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Old 06-25-2012, 03:05 PM
 
472 posts, read 1,091,367 times
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Have you tried using a realtor? I can relate, my boyfriend and I are relocating to Chicago and the rental market is a ton of work. Just keep chipping away at it, eventually you will find something!
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Old 06-25-2012, 03:13 PM
 
6,689 posts, read 13,902,756 times
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Having a eviction/bad credit coupled with I have cash sends to many red flags for most landlords. You have to put yourself in the landlords position. How can one have large amounts of cash with bad credit and a eviction on there record. There are to many blanks that need to filled in for a landlord to take a chance. Your best bet is to use your wifes job and credit to secure a place to live.

Reggie
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Old 06-25-2012, 06:18 PM
 
390 posts, read 821,913 times
Reputation: 670
Quote:
Originally Posted by Grainraiser View Post
Having a eviction/bad credit coupled with I have cash sends to many red flags for most landlords. You have to put yourself in the landlords position. How can one have large amounts of cash with bad credit and a eviction on there record. There are to many blanks that need to filled in for a landlord to take a chance. Your best bet is to use your wifes job and credit to secure a place to live.

Reggie
I've been writing a cover letter explaining why I have the bad credit and the eviction. I run an oil company with my dad, and we both got screwed in a business deal. The guy who screwed us over is now in jail, and we sued him and was able to get back a bunch of the money we were owed... but it was too little, too late. By the time we got our money back, our credits were trashed, and I had been evicted. I work with quite a few business owners, and very few of them have good credit, especially in this economy. My dad has had abysmal credit for over a decade. He just pays with everything in cash (including his current $350k house). I do the same thing. I never lease cars - I just buy them with cash. I don't even have a credit card - I use my debit card for everything. This strategy works out great for me, except for when it comes to getting a place to live.
I have offered to meet landlords in person, and have even pointed out that I have NO issues with my rental history or credit in the past year. But nobody wants to take the time to listen to me. I even have a close family friend who runs a house rental company (he has no rental properties available right now), and he would be able to vouch for me, but no properties I've applied to have even bothered to contact him for a reference!
This is just very frustrating. All we want is a nice place to live. Should I keep trying? Would it help if I got my dad to cosign? He's got terrible credit, but over a million dollars in cash, equities, and various assets.
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Old 06-25-2012, 06:21 PM
 
13,194 posts, read 28,104,411 times
Reputation: 13124
Quote:
Originally Posted by hazergore1198 View Post
I've been writing a cover letter explaining why I have the bad credit and the eviction. I run an oil company with my dad, and we both got screwed in a business deal. The guy who screwed us over is now in jail, and we sued him and was able to get back a bunch of the money we were owed... but it was too little, too late. By the time we got our money back, our credits were trashed, and I had been evicted. I work with quite a few business owners, and very few of them have good credit, especially in this economy. My dad has had abysmal credit for over a decade. He just pays with everything in cash (including his current $350k house). I do the same thing. I never lease cars - I just buy them with cash. I don't even have a credit card - I use my debit card for everything. This strategy works out great for me, except for when it comes to getting a place to live.
I have offered to meet landlords in person, and have even pointed out that I have NO issues with my rental history or credit in the past year. But nobody wants to take the time to listen to me. I even have a close family friend who runs a house rental company (he has no rental properties available right now), and he would be able to vouch for me, but no properties I've applied to have even bothered to contact him for a reference!
This is just very frustrating. All we want is a nice place to live. Should I keep trying?

Take the advice multiple people have given you --> focus on larger properties, like apartments and townhomes. You are a lesser "risk" to a large corporation than an individual property owner.
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Old 06-25-2012, 06:23 PM
 
390 posts, read 821,913 times
Reputation: 670
Quote:
Originally Posted by TurtleCreek80 View Post
Take the advice multiple people have given you --> focus on larger properties, like apartments and townhomes. You are a lesser "risk" to a large corporation than an individual property owner.
We may have to do that... but my wife and I really want a house. If there's any way we can get a house, we want to do it. I promised my wife I'd get her a nice house, and she is mortified at the thought of having to live in an apartment.
How easy would it be for us to get a homeloan if I put 50% down?
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Old 06-25-2012, 06:26 PM
 
