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Getting a rental with no paycheck
Old 04-10-2013, 08:36 AM   #1
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Getting a rental with no paycheck

I'm an early retiree in the process of selling my house and waiting for the new one to be built in another state early next year. So the plan was to just rent a nice condo in the new area for 8-9 months. When I go to many of the condo rental agency websites, the applications always asks for things like current paycheck (none), former landlord (none - owned my own house for thirty years), etc....

I'm sure I have a great FICO (never had any late payments in 30 yrs.). Is there a proper way to approach landlords in this situation? I don't want to show anyone how much money I have in investments, but would there be a problem convincing them I'm able to pay the rent ? (Pensions don't start for a few more years also....)

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Old 04-10-2013, 09:36 AM   #2
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I would write a letter to the landlord/property manager explaining the above. Their interest is getting paid and your taking good care of your property. If your house is on the market point them to the listing online. Ask what they need in the way of proof that you can pay the rent.

Personally I would not rent anything sight unseen. Seeing the property and meeting the landlord/property manager is an important part of the process.

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Old 04-10-2013, 09:42 AM   #3
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I was just in this situation. I took in a couple of bank statements showing that I had three times the rental rate for the amount of time I was renting. That and an excellent FICO score were all I needed for a quick thumbs up.
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Old 04-10-2013, 10:08 AM   #4
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I've been in the same situation, without pay stubs. Showing the landlord a brokerage statement solved the problem.
And if I claim to be a wise man, it surely means that I don't know.
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Old 04-10-2013, 10:10 AM   #5
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Make sure you see and approve of what you are renting. Cash is king and you are in a good position not a poor one. Any decent landlord will know this.
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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Old 04-10-2013, 10:53 AM   #6
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Agee with the above as a landlord myself. Look for independent landlords also. Management companies are going to follow the scripts that management requires.
Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."
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Old 04-10-2013, 11:46 AM   #7
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I just got back after showing one of my rental units to a potential tenant.

I'd certainly ask for a bank/brokerage statement. If you are uncertain about that option another option could be to volunteer to pay first and last month's rent up front in addition to the security deposit.
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Old 04-10-2013, 11:48 AM   #8
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Five years ago I was in this situation. I rented in a medium size building managed by a local apt management company. The interview was done by the resident manager. He asked me my income, and its source. I told him. He said I have to submit this, but clearly if you want it, it is yours. I told him I did, and that evening he called and gave me my move-in date.

In the big turndown in 2008, many residents left, but not me and not any of the trust babies. So managements are often not stupid. I think it may also depend on how you look and how you act. There are quite a few non-working but well off residents there, many have been there over 10 or 20 years. I ran into one of my former neighbors there a few days ago at the neighborhood grocery; she has been there 32 years, and never worked during this time. Likely she never worked during her lifetime.

So I had been concerned about the issues you mention, but it turned out to be nothing.

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Old 04-10-2013, 11:51 AM   #9
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I would think the combination of an excellent credit score, documentation of a large account balance in banks/brokerages and perhaps a willingness to prepay some additional rent in advance would be enough for most reasonable landlords, especially the ones that aren't a part of huge management companies with strict "by the book" guidelines that might require regular, documented income from work and/or pensions.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 04-10-2013, 01:04 PM   #10
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Thanks for all the responses. I'll take the suggestions given and will update the thread with whatever actually happens.

Time to go fishing in my favorite local hole for the last few times.....
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Old 04-10-2013, 01:45 PM   #11
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Bank statements with account balance worked in my case.

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