apartment with poor credit, but (sort of) a lot of cash? (Portland: 2013, apartments)

[abec2013]

I would like to relocate to Portland and rent a new apartment in the Pearl for six months to see if I really like the area. I have looked at units in the Janey and the small studios at the Freedom Center. I would prefer something like the Janey, but I am a single guy and the studio would work, if all else fails.

I have a poor credit score from a failed entrepreneurial attempt about 6 years ago. However, I happen to have a good amount of cash in the bank from an iPhone app that took off. I also don't have a 'real' job with another company, I just make iPhone apps. A big reason I am interested in Portland is because outside of Silicon Valley and NYC, it has the largest "app economy" out of anywhere else in the USA.

I can easily afford rent on a 2bd apartment for a few years, but am not sure the best way to convince an owner I am worth renting to, considering my credit score and employment situation. I am mid 30s and do not want to have to move in with roommates. I have a good rental history, but for the past few years have been renting a friend's house. Any tips on convincing an owner or management company in Portland that they should rent to me?

[things and stuff]

If you pre-pay your rent for 6 months, your credit will be irrelevant.

[abec2013]

I asked the person at the Janey about prepayment already. Apparently either Oregon law or a management company policy makes it impossible to prepay for longer than 3 months.

[things and stuff]

Originally Posted by abec2013

I asked the person at the Janey about prepayment already. Apparently either Oregon law or a management company policy makes it impossible to prepay for longer than 3 months.

Well, that's too bad. 3 months prepaid certainly isn't bad, either.

A lot of the landlords that only own a few units do not run credit checks. They say they will, but don't.

[df175]

I've no direct experience but if you show you've lots of money in a savings account, I'd think that'd get you pretty far. You actually have both bad credit and no established job. That's two counts again you. I think you'd have to demonstrate that you have enough savings to live on for more than a year, not just to pay rent. So, I'm guessing $30,000+ for a single person.

Large management companies tend to have their "policies", so you may ultimately need to find a small time landlord, where a strong personal impression can go far.

[Sherwoody]

Originally Posted by df175

I've no direct experience but if you show you've lots of money in a savings account, I'd think that'd get you pretty far. You actually have both bad credit and no established job. That's two counts again you. I think you'd have to demonstrate that you have enough savings to live on for more than a year, not just to pay rent. So, I'm guessing $30,000+ for a single person.

Large management companies tend to have their "policies", so you may ultimately need to find a small time landlord, where a strong personal impression can go far.

I would agree and add, you can certainly be self employed and be qualified to rent. Have you established your own company? If you haven't, you should as you can set your salary as you please.

[Nell Plotts]

I think if you can show income from your app development for as long as you can, money in the bank, good references from your current landlord and an explanation of your credit score you should be able to find a nice apartment.

And yes, I too have heard that app development is strong in Portland. I was told that some programers in the corporate world make more money from apps created at home than they do in salary.

[peaceloveandtattoos]

We've got bad credit and I spoke with a few different property management companies before we landed our sellwood house. All of them felt that as long as you had some cash handy (a decent amount) then they could look past the credit. Lots of people have bad credit these days, I'm sure they see it a lot. Good luck! Hope you love Portland!

[df175]

Originally Posted by Sherwoody

I would agree and add, you can certainly be self employed and be qualified to rent. Have you established your own company? If you haven't, you should as you can set your salary as you please.

You can be self-employed and rent of course, but the way the OP wrote, it sounded like his app money was more incidental than a going concern with a long term record of steady income. Management companies are likely going to make a distinction between the two. (E.g., a self-employed plumber who has been the in area for years versus a more speculative endeavor.)

[AndyAMG]

I wouldn't tell them about your failed entrepreneurial attempt at all, just stick to telling them about the money you did make. Show them a current bank statement if needed. If your rental history is good and verifiable and you have no criminal history, I would say you won't have a problem.

Policies are polices and some landlords just flat out won't rent to you if don't have verifiable steady income, or good credit, especially large companies. Remember most places in Portland want 2 -2.5-3 times your rent in gross income monthly. The nicer the place, the higher the requirement. Two of the apartments my wife manages only need 2X but their flagship property on the river requires 3X. It's sad when a landlord is more willing to rent to someone on assistance than someone previously successful but down on their luck.

I don't think you will have trouble finding a place. You might have to jump through some hoops and let people pry into your finances a bit, though.