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Old 07-31-2008, 12:57 PM
 
22 posts, read 133,240 times
Reputation: 21

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In this down-turn market with more and more people having derogatory marks on their credit from mortgage payments, why is it that in order for my husband and I to get an apartment in the North Richland Hills area, we have to pay the lease in full?!?!?!

We make over 250k a year between the two of us and are looking to rent for $1600 a month on a 6-month lease with the idea that in that time we'll have found a place to buy. Based on the ringer we were put through just to get an apartment, those hopes are dwindling. One 30-day mark...and no, I'm not exagerating in the least, and we were told that in order to rent, we'd have to come up with the full amount for the 6-month term to be paid up front. Are you kidding me???? Our income doesn't justify our means to pay?? The fact that I have no other debt than a house here in FL which is being rented out (I'm sure they didn't factor the rental income) isn't even a consideration??? How can anyone live? If this is what we've gone through being above the median income bracket for that area, what are those who are living on a gross income of 45k a year to do? Is this why everyone lives so far away from their work places and out in the country, cause it's the only place where they could get approved for a home??? ARRRGHHHH!
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Old 07-31-2008, 02:04 PM
 
Location: somewhere
4,264 posts, read 9,279,685 times
Reputation: 3165
Maybe the concern is the property you still own. While it is rented out now it could possibly go empty and then you would have to pay the mortgage in addition to rent. You would think that they would be alittle more forgiving of one 30 day.
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Old 07-31-2008, 02:17 PM
 
Location: finally made it back to DFW!
293 posts, read 849,959 times
Reputation: 210
Oh, no...this is really worrisome! I'm trying to move to TX for a job and have a house here in MI that I haven't sold yet, which we'll likely be doing on a short sale. We've never missed a house payment, ever, and have a solid rental history from when we rented. Are we going to find it impossible to find anywhere to live?
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Old 07-31-2008, 03:10 PM
 
Location: somewhere
4,264 posts, read 9,279,685 times
Reputation: 3165
Maybe you could post your question on the renting forum since I think there are some property managers on there and they may have an answer for you.
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Old 07-31-2008, 03:14 PM
 
Location: Aurora, CO
8,605 posts, read 14,891,340 times
Reputation: 15400
I'm not at all surprised they didn't factor in your rental income. When we upsized our housing situation, we kept our first house as a rental because we couldn't sell it without taking a loss on it. The bank (and I'm assuming the apartment complex, too) saw the house as a liability. We had to jump through all kinds of hoops to get a loan and ended up taking it in the shorts on the interest rate.
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Old 07-31-2008, 03:51 PM
 
3,086 posts, read 7,615,317 times
Reputation: 4469
I live in NRH and have never heard of anyone being asked to put forth a full lease up front. Unless this is a particular complex that is trying to set itself apart from all the others-Venue comes to mind, I can't imagine any of the ones I know that would expect that.
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Old 07-31-2008, 05:00 PM
 
215 posts, read 985,323 times
Reputation: 62
maybe your credit score is low you can make 500,000 a year but if your credit score is 400 then theres a problem
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Old 07-31-2008, 05:27 PM
 
Location: Richardson, TX
339 posts, read 1,436,175 times
Reputation: 298
Quote:
Originally Posted by wanderer74 View Post
Oh, no...this is really worrisome! I'm trying to move to TX for a job and have a house here in MI that I haven't sold yet, which we'll likely be doing on a short sale. We've never missed a house payment, ever, and have a solid rental history from when we rented. Are we going to find it impossible to find anywhere to live?
I don't know much about short sales or what that entails, but maybe it will encourage you that my parents relocated here from Charlotte last fall and they don't make near the salary of the OP and are single income family...they also own a home not close to be being payed off that they rent out. But using a property management company they found a rental home in Euless with no problems. Their rent is only about $1300 but they would have easily been approved for a pricier rental. Other than paying a deposit equal to the first month's rent, pretty standard around here, they didn't run into any problems at all.

They do have excellent credit and rental/mortgage history and a good credit score. But it's not perfect. Personally I think it's easier to work with a small property management company or an individual owner rather than deal with some of the inflexible policies of large, corporate apt complexes.
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Old 07-31-2008, 08:35 PM
 
Location: DFW
307 posts, read 1,181,504 times
Reputation: 139
Is that 250k here or there. The good news is you don't have t spend $1600 to rent in a nice area. Looked elsewhere? And I've never heard of paying in full either. Maybe they've had some skips or something.
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Old 07-31-2008, 10:33 PM
 
37,315 posts, read 59,869,570 times
Reputation: 25341
that FL home is not consider an asset and as such it does have an effect on your credit rating--
you may not consider it fair--but a 1600 a month rent is nothing to sneeze at--
and the fact that it is a short lease indicates that you ARE looking for a home--if you found one to buy that was available they probably think you would try to get out of the lease
they are just trying to protect their position...
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