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I was recently widowed, own my home, but decided recently to move closer to friends and family in northern CA. I had a rude awakening when I spoke to the property manager for a house I was interested in renting and was told that since I didn't have verifiable income, it didn't matter how much savings I had, or that I had an excellent credit score and was a homeowner--I would not be approved by any property managers in the area for a home.
The rental market is very tight in this area, admittedly, but apparently state housing laws require property managers to only use income (3x the rent), credit score and references from previous landlord. This is what I was told. I guess I was naive thinking that I could rent a home. I'm 55, haven't worked in many years, and have been trying to get work but keep getting rejected, even though I'm applying for basic entry level clerical and customer service jobs and have scaled back my resume accordingly. I thought I would move near my family for emotional support, settle into the area, and start the job search up again. Now, if I want to move to this area, I need to do a long distance job search for a job that would pay a lot more than the entry level jobs I was looking for. Good luck with that!
Any strategies, tips and experiences anyone could share? I could sell my house and buy something up there, but I wasn't planning to stay in the area more than a year or two, just enough time to heal from the last few years of my husband's illness and death, and figure out what I want to do next. The area is really not a place I want to stay in the rest of my life, and where I live now I have absolutely no friends or support--never had the time to develop them since I was a full time caregiver. Thanks.
When my kids were in college with no income I'd always co-sign their apt leases. I imagine someone in your family in the town you are moving to could do that for you. Since you have the money to pay the lease they won't be out any cash.
If you end up renting your original house out, make sure you add that income to the income of whatever job you get, and then your co-signer can be taken off your lease.
I would simply say I'm retired. I worked with retired people before. As long as they have verifiable income and it's proven I can verify it I don't have a issue.
I would agree that smaller landlords may be more flexible. I rented with lots of savings and little employment income and was able to show a bank account balance instead.
And a third vote for avoiding property management companies. Although it wouldn't hurt to contact a number of them, you might find one that is OK with your circumstances. But your chances are better with LLs that do their own management.
You need to work your connections. Your family and friends know people, and those people know people...
How I found my current place - I placed a "want to rent" ad on craig's list. Yes, you have to be careful, but I found one of the nicest places I have ever lived.
Do you belong to a national organization of any kind? Contact the local chapter.
If there is a military or college town within your search area, LLs there are often more flexible.
Think outside the box a little bit. Maybe put your stuff in storage and rent a room from someone for a few months. Anything to get that first local reference.
Or sell your house, buy an inexpensive RV (stashing most of your money), and live mobile for a while. If this idea intrigues you, look here - https://www.workamper.comhttps://escapees.com
The very hard truth is that unless you know someone, your chances of finding regular employment are low, so you'll have to think outside of the box there, too. I know a woman who hasn't had either a regular home or a regular job in years, but she lives in great houses. She's a buddhist, and owns very little. She house-sits for people, moving every few weeks, and because she has built up so many good references, she never lacks for a place to live. If that idea intrigues you, look here - https://www.caretaker.org
Well, I have two little dogs, which restricts my flexibility for renting a room. I'm just not an RVer, never liked camping. A friend of mine wants me to partner with her in her online business, and I suppose I could have her draw up an "offer letter" with an annual "salary". Every listing I can find has a property agent, so I suppose I will be calling them up tomorrow one at a time. I saw some apartments with month-to-month leases, so that could be a stop-gap for me until I get established. Thanks for the ideas, I appreciate it!
Is rental income counted as income on rental apps? I will be renting my house out for a lot more monthly than the rent of any of the homes I am interested in. If I can use that it will help!
I agree with saying that you're retired and once you get a job, just play it off like not working was more boring than you thought.
Sorry for your loss. Xo
Well, I have two little dogs, which restricts my flexibility for renting a room. I'm just not an RVer, never liked camping. A friend of mine wants me to partner with her in her online business, and I suppose I could have her draw up an "offer letter" with an annual "salary". Every listing I can find has a property agent, so I suppose I will be calling them up tomorrow one at a time. I saw some apartments with month-to-month leases, so that could be a stop-gap for me until I get established. Thanks for the ideas, I appreciate it!
Is rental income counted as income on rental apps? I will be renting my house out for a lot more monthly than the rent of any of the homes I am interested in. If I can use that it will help!
Yes rental income counts. I credit 50% if managed 70% if self managed. No don't play job games. If you're telling me you're working I want to see paystubs. If you're a partner in a business I want to see tax returns. The hardest people for me to qualify are self employed or the working for a buddy.
Be as truthful as possible. Because if they find out you're lying you lose all credibility
I had a similar problem trying to qualify for a mortgage after the crash. I had enough money from an inheritance to pay cash, but I didn't want to tie all of it up at once. The bank insisted I have the brokerage firm that held my account set up a monthly disbursement plan and I had to show statements from them for three months that I was receiving regular payments. It was totally stupid, but for some reason playing that game satisfied them: I got the mortgage, and immediately cancelled the monthly payment plan, since I didn't need them to pay the mortgage.
Agree with the others that you may do better renting a small house from a private landlord. When I was a landlord (never again, thank god) I wouldn't have played these kinds of games -- I also advertised my place as "pet friendly" and charged a little higher rent. Worked out well for everybody.
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