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So based on this, would you have approved my application?
No criminal history
credit score is around 630
no eviction / bankruptcy
$40k in the bank
rent is $1,370 for a 12 mo lease.
Thanks.
Well, that’s a hard one because if your monthly income can’t be shown and you’re annual income can’t be shown it’s doubtful you’d meet the minimum income requirements. In some cases when someone has great credit and money in the bank I will collect a double deposit but your credit isn’t that remarkable and you could simply spend all your savings to support yourself and get into trouble quickly. You haven’t been established long enough in your new business to really show long term profitability.
But I am very picky and don’t typically deviate from my standards because I know they work for me. Deviating is always a risk. But that’s not to say someone else wouldn’t. The fact that you have a fairly significant savings says something but I assume you also use that as business capital so it could disappear quickly with a few bad trades. See if you can’t get a co-signer to show you have a fall back person other than the landlord.
I feel for you, I know it’s hard but landlords are being extra picky these days.
It's Las Vegas. Surely they are accustomed to renting to gamblers.
You should be able to show bank account statements and stock account statements to show your income, and you have a good landlord reference.
For me, you are a "no". Your credit isn't great and you can't prove your income. You have cash in the bank that you can throw away on your next stock purchase if you make a mistake or there is some huge market shift, which can happened really quickly..
I put high value on a good landlord reference but I also want to see proof that income is high enough and steady enough that I am going to get my rent on time.
I suggest that you ask before you spend money to apply. Ask what their requirement is for proof of income and what the application fees cover and if they are refundable or if they apply towards rent. My guess is that administration fees are not refundable. Usually anything called a fee is not refundable. But ask and get it clarified before you hand over your money.
Last edited by oregonwoodsmoke; 07-26-2021 at 06:31 PM..
I'm going to add this: I know several landlord who would have taken you with extra deposit before the Covid eviction moratoriums, but not any more. Few landlords are eager to take tenants who might not be able to pay the rent and who can not be removed for non-payment of rent.
However, you might try offering to pay extra security deposit to lesson the risk of accepting you. You have the money so you can afford to do that if that is what it takes to secure a place to live.
So based on this, would you have approved my application?
No criminal history
credit score is around 630
no eviction / bankruptcy
$40k in the bank
No evictions, no bankruptcy, you always pay your rent on time. Yet your credit score is only 630 which is only fair and typically implies problem items.
What aren't you telling us about your credit history?
My credit is low because I have been living on my own since I was 21. Not an excuse, but I ran up my credit cards when I was younger to make ends meet. It's a hard lesson for sure but it's tough when you don't have family or someone to support you from an early age. My credit is low mainly due to credit card debt, however my on-time payments are 100%, so it says on the report.
Also I understand that not having a paycheck can seem a little worrisome to the landlord, but I make more money trading than I ever made at my full time job. That is the way I look at it and for the past 7 months with no paycheck, I have been living comfortably. But obviously, to the landlord, it can still be worrisome.
Thats a great point & I did not even think of that!
Also, I would be willing to pay double the security deposit if they were to ask me. the security deposit is $500 and the security deposit I paid here at my current residence is $1000. Not a big deal.
I'm going to add this: I know several landlord who would have taken you with extra deposit before the Covid eviction moratoriums, but not any more. Few landlords are eager to take tenants who might not be able to pay the rent and who can not be removed for non-payment of rent.
However, you might try offering to pay extra security deposit to lesson the risk of accepting you. You have the money so you can afford to do that if that is what it takes to secure a place to live.
Whoops, that response was for your comment, not sure why it didn't tag you.
In NV, the landlord is limited to collecting only 3 months of advance rent, so paying up front isn't that attractive. However, in NV, you also have the option of using a bond. Find out if the landlord will accept a surety bond instead. This way you can get a bond valued at the whole year's rent and the landlord will have that to claim against should you default.
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