Have money, need apartment.
November 16, 2012 9:01 AM Subscribe
Bad credit, but good income. Other complications. You're a landlord - what would convince you to rent to us, especially in a competitive housing market? Or you've been in a tenant in this or similar situations - what did you do? Snowflakes abound.
posted by anonymous to Home & Garden (15 answers total) 4 users marked this as a favorite
I and my partner need to rent a new apartment within the next month and a half. Combined, we have a fairly decent income - around 100K. The problem is, both of our credit is fairly bad, due to things that are absolutely fixable but not within our time limit to move.
Doing the traditional divide-by-40 rule gives us around 2500 as a figure. We are looking to get an apartment well under that, which in theory should make a landlord more comfortable, but I'm just not sure.
In addition, we don't have recent rental history, as we have been subletting. I have several years of excellent older rental history, with never a late or missed payment. My partner, however, has an eviction on his past record. It was unjustified - he was evicted after he had already given notice and moved out - but again, will probably take more time than we have to correct the record.
Before anyone says "You'll be fine, as long as you're not in SF, LA, or NYC - well, we are, so that hope is off.
I am not quite sure what to do - most listings that I've been looking at either mention "need good credit" on the listing or ask for rental history/recommendations from landlords. When I contacted a broker, they asked about what our credit was like. The ones that don't ask me to bring everything with me so I can be approved and sign- I guess rentals move very fast here. I have seen some recommendations to come and present well, which we can certainly do, but we need to get in the door first.
I don't know what to do, or what to bring to mitigate this. Should I go through my old paperwork for my previous apartment managing companies? Write to them and request references? Offer to pay some months up front in addition to the usual first/last/security combo? Would it even matter at this point? What is our best option? (And would it be best to hire a broker who deals with people with bad credit? How would we find them?) Please help!