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I recently talked to a broker/realtor about a case like yours, a single person without 3 dogs who has bad credit but enough money to pay 6-12 months of rent. You will not like the answer I got.
Adhom, Thanks for your honesty. Do you know if that's an apt vs. suburbs house thing, or would it likely not matter where?
It also sounds like the credit issue is a bigger one than the dogs (don't know if that's better or worse!).
I recently touched base with some friends with family in the city and they said if we end up out there they could put us in touch with some folks "they know." Don't know if this would make a difference or not, but probably couldn't hurt.
Again, thanks for being real. This is the stuff I need to know.
I am talking specifically about managed rentals. Renting from a private homeowner is probably your best bet since they are likely to be a lot more lenient when to comes credit checks.
I am talking specifically about managed rentals. Renting from a private homeowner is probably your best bet since they are likely to be a lot more lenient when to comes credit checks.
This.
I was able to find an apartment months after filing bankruptcy, despite a broker telling me I wouldn't be able to find anything. A landlord with an apt in a private house will be more willing to work with you than a management company. Just be aware in Queens, there are a lot of management companies out there.
I was able to find an apartment months after filing bankruptcy, despite a broker telling me I wouldn't be able to find anything. A landlord with an apt in a private house will be more willing to work with you than a management company. Just be aware in Queens, there are a lot of management companies out there.
Thanks so much for this, Miss J. Having to do this with the bad credit thing (and possibly a BK) is so stressful, both from an "is it possible" standpoint but also from a "I was a professional person who tried to do everything right and stuff still went to hell and damn, this is embarrassing" standpoint. It's really good to know someone else has been there and prevailed.
If Queens has a lot (or mostly) rental mgmt companies handling properties, might you be able to suggest a different area (suburb) that we may have better luck with?
I really don't think this is a prudent idea. A family of 3 living on 100K will be living paycheck to paycheck and will not be able to replenish savings and rebuild credit. If you live within NYC, there is a city income tax. If you live in a suburb, you will have to pay for commuter rail or bus (expensive) plus subway to get to work.
You did not mention if you were planning to keep a car. Parking does not come free with apartments. Some areas have street parking, but can be very difficult due to congestion and alternate side parking rules. If you had to pay for garage parking, that is an additional cost and may not be located in your own building or within 5 or more blocks where you live. If you live in a suburb, you will need at least one car, unless you somehow find a place to live within walking distance of the commuter rail station. Car insurance is going to be higher than what you are used to. Full-time childcare. I am going to conservatively estimate at $800 per month for a center. The advantage to living in a suburb is that when your 3 year old is ready for kindergarten, you won't have as many worries about school. Honestly, I can't see many landlords in the suburbs willing to be lenient with the dogs and the poor credit. Those that would be willing are probably not going to be the type of person that you will enjoy doing business with and/or the apartment will be illegal. In NY, a landlord renting out an apartment in a private 2 family house is not obligated to rent to someone with children either. The rental market on Long Island and parts of the city, in particular, is more tight than ever, due to many people needing to find temporary housing after losing their home from Hurricane Sandy. Landlords, right now, can afford to be extra picky.
I really don't think this is a prudent idea. A family of 3 living on 100K will be living paycheck to paycheck and will not be able to replenish savings and rebuild credit.
Thanks for this, Coney. You've given me some important things to think about.
I should add that the 100k would be my salary alone, and if spouse works we would expect him to earn a decent salary as well (his prior gig in CT when we were out there averaged about 70k/yr). Until he's working, he could watch our son and we'd avoid childcare costs that way.
Still, we definitely have to do some serious thinking about all of this IF I get an offer. Appreciate your comments.
Last edited by EastCoastWannabe; 03-15-2013 at 10:11 AM..
Thanks so much for this, Miss J. Having to do this with the bad credit thing (and possibly a BK) is so stressful, both from an "is it possible" standpoint but also from a "I was a professional person who tried to do everything right and stuff still went to hell and damn, this is embarrassing" standpoint. It's really good to know someone else has been there and prevailed.
If Queens has a lot (or mostly) rental mgmt companies handling properties, might you be able to suggest a different area (suburb) that we may have better luck with?
There are plenty of apartments in Queens that are through private owners. You'll have to specify that to a broker, likely.
The irony that some people can't comprehend is a person who files BK is less of a credit risk than someone just getting by paying their minimum balance and carrying a lot of debt. We can't file again for 7 years. However the person who still has credit can file at any time.
It probably helped me that I have never had a missed rent payment in 20 years or never had an issue with a landlord, so I had impeccable references.
The irony that some people can't comprehend is a person who files BK is less of a credit risk than someone just getting by paying their minimum balance and carrying a lot of debt. We can't file again for 7 years. However the person who still has credit can file at any time.
It probably helped me that I have never had a missed rent payment in 20 years or never had an issue with a landlord, so I had impeccable references.
We've not rented since '05. We were never late, either, but that's too long ago. We _have_ been behind in our mortgage, but that's part of why I'm considering BK. Also, if we move, since the house is now worth approx. 70k less than we owe on it we will likely do a strategic foreclosure--hell, we may even do that if we stay in our current location. About 20% of homes in our county are in foreclosure or already empty. And these aren't fancy homes, just your typical 3 bedroom, 1.5 bath suburban home (so it's not a result of everyone purchasing luxury homes).
You're right about the BK. it's not because we're horrible people or plan to flake out on rent (who wants to get evicted, let alone with a young child and pets?). I'd let other bills slide before I was late on a rent payment. Anyway, I never thought in a million years I'd be in this position but it doesn't take much for things to go south. In our case it was about 1.5 years following a major move and spouse lost his job due to housing market crash (his work is tied to this). I make a decent living but he made 50% more than me. After being pretty much unemployed for a few months he took a job in which he's earning about 1/4 of his former salary.Also, wage freeze at my job resulted in no raise for 6 years. During that time we were constantly playing catch-up, putting everything on charge cards and paying the minimum each month. Eventually you just can't keep up. When I met with the attorney to discuss BK he said he sees a lot of families like ours at that, relatively speaking, our debt is pretty minimal. Depressing, really.
Anyway, I'm hoping some sort of employment references and copies of my employment contract could help a tad. Again, this could all be a moot issue if I don't get an offer, but I should know either way by the end of April.
EastCoast, I am sorry about all of your financial woes. That must have been very stressful for you and your family. I just want to add that renting or buying real estate here is rather different from the rest of the US. The reason most landlords are extremely fussy about tenant selection is because the eviction process is extremely tedious and slow for landlords. Once a tenant takes posession of the apartment, it is very difficult to get him out. Foreclosure and subsequent eviction of the owner of the house can take a year or years.
EastCoast, I am sorry about all of your financial woes. That must have been very stressful for you and your family. I just want to add that renting or buying real estate here is rather different from the rest of the US. The reason most landlords are extremely fussy about tenant selection is because the eviction process is extremely tedious and slow for landlords. Once a tenant takes posession of the apartment, it is very difficult to get him out. Foreclosure and subsequent eviction of the owner of the house can take a year or years.
Thanks, Coney. I appreciate it.
Yes, I've been reading about how tenant-friendly and non-LL friendly the market is in NYC. Surprising. Here, a home foreclosure usually has ppl out in under 6 months, so it's hard to wrap my mind around it taking over a year just to evict someone out of a _rental_. I wonder why the laws are so anti-LL in that area? (rhetorical question) I'd be careful, too, if I were renting out.
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