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Need Help With Apartment Application
Old 06-10-2007, 01:31 PM   #1
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Need Help With Apartment Application

This question might seem dumb, but how can I be approved for an apartment with low income? I have plenty money, just not much regular income.

Since I have very low recurring income-no pension, no SS yet, and fairly low dividends and interest in my taxable accounts, how do I apply for an apartment?

I am not too eager to show them my financial statement; yet without that how could they approve me?

Up to now I have lived either in my owned house, or shared with someone else and stayed off the lease. Time to get going, and I think I have found something I would like, at least for a time.

Can anyone share their experiences as SWR based retirees?

Ha
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Old 06-10-2007, 01:38 PM   #2
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Offer them a big security deposit.
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Old 06-10-2007, 02:32 PM   #3
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You might ask them what they want, given that you are retired. It may take very little to satisfy them.
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Old 06-10-2007, 03:06 PM   #4
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Ha, how old are you? If you are 50+, just tell them you are retired. I suspect you won't get much of a hard time if you have good credit. At least, not unless you are trying to get into a real exclusive spot.

I know intercst had a problem telling his apartment management that he was retired at age 39 (and looking his age). So he ended up demonstarting that he could afford to buy the building (for cash). But I don't think you'll have as much trouble if you have some grey around the temples.
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Old 06-10-2007, 03:12 PM   #5
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Quote:
Originally Posted by brewer12345 View Post
But I don't think you'll have as much trouble if you have some grey around the temples.
No gray; totally silver. I'm 66, and on a good day I look it.

Thanks all for the excellent suggestions.

Ha
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Old 06-15-2007, 07:59 AM   #6
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If you offered to pay a year's rent in advance there will be no issue with income (or lack there of). If a year is too heavy, negotiate less ( 6 months?).
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Old 06-15-2007, 08:12 AM   #7
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This may not be an issue, but if you prepay rent for a whole year or 6 months, you can't simply vacate if management is unreasonable. Month to month renters always have the practical option to walk away from a lease if maintenance isn't occuring, things break and don't get fixed, management does nothing to quiet abnormally noisy neighbors, etc. Is there a small brokerage account you own that has $50000-$100000 or so in it that you can show them a copy of the statement to say "look, I'm retired and have plenty of money"? That wouldn't tip your hand that you are well off.
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Old 06-15-2007, 12:17 PM   #8
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Hi, Ha,

I see the writing on the wall and will probably have to move within the next year or two. Im still working and a new landlord is systematically emptying my 13-unit building for remodeling and larger profits. So yesterday I began looking to see whats out there at what price. Landlords in my area now require applicants to bring along a credit report. Is that countrywide? Could be because my area is mainly young people, just out of college, 20 and 30-somethings. I had a horrible time finding and qualifying for an apt. 13 years ago but now (at age 60) a credit report in hand could give us an edge over
the others, maybe?

Cuppa
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Old 06-15-2007, 06:47 PM   #9
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Yes, you always need a credit report to rent. Just have it ready for them.

Ha, policies vary a lot by complex. A few are very inflexible and simply will deny you without enough taxable income. But most will work with you. Find out what they want. intercst did mention (if memory serves me now) that he got rejected once by a complex that was simply inflexible.

I wouldn't prepay too far, but would have no problem prepaying 3 months and offering a larger than usual deposit, for instance. Also, having good references probably wouldn't hurt -- and proof that you owned property.

It would be better if you had already been renting and could use your last landlord(s) as references.

Also, if they want financial assets, you don't necessarily have to show big money in a brokerage account. "Big money" to them is having, say, $8000 in a bank savings or checking account. That makes you richer than 95% of the other applicants.

Please let us know how it goes. I will be in the same situation, but I have good landlord references. I also have little non-brokerage accounts (I need this for extensive traveling for ATM access) that I wouldn't mind showing to a prospective property manager.

Kramer
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Old 06-16-2007, 04:37 AM   #10
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Depending on the state you are in Apartments usually only want enough security deposit to cover the rent for the time it may take to evict someone. Maybe 1-2 months. But depending on the area sometimes Deposits can be troublesome to get back. I would offer them the standard deposit and to pay 2 months rent up front. Anything is negotiable anymore.
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