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Hi.
So, I'm moving out of my parents house with my gf from Chicago to Denver in a few weeks and we don't have a place yet, we are planning on just going down and looking while we stay at a friends house.
I'm 25, she's 26 and her credit score is 720+ while mine is slightly above 500, (because of medical bills that I just payed off, no longer have any debt but credit report has yet to update).
She's a Bartender that can provide W2 to prove her income 30k+/year and I am a musician with minimal unsteady income and bad credit score, however, I just got a large inheritance sum (6 digits+).... we really would have no problems paying rent and I'm hoping her W2 + my bank statement will not give us any problems getting accepted but I am just curious if anyone with more experience can tell us of any problems we might experience or if nobody will even take us, especially since neither of us have any renting history?
we are only looking for a place that is around ~1500/mo so nothing too crazy
...we are planning on just going down and looking while we stay at a friends house.
Look for JOBS. Once you have jobs then you can look for apartments. Look near the jobs.
But don't expect any LL with any sense to rent to you without having local jobs.
1 - You are both new to the state.
2 - You both have no jobs.
3 - Her job history from another state is no guarantee of anything.
4 - She's a bartender, not the most stable of occupations.
5 - You're a musician with bad credit. Two strikes.
6 - Boyfriend and girlfriend living together. High risk of splitting up and leaving contractual issues behind for the landlord to clean up. (Trust me, happens all the time.)
The following works for you:
1 - Your 6 figure bank account.
Fortunately, Colorado landlord tenant statutes don't place any limit on how much security deposit and/or prepaid rent can be collected by a landlord.
However, apartment complexes and property managers might be more strict about credit worthiness so if you have no success there in spite of your inheritance, you might look into renting a small dwelling directly from the owner and offer a large security deposit and however much pre-paid rent it takes to assuage any doubts.
2 - You both have no jobs.
3 - Her job history from another state is no guarantee of anything.
4 - She's a bartender, not the most stable of occupations.
6 - Boyfriend and girlfriend living together. High risk of splitting up and leaving contractual issues behind for
So she still currently has her job and her boss said she's okay with keeping her on the employment list in case she want's to transfer. I'd assume that would help? It's a corporate restaurant she bartends at and there are plenty around Denver.
and would going to the courthouse and getting married help? lol, we really have no plans of ever getting married unless we have kids as we are not religious, so if this helps we could easily do that. We have been together for 5+ years, hell we even just bought a brand new car paid in full in BOTH of our names.
thank you for your responses they have been very helpful
Last edited by Oldhag1; 09-15-2017 at 03:16 AM..
Reason: Fixed formatting
So she still currently has her job and her boss said she's okay with keeping her on the employment list in case she want's to transfer. I'd assume that would help? It's a corporate restaurant she bartends at and there are plenty around Denver.
That's a different story and would certainly be favorable but only if she actually does transfer to a Denver location so she can show, yes, I have a job with the same company here where I've been employed for X years. That's very positive.
Quote:
Originally Posted by Mikehh
and would going to the courthouse and getting married help? lol, we really have no plans of ever getting married unless we have kids as we are not religious, so if this helps we could easily do that. We have been together for 5+ years, hell we even just bought a brand new car paid in full in BOTH of our names.
Well, no, I wouldn't suggest getting married just for this.
Since you're very cash heavy... Why not just ask the LL for a 6 month lease so this idea isn't so nutty and just pay it all up front? How much are we talking for the places you're looking at? $1500/mo? So... Rip a check for 10 grand and move in?
I'm seeing some downsides to that, but not many... I mean, I guess the place could burn down or the OP could just not pay again in 6 months, but you're kinda screwed if those things happen on a regular payment schedule too.
Maybe I Just don't know what I don't know on this one, but I would imagine most LLs would kiss you on the lips for suggesting that.
Dumb question: Why not just ask the LL ... and just pay it all up front?
Because no LL with a clue allows advance payment of rent like that.
Certainly not from a NEW tenant let alone one without a local job that can afford the rent amount.
LL's with a clue want plain vanilla not special snowflakes.
Since you're very cash heavy... Why not just ask the LL for a 6 month lease so this idea isn't so nutty and just pay it all up front? How much are we talking for the places you're looking at? $1500/mo? So... Rip a check for 10 grand and move in?
I'm seeing some downsides to that, but not many... I mean, I guess the place could burn down or the OP could just not pay again in 6 months, but you're kinda screwed if those things happen on a regular payment schedule too.
Maybe I Just don't know what I don't know on this one, but I would imagine most LLs would kiss you on the lips for suggesting that.
Cash in advance is a huge red flag.
a huge bank account being flashed doesn't really add anything- lots of tenants who have the *ability* to pay still get evicted because their priorities don't put paying the rent at the top.
A landlord can't access your bank account without suffering damages, going to court to prove those damages & going to court again to access the funds (provided you haven't moved them or spent them) in the meantime.
I don't accept rent upfront because if there's a problem with tenants breaking rules (letting unknowns live there, having multiple pets beyond lease, running a business in the house, not mowing the lawn, etc. etc etc.) its hard to evict them if 6months' rent was paid upfront.
However, for the OP, I'd suggest:
Have your SO transfer on the job and qualify for the apartment based on her income if at all possible. Then offer to put down double (refundable) security deposit to address the issue that you have a low credit score and will be looking for employment.
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