I would be far more lenient if I knew upfront rather than having to find out on the credit report. If all else fails offer two months security.

Thank you

[GreenScoutII]

Well, I can't speak about the specific conditions in Baltimore, but as a landlord in general, I'm less concerned about a potential tenant's credit score than I am about prior rental history.

[EdwardA]

Originally Posted by netmasters

I am relocating to Baltimore. I have very bad credit(570) but I make 6-figure salary. Do you think landlords will rent apartments to me? I am trying to get an apartment in Inner Harbor/Federal Hill/Fells Point/Guilford area. I can easily pay up to $2000/month for a 1bedroom apartment/condo. My salary is easily more than 3X the annual rent (12months * $2000) that I am willing to pay.

My credit got crushed during the recession and I am working to make it better. I do not have any rental delinquencies on my credit report.

Thank you for your help in advance.

When I did rentals in NYC, a much tougher rental market, your situation could be remedied with an extra month of security or some other arrangement. I can't imagine Baltimore is stricter than NYC and thus you should be able to get an apartment you want.

[DillThePill]

I was in a similar situation as you. For me it was a foreclosure on an under water house after a divorce. I've rented twice since the foreclosure. I was turned down once by a property management firm who had a formula. The owner/landlords making human decisions have been fine with my situation. I include an explanation and copy of my credit report up front. I'm sure it helps that my income and credit history are strong except for the one big negative. I also mention why I'm an easy tenant (no pets, no children, automated bill paying).

But don't go overboard with your life story. Give them a quick summary from their perspective why you aren't a risk and will be an easy tenant.

You are probably better off with owner rented condos and houses instead of corporate run apartment buildings. Your price range gives you tons of options.

[coquinegra]

Originally Posted by netmasters

I am relocating to Baltimore. I have very bad credit(570) but I make 6-figure salary. Do you think landlords will rent apartments to me? I am trying to get an apartment in Inner Harbor/Federal Hill/Fells Point/Guilford area. I can easily pay up to $2000/month for a 1bedroom apartment/condo. My salary is easily more than 3X the annual rent (12months * $2000) that I am willing to pay.

My credit got crushed during the recession and I am working to make it better. I do not have any rental delinquencies on my credit report.

Thank you for your help in advance.

you can find a great apartment for way less than $2K.

[(-)]

Originally Posted by GreenScoutII

Well, I can't speak about the specific conditions in Baltimore, but as a landlord in general, I'm less concerned about a potential tenant's credit score than I am about prior rental history.

beat me to my reply. as a landlord with a lot of properties i'm more concerned about your rental history than your credit score. the one bill that most sane people tend to pay 1st is the one that keeps a roof over their head.