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Old 08-24-2010, 05:21 PM
 
113 posts, read 595,399 times
Reputation: 42

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Have to shake my head at this one..

We are moving to Florida, Tampa area. We have checked out several condo's in the area and are making a final decisions this weekend. We hit a snag, as expected.

I am self employed, but since my income is based off my taxes, it shows poor for 2009. My wife was recently laid off. So sure, I get it, there is a problem with income to back up the rent. The solution in my mind? Prepay.

I have offered various real estate companies 3,6,9 and 12 month prepayments for 1 year lease.... DECLINED!

Wait a second.. what? Credit issue? Nope... Background check issues? None..

Problem? Agent says dont have the proof of income to pay the rent..

US: I will pay for X amount upfront. Worst case, pay for the whole year...
Agent: Sorry, due to liability issues we cannot do that.

US: Anything we can do?
Agent: Nope, sorry cant help you. Best to find a home owner who isnt under our regulations.

Hard to believe that in an economically depressed state with one of the worst housing markets in the country that they will not take a prepayment. I get the lack of income part, but with cash in the bank they wont take us. I am finding this with a lot of multi unit condo places.

Anyone run into this one yet?
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Old 08-24-2010, 05:30 PM
 
5,453 posts, read 8,224,828 times
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I think "prepaying" is a huge mistake...when we first moved to Tampa we rented a property that after 4 months foreclosed on us, lost security deposit etc....we had to move....can you imagine if we paid for the whole year!!!!!!!!!!! OMG that's like 10k+....we lost 3k and was enough loss to last a while.....

Maybe find a temp job or something....but NEVER take such risk and prepay.....you can loose big time...
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Old 08-24-2010, 05:35 PM
 
113 posts, read 595,399 times
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Well only with a large condo development & corporation would be do that. Small house with a typical owner? No way.
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Old 08-24-2010, 05:35 PM
 
37 posts, read 74,152 times
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Tha's weird. Never heard that before. But then again, I moved back to Maine (my home state) from Pennsylvania 15 years ago, and a bank there wouldn't let me open an account (and deposit up to $50,000) because I didn't have a job. The woman literally told me to come back when I had a job even though I was hold the check for thousands in my hand. Absolutely perfect credit, too. Just moving home to be near my mom. (found another bank)

I don't understand businesses that only want business on their strict terms.

So, I suggest you go to homeaway.com and look up vacation rentals. Many are villas or condos and many will take annual rentals. You often will be dealing directly with the owner, so I really believe you'll have much better luck.

And good luck with the hunt. I would avoid the real estate agents.

Lulu
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Old 08-24-2010, 06:57 PM
 
Location: Saint Petersburg, FL
1,881 posts, read 3,276,369 times
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Try to find an individual landlord rather than going through a company. I rent my house out up north and I would potentially take a 12 month prepayment, as long as your credit and references checked out.
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Old 08-25-2010, 01:47 PM
 
Location: East Tennessee
3,928 posts, read 10,673,615 times
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NHtoFL, you should heed Algia's advice because it applies to "large condo developments & corporations" as well. If you go that route, you should ask to see their financial statements and budget. Some of these complexes have no reserves for replacements and are operating in the red.
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Old 08-25-2010, 02:18 PM
 
26,840 posts, read 41,741,588 times
Reputation: 15052
We do rent out to people with not much proof, but they have to pay at least first, last and sec. deposit.

Since we do professional property management we don't allow any of our homes to have a lien, since it is against the law to rent out a property that is in foreclosure.

I don't understand why a reliable company wouldn't rent out to a person that is offering to pay cash upfront. We do have sometimes a red flag when it comes to someone who wants to do it, but if they can proof why, then it is okay with us.

The last person who wanted to pay cash didn't want us to run their background and that is for us a huge "NO"...We run a background check and if that comes back without an eviction or criminal background we can accept pre payments.

So far no one has done it....since usually people who want to do pre payments are doing it for a reason...

If the OP wants to have his background checked and pay upfront...he can rent from us
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Old 08-25-2010, 06:53 PM
 
113 posts, read 595,399 times
Reputation: 42
I think I hit a few bad ones or was talking to the wrong person for the first few. We have since applied and have a few approvals. So things actually look up.

Apparently there is some sort of law about prepayments... odd that these places would say no.

All good
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