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: 111
Asked by: Consumer
Posted: 6 days ago
Topic: General
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Bronze
Helen Hairston
about 4 days 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 4 days ago
Bronze
Ryan Kohn
about 24 hours 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 24 hours ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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