Posted by
Dana Garcia

How can I rent with a current payment plan with current apartments I'm in now?

Im currently looking for a new place to live because I can no longer afford where I'm staying. My lease is up and I've given my notice. The only thing is that I'm not current on my rent, my leasing manager did say I can setup a payment plan until it's paid off. I became behind on rent when I lost my job, I did find me a new one but just having a hard time with rent due to it being so high. But is it possible for me to find a new place to live? Anyone have any suggestions?

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How can I rent with a current payment plan with current apartments I'm in now?

By Dana Garcia   
Posted on Jun 17, 2017 in Topic: General
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Im currently looking for a new place to live because I can no longer afford where I'm staying. My lease is up and I've given my notice. The only thing is that I'm not current on my rent, my leasing manager did say I can setup a payment plan until it's paid off. I became behind on rent when I lost my job, I did find me a new one but just having a hard time with rent due to it being so high. But is it possible for me to find a new place to live? Anyone have any suggestions?
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Viewed: 487
Asked by: Consumer
Posted: 2 months ago
Topic: General
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Helen Hairston
about 2 months ago
Hi Dana,

I am sorry to hear you have been going through a bit of trouble due to losing your job, but it sounds like things are turning around. Homes for rent on HAR.Com that are listed with Realtors usually have a minimum credit score requirement as well as income requirement. These qualification may vary from owner to owner. Knowing where your FICO score and income stands, may help a Realtor advise you on what could be available as far as options. I would also recommend as you start looking that you write a letter of explanation to the future landlord explaining the job loss and how things have turned around due to new employment, and provide it to your agent to share with your application.

Best wishes on better days ahead!

Helen


about 2 months ago
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Ryan Kohn
about 2 months ago
Hi Dana,
Are you looking for a house as opposed to an apartment?
There are more qualifications when renting a house or Town home. Credit, criminal back ground and rental history can be a much bigger determining factor for application approval. There is typically a much higher deposit as well which you should be aware of. Most apartment deposits will be between $100-500 where as traditional single family homes will require a minimum of 1 months rent and in most cases where there are credit or rental history issues it can be 2x or more. I do quite a bit of these and am fairly successful in getting approval for my clients, these would be my recommendations regardless of renting traditional homes or apartments.
Typical requirements for income (Before taxes are taken out) is at least 3 times rent. Don't max out this ratio, look for rentals under.
Write a letter of distress: Why you were behind on rent as well as any other delinquencies on your credit report. They will see it and they will ask. Tell them first, then end that letter with a reason as to why it wont continue to be an issue.
Talk to your current landlord, ask them what they will say when asked about your rental history. If you can, go a head and set up the payment plan and stick to it. It will show new landlords that you are attempting to pay what is owed and is a huge step in the right direction. You can have awful credit, but if your current landlord praises you heavily, this will mean much more than credit issues from the past.
BEFORE YOU FILL OUT AN APPLICATION! Talk to the landlord for the home you are looking at. Be brutally honest with all of the above, hand them your letter and ask them if they would still be willing to consider you. They will not approve you without an application, but they can give you a definite no if your circumstances wont be considered. Applications cost money, don't waste it on folks that won't work with you.
Ryan Kohn
281-636-8179
ryank@wrkrealty.com


about 2 months ago
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Doris Snipp
about 2 months ago
I am so sorry about your current situation. My advice is to set up a pay back plan, but move from the expensive apartment, you can not afford. Do you qualify for rental assistance? Is there family you can stay with, until you are back on your feet. It sounds as if job security is your real problem. There are many financial assistance programs at 2 yr colleges that can lead to a career with better income and job security. They can help with remedial classes, show you how to get a GED if needed, but best of all, education will change many aspects of your life. Today, many employers have hired community collleges to train workers for the skillls they need in their employees. This gives you an education and a job. Work while going to school to pay your back rent. Maybe in the meantime you could share a rental until you are ready to rent on your own.


about 2 months ago
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Pamela Banks
about 2 months ago
Nothing is impossible. it is not going to be easy. Some apartments and single family resident landlords require any past due amounts be paid. Single family residence usually require equal deposit for rent. If a owner agrees to accept your application they may require additional deposit. Having a realtor to submit the necessary information and proof of situation and or letter of explanation works best for you. When looking for an apartment a apartment locator can narrow the search down by putting in various search criteria and following up with phone calls and emails to verify the specifics of what each individual apartment will accept. Submitting application fees and getting turned down can become quite pricey. I suggest you find a a agent that will work with you and be totally honest with you in your search. If you have not located an agent to represent you ro signed up with a apartment locating service I would like the opportunity to work with you. Give me a call, Pamela Banks, Strongtower Realty & Mgmt, 832-423-8303, strongtrm@yahoo.com. Thank you in advance.


about 2 months ago
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Pinky Pirani
about 4 weeks ago
You can find a new place to live but you will have to end the old one in good terms. Talk to the manager and let her know you have a clean intention for paying back everthing due and need a payment plan. This will might help to avoid a red flag on credit. Whenever you rent an apartment they alaways do rental verification with old landlords. So if you end in a good terms with the previous it should'nt be a problem to lease in a new place


about 4 weeks ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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