350 posts, read 863,955 times
Reputation: 515
Quote:
Originally Posted by hazergore1198 View Post
I've been writing a cover letter explaining why I have the bad credit and the eviction. I run an oil company with my dad, and we both got screwed in a business deal. The guy who screwed us over is now in jail, and we sued him and was able to get back a bunch of the money we were owed... but it was too little, too late. By the time we got our money back, our credits were trashed, and I had been evicted. I work with quite a few business owners, and very few of them have good credit, especially in this economy. My dad has had abysmal credit for over a decade. He just pays with everything in cash (including his current $350k house). I do the same thing. I never lease cars - I just buy them with cash. I don't even have a credit card - I use my debit card for everything. This strategy works out great for me, except for when it comes to getting a place to live.
I have offered to meet landlords in person, and have even pointed out that I have NO issues with my rental history or credit in the past year. But nobody wants to take the time to listen to me. I even have a close family friend who runs a house rental company (he has no rental properties available right now), and he would be able to vouch for me, but no properties I've applied to have even bothered to contact him for a reference!
This is just very frustrating. All we want is a nice place to live. Should I keep trying?
Maybe that story is true, maybe that story isn't true, who knows? But the Dallas rental market is on fire right now. You're not going to find a landlord that will sit through that sob story when there are ten others lined up with credit scores over 700.

PS: Get a credit card. Use it. Repay it in full each month. Rebuild your credit. Your current "strategy" is going to cost you thousands of dollars in higher interest whenever you do need to get a big loan. And you will at some point in your life.
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Old 06-25-2012, 07:00 PM
 
13,194 posts, read 28,104,411 times
Reputation: 13124
Quote:
Originally Posted by hazergore1198 View Post
We may have to do that... but my wife and I really want a house. If there's any way we can get a house, we want to do it. I promised my wife I'd get her a nice house, and she is mortified at the thought of having to live in an apartment.
How easy would it be for us to get a homeloan if I put 50% down?
If you're self employed and have crap for credit (plus an eviction), your chances are not good to be approved for any loan, 50% down or not. Go ahead and call around, but I can't imagine anyone approving that right now with the much tighter lending guidelines in place.

Can your wife apply for a rental home using her income & credit score? That is likely your only option to fufill her house dreams.
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Old 06-25-2012, 07:21 PM
 
186 posts, read 444,010 times
Reputation: 142
It may be difficult to get a loan with poor credit, eviction history and new jobs but a huge down payment may make it happen at a high interest rate. As for the promise of a nice house, fancy garden apartments with community pool, gym and park are almost as good as a house without all the trouble. Enjoy one while you get your financial house in order. Home is where the heart is. You can't blame landlords, they need to look out for their interest, its a business not a social cause and everybody wants to avoid sticky situations.This is not the end of the world, keep dreaming & working to make things happen.
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Old 06-25-2012, 08:20 PM
 
6,689 posts, read 13,902,756 times
Reputation: 5593
Best of luck to OP. I would suggest you run a add in the local paper and tell them what you can put up front and will be happy to explain your situation to the potential landlord. I work in the mortgage business and hear bad stories everyday. Things happen and it is not place to judge you. My personal suggestion would be to put down a large downpayment in your wifes name and credit and go searching for a home. The fact of the matter is it is going to be difficult to do it with your background. You may not like to hear this but they are the facts. You need to get to work building back up your credit. Millions of people are in the same boat your in and the faster you get to work on it the better off you will be. Goodluck you and your wife.

Reggie
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Old 06-25-2012, 09:50 PM
 
104 posts, read 164,068 times
Reputation: 56
We just rented a house and yes they can go the same day they are on the market. To make matters worse we were living up north. So, we had a real estate agent help us find a house and get our application in on this house we rented. We rented without seeing first, but our agent really helped us a lot. We developed a good working relationship and I trusted her judgement.

I know there are a couple of houses that have yet to rent in the Breckenridge area and it's not that far from Wylie.
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