Hi all, hope I'm posting this in the right place, if not, mods, please move as needed. Apologies in advance for the long post, this one needs a bit of background (if it matters, this is in California):
I am FIREd, with elderly parents that are also retired. My parents have burned through all their assets and have no income other than SS, which covers their daily expenses, not much more. I have been helping my parents the last 10 years or so by letting them live in a second home I own on the outskirts of the city, rent-free, so everything has been fine.
Unfortunately, for various reasons, including my parents' health and their desire to relocate, I will be selling this home this year. The central, downtown area my parents would like to move to really doesn't offer many options beyond renting, which is OK with us, and I've offered to continue assisting them by paying the rent for them.
Here's the problem - as I am FIREd, I have no income stream to show other than my minimal dividend returns each year. I would not qualify for any of the rentals based on my income (although clearly I would based on assets, and my 800+ credit). I know this topic comes up time to time and realize that I could eventually find a landlord willing to allow a lease if I show proof of my assets, but would still be an outlier and have some trouble finding a landlord willing to play ball.
However, the wrinkle I have is that I would not be living at the apartment, my parents would. They absolutely would not qualify for any rental (no assets or income, horrible credit). I imagine most landlords would balk at the idea of non-lease tenants with no income and horrible credit living in their apartment...on top of all that, rentals are in high demand in the new neighborhood they are looking at, so I'm assuming landlords are generally not going to be flexible.
From what I've gathered trying to research this online, it looks like my only option is to purchase a property again, maybe a small condo unit, but I'd really prefer not to purchase again, so if there's anyone with renting/landlording experience in this type of situation, I'd love to hear about it. Or perhaps I need to be looking at a specific type of rental unit, maybe senior living apartments would be more accommodating to this type of situation? (although they are even harder to get into in this area, from what I've heard)
Thanks for reading, sorry again for the wall-o-words...
I am FIREd, with elderly parents that are also retired. My parents have burned through all their assets and have no income other than SS, which covers their daily expenses, not much more. I have been helping my parents the last 10 years or so by letting them live in a second home I own on the outskirts of the city, rent-free, so everything has been fine.
Unfortunately, for various reasons, including my parents' health and their desire to relocate, I will be selling this home this year. The central, downtown area my parents would like to move to really doesn't offer many options beyond renting, which is OK with us, and I've offered to continue assisting them by paying the rent for them.
Here's the problem - as I am FIREd, I have no income stream to show other than my minimal dividend returns each year. I would not qualify for any of the rentals based on my income (although clearly I would based on assets, and my 800+ credit). I know this topic comes up time to time and realize that I could eventually find a landlord willing to allow a lease if I show proof of my assets, but would still be an outlier and have some trouble finding a landlord willing to play ball.
However, the wrinkle I have is that I would not be living at the apartment, my parents would. They absolutely would not qualify for any rental (no assets or income, horrible credit). I imagine most landlords would balk at the idea of non-lease tenants with no income and horrible credit living in their apartment...on top of all that, rentals are in high demand in the new neighborhood they are looking at, so I'm assuming landlords are generally not going to be flexible.
From what I've gathered trying to research this online, it looks like my only option is to purchase a property again, maybe a small condo unit, but I'd really prefer not to purchase again, so if there's anyone with renting/landlording experience in this type of situation, I'd love to hear about it. Or perhaps I need to be looking at a specific type of rental unit, maybe senior living apartments would be more accommodating to this type of situation? (although they are even harder to get into in this area, from what I've heard)
Thanks for reading, sorry again for the wall-o-words...