Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Apartment Rental Process
Old 12-15-2010, 10:22 AM   #1
Recycles dryer sheets
gettingthere's Avatar
 
Join Date: Jul 2006
Location: Massachusetts
Posts: 150
Apartment Rental Process

I plan to purchase a small RV and take extended road-trips for a few years, and a location in the central area of the country would be more convenient for a home base than my current Massachusetts location. But I think Iíd like to return to this area once I have the itch to travel the country satisfied, so renting seems like a better choice for those few years.
Responses to RITís thread on apartment living gave me a lot of good information.
But I have never rented before, and am ignorant about the process.
What sort of information do you need to provide to prospective landlords?
Do they require proof of income? A credit check? Character references?
Is it better to go through a realtor? or deal directly with the apartment management company?
__________________

__________________
gettingthere is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-15-2010, 12:13 PM   #2
Recycles dryer sheets
figner's Avatar
 
Join Date: Jan 2007
Location: Los Angeles area
Posts: 329
I've rented mostly in southern California, and am not sure how varied this is around the country. It's typical for the landlord to do a credit check. Sometimes proof of income in the form of an employer's phone number. They usually ask for character references but I've never had a prospective landlord actually call one.

One thing to keep in mind: listen to your gut on any "red flags" that come up regarding an apartment or landlord. When they're hoping to get you to rent, they're probably presenting their best behavior - any issues you see then (communication, attitude, etc) will only be magnified later!

I've looked through apartment management companies, and also by browsing craigslist and driving around neighborhoods. Slight preference for individual landlords, as they can be more flexible and if they own the property, might be more responsive to maintenance issues.
__________________

__________________
figner is offline   Reply With Quote
Old 12-15-2010, 02:58 PM   #3
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 2,259
I've used craigslist for the last 2 moves I've made. That's my preferred method of searching for an apartment. They asked for my latest check stub in addition to running a credit report.
__________________
tmm99 is offline   Reply With Quote
Old 12-15-2010, 03:31 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
We are pretty conservative - a credit check of course, housing & employment history for the last 15 years, criminal background check, polygraph, retina scan, and blood sample for DNA matching on the Interpol database.

Then we get into familial history, mother's maiden name, user names and passwords, bank account numbers, you know; fairly normal stuff.



What figner said.
__________________
calmloki is offline   Reply With Quote
Old 12-15-2010, 04:44 PM   #5
Recycles dryer sheets
gettingthere's Avatar
 
Join Date: Jul 2006
Location: Massachusetts
Posts: 150
Quote:
Originally Posted by calmloki View Post
We are pretty conservative - a credit check of course, housing & employment history for the last 15 years, criminal background check, polygraph, retina scan, and blood sample for DNA matching on the Interpol database.

Then we get into familial history, mother's maiden name, user names and passwords, bank account numbers, you know; fairly normal stuff.


Thanks all, for your responses.
__________________
gettingthere is online now   Reply With Quote
Old 12-15-2010, 08:04 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,276
The other side of this - how do you check that the owner isn't behind on his/her payments? I guess it varies by state, but I recall some links to nasty stories here of a renter that got kicked out because the landlord was foreclosed. The renter was up-to-date in payments, and now was in a pickle to find a place, and lost his security deposit (at least for now, probably forever).

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 12-16-2010, 12:10 PM   #7
Recycles dryer sheets
gettingthere's Avatar
 
Join Date: Jul 2006
Location: Massachusetts
Posts: 150
Excellent point about the foreclosure issue, I had not really thought about that aspect.

I found this article idenitfying some other possible pitfalls to consider before renting:

5 Things Your Landlord Won't Tell You - Yahoo! Real Estate
__________________
gettingthere is online now   Reply With Quote
Old 12-24-2010, 09:17 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 2,712
Quote:
Originally Posted by ERD50 View Post
The other side of this - how do you check that the owner isn't behind on his/her payments? I guess it varies by state, but I recall some links to nasty stories here of a renter that got kicked out because the landlord was foreclosed. The renter was up-to-date in payments, and now was in a pickle to find a place, and lost his security deposit (at least for now, probably forever).

-ERD50
I think the issue depends upon if the apartment is part of a multi-family development or a single family house. A multi-family development is a business that makes its money by renting apartments out. To kick people out before the lease expires would not make sense for the bank, all they would get is less income from the place.
Note that since 2009 if you have a lease you can stay till the lease expires except if the new owner wants to live there, then you get 90 days, just as if you have no lease you have 90 days.
You may well loose the security deposit but you have to be allowed to stay for the term of the lease or 90 days.
__________________

__________________
meierlde is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The process of reaching THE decision Ken11 FIRE and Money 10 03-03-2010 07:47 PM
US Patent Process tryan Other topics 30 01-29-2010 08:40 AM
CFP Process Finance Dave FIRE and Money 7 11-05-2007 06:18 PM

 

 
All times are GMT -6. The time now is 08:56 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.