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Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
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Quote:
Originally Posted by Ruth4Truth
That's probably because you haven't tried. They're everywhere. Property management agencies, for example. Individual LL's are ok with it, too. Instead of proof of employment, you show a statement of your assets. Then follow the red carpet to your new home. Did you think JonathanLB was making it up?
I think it depends on how tight the market is for rentals Ruth. As I mentioned I had a nice bank balance as well as a monthly cash flow from rentals but that wasn’t good enough for one landlord.
That was JonathanLB's point. All they have to do is show their bank or investment account statement, and they're good. The same would apply to the OP & spouse, if they had enough of a reserve. It could apply to anyone, who has a decent-sized nest egg saved up.
Not quite. The point I intended to make, obviously not clearly enough, was that they can show regularly-occurring income high enough to cover their rent each month. Just having money sitting in an account isn't the same. That money, which is under their control, could be frittered or blown away in a moment...including right after they sign a year's lease.
That was JonathanLB's point. All they have to do is show their bank or investment account statement, and they're good. The same would apply to the OP & spouse, if they had enough of a reserve. It could apply to anyone, who has a decent-sized nest egg saved up.
I am not sure about that. Social Security is the equivalent of a getting a regular monthly paycheck. Pension give a monthly stream of income like job. Investment income doesn't necessarily. People run out their IRA accounts all the time. It all depends on how savvy the investor is and the stock market does.
We have been told to purchase a new house before retirement. Banks look at investment income very differently than a paycheck.
I am not sure about that. Social Security is the equivalent of a getting a regular monthly paycheck. Pension give a monthly stream of income like job. Investment income doesn't necessarily. People run out their IRA accounts all the time. It all depends on how savvy the investor is and the stock market does.
We have been told to purchase a new house before retirement. Banks look at investment income very differently than a paycheck.
That really depends on what it is. I have several investments that are office complexes for instance with 10-year lease tenants. Income doesn’t come any more solid or stable than that. They aren’t breaking their leases, they’re major companies, and the income is set at the lease rate. Other investments are senior housing, apartments, and hotels, all of which are much more variable and indeed income can stop at any point because of need for improvements or a rough month / year or whatever else. Even so if your income is way more than enough, you’re still good to go. I just put down 50% on homes to make sure banks never have issues with investment income. They feel very safe with a larger downpayment.
A nice apartment in town rented to my idiot friend with $125,000 in the bank and no assets, no job, and no income. They seemed fine with his bank account alone.
We have money saved up to live on for at least six months, and I have part-time work which I do from home. So I would hope someone would rent to us since technically we could pay them for six months up-front, or show them bank statements showing we had the money. We don't want to spend through that money though, since it's for our house and retirement.
That's an interesting idea - thank you. That would mean he'd have to quit his job and somehow cover our house payment here while I stayed here and tried to sell it on my own. Something to consider though!
Is your original plan to move AFTER the house sells? If you need your current house to sell before you can afford to move then I would not suggest your husband quit his job on the assumption that it will sell within 6 months unless you live in an area where houses routinely sell fast. I do however strongly suggest that you do not find a new house sight unseen and without at least having visited the area and seen neighborhoods in person. My husband and I recently purchased a second home where we plan to retire and what you think you are getting from a picture and what the house actually is are two vastly different things. We made three trips to look at houses we thought looked great on the internet and crossed several off the list after just driving past them and seeing the actual location. One we thought was a solid contender ended up being just 30 yards off a busy 4 lane highway and coming down a steep hill!!! Believe me the pictures don't show stuff like that!!!
Is your original plan to move AFTER the house sells? If you need your current house to sell before you can afford to move then I would not suggest your husband quit his job on the assumption that it will sell within 6 months unless you live in an area where houses routinely sell fast. I do however strongly suggest that you do not find a new house sight unseen and without at least having visited the area and seen neighborhoods in person. My husband and I recently purchased a second home where we plan to retire and what you think you are getting from a picture and what the house actually is are two vastly different things. We made three trips to look at houses we thought looked great on the internet and crossed several off the list after just driving past them and seeing the actual location. One we thought was a solid contender ended up being just 30 yards off a busy 4 lane highway and coming down a steep hill!!! Believe me the pictures don't show stuff like that!!!
That's what street view is for! I looked at multiple houses online as well....some looked like fantastic deals...until you used street view and found all the other houses on the street were falling down dumps! Found you can eliminate a lot of possibilities this way!
That's what street view is for! I looked at multiple houses online as well....some looked like fantastic deals...until you used street view and found all the other houses on the street were falling down dumps! Found you can eliminate a lot of possibilities this way!
Street view is great but not available in all areas. We were looking at properties out of town with acreage.
Is your original plan to move AFTER the house sells? If you need your current house to sell before you can afford to move then I would not suggest your husband quit his job on the assumption that it will sell within 6 months unless you live in an area where houses routinely sell fast. I do however strongly suggest that you do not find a new house sight unseen and without at least having visited the area and seen neighborhoods in person. My husband and I recently purchased a second home where we plan to retire and what you think you are getting from a picture and what the house actually is are two vastly different things. We made three trips to look at houses we thought looked great on the internet and crossed several off the list after just driving past them and seeing the actual location. One we thought was a solid contender ended up being just 30 yards off a busy 4 lane highway and coming down a steep hill!!! Believe me the pictures don't show stuff like that!!!
Boy isn't this the truth. Every time I look at places, we have maybe 6 or so contenders that we want to see in a day, and most of them are written off very quickly from things not shown in pictures or that are too major of concerns in person. The worst thing about houses is the uselessness of pictures to tell whether it's actually a livable home. I can tell that the style is great, I can tell that individual rooms appear to be solid, but that's about it. When I step foot in the home and realize the bonus room is right next to the master, something I didn't know from the pictures, it gets crossed out immediately. That's horrible design for us, a noise nightmare. Or a room just looks much bigger in professional photos but is actually too small to be useful.
Another time we saw this really nice looking house and it turned out it was just maybe 20 yards away from an extremely ghetto looking apartment complex with no division between these two different housing types. A truck across the street had its window bashed in and a neighbor mentioned they've had a number of car break-ins lately. Yeah, no thanks, no matter how nice the house is, that area was horrible. It was bizarre because the general area where the house was located I know well and it's a good area, but I guess even good areas could have pockets of trash.
We decided we're best off renting in Las Vegas for 4-5 months while we sell our current house and buy the next one, that way we're actually on the ground, in the area we already want to live, so we can see for ourselves and know more before we buy. I just think it's smarter than trying to buy a house where you think it's a good area from one single visit to it, but don't really know. It'll be an adventure, I haven't lived in an apartment in 7 years, and even then it was only briefly and I still owned a condo elsewhere ha ha. The last time I was officially "home-less" without owning my own place was 22 and had just graduated college.
Make sure you check on pricing for housing in Nashville before you do anything. I don't know how it is now, but when I was thinking of moving there, because my brother has lived there for years, prices were through the roof. Keep in mind that it's a legendary city and a lot of folks dream of living there.
Apartments may not be easy to obtain and I would guess that the Craigslist scammers are having a field day with this.
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