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I'm an disabled Veteran who was laid off. I have a family of 4 and we're having trouble finding a place (house) to rent. We've sold our home and have substantial equity and could live off those proceeds for the next 7 years. We found a home but the landlord wanted 18 months up front plus a security deposit of $6K which he stated was non-refundable. This is due to my less than stellar credit. We have the money o pay all of this, but it seems excessive to me. I also was concern that all of this money was non-refundable. Anyone in this type of situation before and would appreciate some advise here. Can the perspective landlord do this? Thanks.
The $6K non-refundable security deposit sounds unreasonable to me. It should be refundable unless there are damages or other chargeable expenses at move-out.
Check your state landlord tenant laws (linked in the first "sticky" on this forum) as many states do not allow or have limits on non-refundable deposits. There is no such legal animal as a "non-refundable security deposit" in any state that I'm aware of as security deposits are returnable at the end of a tenancy and LLs can only deduct from them for damages - including any unpaid rent.
An 18 month rent in advance stipulation is totally ridiculous and unrealistic. Most residential leases are for a one year term.
Keep looking - even with poor credit you can do much better, particularly given that what this LL is demanding may not even be legal.
Any reason why you can't purchase another, less expensive home?
I'm an disabled Veteran who was laid off. I have a family of 4 and we're having trouble finding a place (house) to rent. We've sold our home and have substantial equity and could live off those proceeds for the next 7 years. We found a home but the landlord wanted 18 months up front plus a security deposit of $6K which he stated was non-refundable. This is due to my less than stellar credit. We have the money o pay all of this, but it seems excessive to me. I also was concern that all of this money was non-refundable. Anyone in this type of situation before and would appreciate some advise here. Can the perspective landlord do this? Thanks.
Not only no but HELL NO. That LL and I mean that as cynically as possible is just trying to take advantage. I guarantee he will find all sorts of things wrong and try to kick you out sooner. And the 6k nonrefundable deposit? Its a security deposit. It's never nonrefundable but I bet he will try and keep it. That guy is just trying to take advantage of your bad credit situation. I would be very concerned about what he is asking/demanding you to do. Excessive is putting it mildly. I absolutely despise people like that. Here in California legally I can take two months rent as sec dep. I have never needed to do that. I also have had offers for prepayment of total rent and I have never taken that either.
I would keep looking. Even with bad credit you can get a better deal.
Security deposits are refundable and must be kept in separate interest bearing account with the interest being disbursed to the tenant at least once to twice a year - depending on your state. Also, many states limit how much it can be: 1 month - 1.5 month's rent. Again, check with the state laws.
This guy is being very excessive in his demands.
You have a couple of things against you:
1) no regular income from employment [ disability is not always accepted by landlords, just sayin']
2) bad credit
Landlords are very very nervous about those two things. You have money in the bank, but it's likely the same two things I just mentioned are preventing you from being able to buy something.
So, keep in mind, landlords think like bankers when it comes to renting. They want to be sure they are going to get paid and will have enough to cover for any damages incurred. Laws tend to favor the tenant. So the only way and time the landlord can 'protect' the deal is to make sure they can or will get paid. Ok, so, you were willing to pay the rent all upfront.
So find someone else who will accept a year or more of rent upfront and know your state's laws on the amount of security they can demand before you apply.
Personally, considering your circumstances, it's gonna be rough. I wouldn't want to rent to you in all honesty. A family of 4 can do a lot of damage and without credit or income, they won't be able to move easily which means if I let them in, I could be opening my business up to high-risk tenants. If I need to evict you, the judge is not going to want to throw a family of 4 on the street so easily - especially a disabled vet. Landlords cannot care about the tenant's hard luck story and stay in business, but judge's can easily afford to. Now you know why landlord's are going to give you a hard time.
I'm not saying you aren't nice people, but this is a business like any other. Landlords have bills to pay just like everyone else.
Someone will rent to you, but get informed before you go any further and good luck. I hope it all works out for you and your family.
Also look here as it has lots of links to provide you with facts. Fun from that landlord and if you have anything in writing with the terms he gave, report him to the property authorities. Tenant Rights, Laws and Protections: California
I would not want to be tied into that contract for so long. What if he is a bad landlord? What if the property isn't want you think it is? What if you want out of the lease for any reason? Once he has all that money, you lose most of your freedom of choice!
Also look here as it has lots of links to provide you with facts. Fun from that landlord and if you have anything in writing with the terms he gave, report him to the property authorities. Tenant Rights, Laws and Protections: California
The OP hasn't signed a lease so there's nothing to report - and the tenant also doesn't say what state he's in so no point linking to CA regulations. State landlord tenant laws vary and the OP can find his linked in the first "sticky" on this forum.
Security deposits are refundable and must be kept in separate interest bearing account with the interest being disbursed to the tenant at least once to twice a year - depending on your state. Also, many states limit how much it can be: 1 month - 1.5 month's rent. Again, check with the state laws.
This guy is being very excessive in his demands.
You have a couple of things against you:
1) no regular income from employment [ disability is not always accepted by landlords, just sayin']
2) bad credit
Landlords are very very nervous about those two things. You have money in the bank, but it's likely the same two things I just mentioned are preventing you from being able to buy something.
So, keep in mind, landlords think like bankers when it comes to renting. They want to be sure they are going to get paid and will have enough to cover for any damages incurred. Laws tend to favor the tenant. So the only way and time the landlord can 'protect' the deal is to make sure they can or will get paid. Ok, so, you were willing to pay the rent all upfront.
So find someone else who will accept a year or more of rent upfront and know your state's laws on the amount of security they can demand before you apply.
Personally, considering your circumstances, it's gonna be rough. I wouldn't want to rent to you in all honesty. A family of 4 can do a lot of damage and without credit or income, they won't be able to move easily which means if I let them in, I could be opening my business up to high-risk tenants. If I need to evict you, the judge is not going to want to throw a family of 4 on the street so easily - especially a disabled vet. Landlords cannot care about the tenant's hard luck story and stay in business, but judge's can easily afford to. Now you know why landlord's are going to give you a hard time.
I'm not saying you aren't nice people, but this is a business like any other. Landlords have bills to pay just like everyone else.
Someone will rent to you, but get informed before you go any further and good luck. I hope it all works out for you and your family.
I agree. I hope OP finds a LL who is more reasonable although in his situation he's gonna be dealing with a lot of that type of LL
The OP hasn't signed a lease so there's nothing to report - and the tenant also doesn't say what state he's in so no point linking to CA regulations. State landlord tenant laws vary and the OP can find his linked in the first "sticky" on this forum.
UM>>> I SAID IF SO: IF he has what the landlord wanted in writing, he does have something to report. I shrudder to think anyone would agree to the landlord term without it in writing. And I would NEVER sign such an agreement but I sure as heck would show it to those who can stop the creep. amd the Op does not have to sign anything to file a report but merely present what was presented to him. Sorry you did not understand me STT
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and I mean that as cynically as possible is just trying to take advantage. I guarantee he will find all sorts of things wrong and try to kick you out sooner. And the 6k nonrefundable deposit? Its a security deposit. It's never nonrefundable but I bet he will try and keep it. That guy is just trying to take advantage of your bad credit situation. I would be very concerned about what he is asking/demanding you to do. Excessive is putting it mildly. I absolutely despise people like that. Here in California legally I can take two months rent as sec dep. I have never needed to do that. I also have had offers for prepayment of total rent and I have never taken that either.
