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If some one retires early before they start collecting Social Security, how can they qualify for an apartment or home that requires employment and a certain income level?
What if they were living on dividends from a large amount of money? How would potential landlords look at this?
Are you receiving any type of pension? My hubby did at age 58, and we rented based on the pension he was receiving. Of course they needed proof of income and verified everything.
If you are receiving dividends and have a papertrail of say, 3x your potential rent (down here for most renters that is the figure) and can prove it easily, then they may accept that paperwork.
If some one retires early before they start collecting Social Security, how can they qualify for an apartment or home that requires employment and a certain income level?
What if they were living on dividends from a large amount of money? How would potential landlords look at this?
I don't know, but this is an excellent question. It pertains to retirees of any age living on dividends who want to rent. Some landlords may find this as risky. I think what I would do, if I could swing it, is pay for 6 mos to a year's worth of rent in advance, to be held in escrow (is there any kind of interest-bearing escrow account that would allow the interest to revert back to you?).
I rent from a private owner here and that was much preferred after doing the big company rental properties for 2 years. Our LL has only this property to concern herself with and wanted someone who "fit" her and the property. She is flexible to a degree that a large corp would not be: if work is needed in the home she is willing to schedule around me and not a corporate calendar etc. and has mentioned many times what a good tenant I am and how she wants to keep me happy. So happy actually that I have to say, in the 2 years I have been here, she has not raised the rent. (yet!)
Of course I do not presume on her goodwill and keep the property in good repair, notify her immediately if something major looks amiss etc. So far so good..
But do any early retirees have a story to tell about being approved for an apartment without any income other than brokerage withdrawals or dividend payments?
If your friend retired early, then he must be financially well-off. If he is trying to get an apartment, I would advise him to open a separate savings account and deposit about $20,000 of his cash. Keep the bulk of the savings in a separate account that is not included in the apt application process. (Don't show how much money he truly has in reserve). After being approved & moving-in, he should transfer most of that $20,000 out of that savings account or close it. That's what I did.
Another option for your friend, if he has spotty references and is desperate for an apartment: Offer to pay three months of rent in advance as a credit to his account, and then keep making each monthly rent payment 90 days in advance for the first year.
If some one retires early before they start collecting Social Security, how can they qualify for an apartment or home that requires employment and a certain income level?
What if they were living on dividends from a large amount of money? How would potential landlords look at this?
the same way they give retirees a mortgage , tax returns and financial statements.
If some one retires early before they start collecting Social Security, how can they qualify for an apartment or home that requires employment and a certain income level?
What if they were living on dividends from a large amount of money? How would potential landlords look at this?
You have a income higher without SS of course. Income is usually judge by a tax return.
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