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I'm having to sell my house and will be looking for a rental very soon - preferably a single family home..
My credit is horrible as I've hit some very hard times due to my business plummeting with the economy and some disability issues.
However, I have a sizable chunk of cash from cashing out on some stock that I would like to use as leverage to show that I truly can afford the rental (offer to pay a certain amount of months rent up front, perhaps? other suggestions would be appreciated!)
Does anyone know whether I'd have better luck working with an individual or a property management company? My boyfriend, who would be living with me, has decent credit but is currently unemployed. I still have income coming in, just not enough to afford my $3k a month mortgage.
Will I have any chance of getting approved to rent a place with a bad credit score??
I would sincerely appreciate any help/suggestions that anyone has as I'm terrified of ending up with no place to go.
You will probably get further with an individual homeowner/landlord than a large rental agency. A small property management company might be able to work with you as well. Someone who was able to afford (at one point) a $3k/mortgage has a pretty good head on their shoulders to begin with so I wouldn't be too worried just yet. I'm sure everything will turn out just fine.
We have a rental property that we rented to someone who had poor credit due to a divorce situation. He showed his proof of income and paid us 2 months rent upfront. We have had the tenant for 11 months now without any payment issues. PM me if you are looking for a house in Cary. The house is available from 9/1/2010. Good luck with your search.
I would think you would definitely have more luck with an individual. Property managers for complexes most likely have their hands tied by their bosses as far as discretion towards who to rent to.
I have several rental properties (none available at this time) and have worked with many tenants over the years who have credit issues. Upfront honesty goes a long way as does being willing and able to pay 1st and last month's rent up front.
You can even post on Craigslist what type of rental you want and your credit issues and you might be contacted by several potential landlords.
Offer two pay a two month security deposit plus first months rent up front. Be upfront and honest. As a landloard myself, I wouldn't hesitate to rent to someone under these conditions.
Almost forgot. It would be better for you to work directly with an individual instead of a management company. Stick to Craigslist.
I second that, Your best shot is to try to rent from an individual landlord. I also work at an apartment complex and it doesn't matter how much money you have, if your credit is shot, there is no chance you will be approved. We process applications thru a 3rd party reporting agency so our hands are tied when it comes to getting someone approved.
Money talks. A management company would be willing to listen if you gave them a large deposit.
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