Renting - from a distance due to relo - Hints? (apartment complex, tenants)

[JosephineBeth]

So I'm going to be moving 8/1 across country. I got a full relo pkg from my new employer which I'm really enthused about.

I've run my credit and it is 624-655 which isn't terrible but not good. I have one thing of my ex's on my credit - so am working with him to settle with them. It's a charge off from 2007. However I have 20+ accounts in good standing without a late payment in 6 years. So far I've been approved wherever I've applied so that's good. I have rented for 5 years from my current place and can provide that companies name for reference. I'm not looking to spend more than 25% of income on housing so those ratio's should be good as well

However - I am VERY nervous about renting from a private party or management company in a SFH/TH/Condo type rental vs. apartment. The reason? The incredible amount of foreclosures that have happened to most of my friends who rented like this. It seems many of us in apartments were the only ones really spared much with this issue. Nearly all of my friends and family that rented private (8 of 11) had their LL go into foreclosure which caused a lot of problems. Not one of those friends was ever even late on rent either and not one of them was notified that they were in a house being foreclosed on until the notices were hung on the house for the auction sale and foreclosure.

This is even more complicated with the long distance nature of the move (CA to MD).

Don't take this the wrong way if you are a LL but part of me wants to ask for the LL credit as well - to be sure I'm not looking at a bad situation. I have enough savings to cover 2 years COL in the bank that they can verify (I am admittedly a bit on the conservative side).

I would prefer to buy actually but realistically until I get the "lay of the land" I wouldn't exactly know where - and the fact it's on the opposite coast means I want to give myself about 2 years to get fully comfortable and then start looking at purchase. The one bad thing on my credit will go away in early 2013 and this will also help my score immensely. I did a simulation and with that gone my credit is high 700's minimum.

So any hints/ideas/etc so I don't get taken advantage of? Minimizing risk?

I am also having a heck of a time getting people to call me back in general or email me back. I'm watching these properties sitting there for rent for 2-3 months and yet no one bothers to contact me about renting when I leave messages, send emails, etc. Interesting!

[MagicTouch]

I've done this twice in the last 3 1/2 yrs. In late 2007 I moved from CA to MA and then in 2008 from MA to NY (LI). In both cases I moved sight unseen, but I rented in apartment buildings both times. If you have a relocation package from the company then it should include at least the cost of one trip to locate a residence.

I can only suggest that you go online and look at rentals in the area you are looking to move. I used rent.com and that helped as well as going to the specific rental web-sites. These will give you the floor plans, pictures, amenities and costs to include security deposits. Get a list of the of the ones you like, make appointments to coincide with a weekend trip and apply to the one you like.

Since you are not currently working at the location in question they will want a copy of your offer letter.

Hope this helps and Best wishes on your cross-country move.

[Justin Time]

Originally Posted by JosephineBeth

. . . I got a full relo pkg from my new employer. . .

I am VERY nervous about renting from a private party or management company in a SFH/TH/Condo type rental vs. apartment. The reason? The incredible amount of foreclosures . . .

I would prefer to buy actually but . . . I want to give myself about 2 years . . .

So any hints/ideas/etc so I don't get taken advantage of? Minimizing risk?

I am also having a heck of a time getting people to call me back in general or email me back. . . .

I would avoid the risk and rent from a reputable high-end apartment complex for the first two years. There are apartments that are condos or town homes that would do nicely for two years. Then, you would have much less "foreclosure" fear.

IF you ask a private parties for their financials, they MAY give them to you and they MAY look good on paper.
. . . but . . .
After they loose their jobs and shuffle their business losses, etc., their financial pictures could change very quickly and without your knowledge.
Just know that there is always some risk if you go through private parties.

Landlords who do not call or email you back have no motivation to do so because they have tenants. If they needed tenants, they would be contacting you.

[JosephineBeth]

Originally Posted by Justin Time

I would avoid the risk and rent from a reputable high-end apartment complex for the first two years. There are apartments that are condos or town homes that would do nicely for two years. Then, you would have much less "foreclosure" fear.

IF you ask a private parties for their financials, they MAY give them to you and they MAY look good on paper.
. . . but . . .
After they loose their jobs and shuffle their business losses, etc., their financial pictures could change very quickly and without your knowledge.
Just know that there is always some risk if you go through private parties.

Landlords who do not call or email you back have no motivation to do so because they have tenants. If they needed tenants, they would be contacting you.

Yeah the complex is what I have already sort of set up - I got pre approval and just need to send the deposit and confirm. It is the most expensive place in the city though - and I'd wanted to save more for down payment on a home..so I guess the risk vs. benefit must be weighed.

I wouldn't ask them I don't think - this just makes me gun shy. I've been sticking with the median priced rentals from private/management companies -- the ones REALLY low or REALLY high I've avoided suspecting the former might be already in a short sale or similar and the latter might be to try and cover the upside down issue with a devalued property. I'm not interested in either!

And the LL not calling me back - that's what I assumed too --- however I just got a call (after my post) from one I emailed and left a message at on MONDAY of last week. Not rented yet either. Hmmm. If I was a property owner and paying for listing and the Management Co or Real Estate person to get me a renter I'd be upset! I asked if they'd had any applications and they said no. In fact they just lowered the price $100 a month. Always possible they had potential tenants that fell through I guess.

I tried to get it in b4 Holiday weekend --- maybe they are all on vacation LOL