Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just wondering what the general consensus is from landlord perspective. My husband died unexpectedly, and unfortunately I could not handle the debts or mortgage, and filed bankrupcty. Now I have been asked to take an early retirement by my employer, which I have accepted. With the severance package I receive, and the retirement funds I will have at my disposal, I can manage ok, although I do plan on looking for at least part-time employment. I have decided to relocate next spring when my job officially ends. How difficult do you think it will be to get an apartment? I have no problem with paying a few months in advance if that would be helpful, but don't want to appear desperate. I just need to start over. No utilities were included in bankruptcy, just mortgage and credit cards. There must be some hope, as I know there must be thousands of people out there who have had to go through a bankruptcy but still have a place to live.
If the landlord runs a credit report and based the decission on the report and other info theu obtain, many may deny the aplication. So you want the details of the situation to be fully known to them up frnt. The PMC I use has instruction to obtan explaination for negative information in advance so we can evaluate the situation. Bad history due to deaths, divorce, medical, etc are usally evaluated one on one and depending on the circumstances, we may not hold it againt the applicant if they disclosed it in advance and we were able to dscuss it. But the only real answer is it all depends on the LL or PMC.
To get approved as a tenant you need to pass over a few hurdles.
The first is affordability... enough reliable income to reliably to pay the rent (and utilities etc).
If you don't have this... not much else will matter.
Paying in advance (beyond SD and 1st) is not an advantage.
If anything it's somewhat of a red flag.
Once past that aspect then they'll look at your rental history for "signs"...
too frequent address changes and evictions especially. No one wants trouble.
If, as is so common today, people are shifting from a home and mortgage...
then you get into the credit report information to verify the debts and such
that the affordability was based on are reasonable after all.
Most LL's will actually read through the credit report very carefully and consider.
As to the bankruptcy itself... that's not as bad as one might think.
Mainly because you can't do another one for X more years at least.
To get approved as a tenant you need to pass over a few hurdles.
The first is affordability... enough reliable income to reliably to pay the rent (and utilities etc).
If you don't have this... not much else will matter.
hth
Wondering how I'm supposed to show income if I am not working, but using existing monies in bank & IRA? I don't necessarily have to work, but may choose to do so. Maybe I'm setting myself up for failure in this area, which kind of freaks me out. I haven't rented in over 12years.
Wondering how I'm supposed to show income if I am not working, but using existing monies in bank & IRA?
How does that money get there?
I don't necessarily have to work, but may choose to do so.
This implies you have a source of income (SS or retirement or something)
I haven't rented in over 12years.
You had to have lived somewhere... be ready show how.
Maybe I'm setting myself up for failure in this area, which kind of freaks me out.
You'll be OK. There *is* a spot for you.
Your situation isn't really all that unusual...
but you'll have better luck with a small independent property owner.
The "complex" management drones rarely have any latitude for people who don't fit neatly into one of their boxes.
Mr Rational:
Thank you for all your replies, I appreciate it. I do happen to have copies of my credit reports from the year prior to my bankruptcy, which show that I always paid mortgage & credit cards on time, do you think that will be helpful? I tried really hard after my husband passed, but just couldn't do it on my own, and unfortunately I had to go down the bankruptcy road.
I will have a substantial amount on deposit from my early retirement package, and an IRA account. I won't have any "monthly" money coming in, just what the accounts will generate on their own from interest & stocks. I can definitely live on this, so I hope people will accept that fact.
As I said, I probably will choose to work part-time, and I am close to retirement age, so will have Soc Sec soon. Your're probably right about the managed complex types... too bad, I would prefer them, and I know they are within my capability.
Never assume anything. As much as many landlords are boxed into accepting only stereotypes there are just as many who look outside the box and realize that not everyone is typical.
Never assume anything. As much as many landlords are boxed into accepting only stereotypes there are just as many who look outside the box and realize that not everyone is typical.
I would believe that only the new ones or the dumb ones or the ones who don't really care what the renter does to the property are the ones who look outside the box.
Those who know what its like to not have the rental payment that you need to pay your mortgage on the house you are renting, who have had to make repairs way more than the deposit is worth, etc. have learned that not accepting the stereotypes for good renters is like going into uncharted waters, without a map, and without any available help.
I would believe that only the new ones or the dumb ones or the ones who don't really care what the renter does to the property are the ones who look outside the box.
Those who know what its like to not have the rental payment that you need to pay your mortgage on the house you are renting, who have had to make repairs way more than the deposit is worth, etc. have learned that not accepting the stereotypes for good renters is like going into uncharted waters, without a map, and without any available help.
Experienced landlords have learned the hard way.
That's a pretty rude and rather sad generality to toss out but I think I can see from whence it comes. From my recollection, you are NOT an "experienced landlord". You are a man who happened to become a one-time landlord for a short period and whose experience was less than desirable but which was really just a bit of a hiccup compared to what others have gone through. But it got to you and that's perfectly understandable.
Now you keep popping onto as many landlord/tenant threads as are remotely relevant to your one experience and casting out glittering generalities while actually offering precious little way in the help of constructive advice to those posing questions.
Not all LLs are cut from the same cloth and thus those who choose to circumnavigate the "rules" based on the stereotypes aren't stereotypically as you choose to describe them. I was a LL for several years and of course made mistakes along the learning path but I also learned from those mistakes and, in many an instance, subsequently rented to people who didn't meet all the stereotypical requirements but who my "gut" told me were good. And, guess what? My "gut" was right.
Hopefully now that your stint as a LL is over and done with you won't have to deal with the aggravation again and can thoroughly enjoy your retirement to its fullest!
I don't think all complexes will automatically exclude you due the bankruptcy(BR). As others said, your income is also an issue that needs to "pass". You might need to show proof of funds in an acct that you plan to draw from to pay the rent.
If you don't have any pets, it will be easier. This is because renting with pets limits the number of potential rentals. Then with the BR issue, you would really limit the possibilities.
BTW- I was a landlord and rented to a retired couple with a recent BR. They explained it all up front. I checked their credit report and income, etc. Their BR also had an explainable reason and it was a once in a lifetime blip on their credit history. They were excellent renters - paid on time each month, were very clean and took great care of the rental. The gave proper move out notice and got 100% of their deposit back.
Last edited by sware2cod; 10-23-2011 at 12:38 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
