Using bank balance letter to secure a lease?

[Ramen]

I'm shopping around for a new rental as my current condo lease nears an end. Since I was FIREd when I moved in last year, I had to show proof of a bank balance with 6 months' worth of rent in reserves. For privacy, I did this by taking a screen shot of a brokerage account statement showing only the cash portion of the balance.

Now I see that I can auto-generate a "balance letter" from Schwab confirming that I have a balance in excess of X amount (I can choose any amount, such as 6 months of rent). The letter starts with just one line saying "this account has at least this much," followed by several lines of caveat about how the balance is subject to change at any time.

Has anyone gone this route when applying for a lease? It seems less invasive, as it shows only that I have enough but not exactly how much.

If such a letter isn't enough, my backup plan is to do the statement screen shot again. However, now my balance is much higher than last year's because of December year-end distros and I'd rather not disclose that much. Thinking of moving some of it to savings so the disclosed number will be lower. Or maybe just present the savings account statement.

Any thoughts or experiences regarding balance letters for leases?

 

[OldShooter]

... Any thoughts or experiences regarding balance letters for leases?

Simple: Ask the lessor.

 

[Ramen]

Simple: Ask the lessor.

Right, but I don't know who it's going to be yet. Just trying to get my ducks in a row first and don't want to move money around unless I need to.

 

[njhowie]

Has anyone gone this route when applying for a lease? It seems less invasive, as it shows only that I have enough but not exactly how much.

If such a letter isn't enough, my backup plan is to do the statement screen shot again. However, now my balance is much higher than last year's because of December year-end distros and I'd rather not disclose that much. Thinking of moving some of it to savings so the disclosed number will be lower. Or maybe just present the savings account statement.

Any thoughts or experiences regarding balance letters for leases?

We've generated this letter from Fidelity's website and used it for asset verification when applying for a rental. No problems whatsoever.

 

[Ramen]

We've generated this letter from Fidelity's website and used it for asset verification when applying for a rental. No problems whatsoever.

Excellent, thanks!

 

[NgineER]

I have a couple of tenants that have been self-employed and one who FIREd in his late 20s. They all put down three months rent up front plus security deposit and that rent amount has always remained constant but could be used if there is a failure to pay rent. I think that in addition to your letter from Fidelity it would suffice.

 

[Ramen]

I have a couple of tenants that have been self-employed and one who FIREd in his late 20s. They all put down three months rent up front . . .

Evidently landlords are not allowed to accept early rent payments here. I once offered to pay ahead and was told no dice.

 

[Sunset]

Evidently landlords are not allowed to accept early rent payments here. I once offered to pay ahead and was told no dice.

So weird..

When traveling around the country contracting, I'd need a place to rent.

My answer was to offer 2 months rent in advance. It was accepted.

 

[NgineER]

Evidently landlords are not allowed to accept early rent payments here. I once offered to pay ahead and was told no dice.

That is odd, but there could be local laws forbidding this, but it could also be labeled as security deposit or something like it. I'm sure that crafty landlords that want to rent to you would find a way to accept the uncertainty of not having a regular income.