# How To Rent An Apartment With Assets, But No Income?



## sterling (Apr 25, 2018)

Hi--

  Any ideas?  I'm hoping to semi-retire around this time next year.  I'll be 56-yo.  I'll have lots of savings, a large stock portfolio, and a 401(k).  I'm hoping to start a business soon after I arrive in my new, non-California location.  But I won't have an actual job.
  So, the problem is, as best I can tell, it's impossible to rent an apartment without paycheck stubs to show.
  Has anyone else faced this problem?  Any advice?

Thank you!


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## Aunt Bea (Apr 26, 2018)

I was in that same situation several years ago and found that the apartment complexes in my area based my eligibility to rent an apartment on my credit score and the background check that was done as part of the application.

Go look at an apartment and talk with the apartment manager before making any assumptions.

Good luck!


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## jujube (Apr 26, 2018)

There are a couple of ways around that.  Offer up a bigger security deposit or pay a few months rent up front.  This isn't legal in some places, though.  

Otherwise, rent from private owners who might be more lax in their requirements than the large management companies or complexes.


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## mathjak107 (Apr 26, 2018)

yes , many states have restrictions on how many months rent or security can be held even when the tenant wants to give more up front . .


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## Lon (Apr 26, 2018)

sterling said:


> Hi--
> 
> Any ideas?  I'm hoping to semi-retire around this time next year.  I'll be 56-yo.  I'll have lots of savings, a large stock portfolio, and a 401(k).  I'm hoping to start a business soon after I arrive in my new, non-California location.  But I won't have an actual job.
> So, the problem is, as best I can tell, it's impossible to rent an apartment without paycheck stubs to show.
> ...



Invest some of your cash and other assets in a good MANAGED FUND that will pay you an amount each month that you specify. Hopefully your fund will earn more than the amount you specify. The fund can be tied to a no fee checking account. There are a number of excellent funds that do this. You will then be able to show statements in lieu of pay stubs. ​


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## Lon (Apr 26, 2018)

Check out MANAGED FUNDS with VANGUARD & CHARLES SCHWAB


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## KingsX (Apr 26, 2018)

sterling said:


> Hi--
> 
> Any ideas?  I'm hoping to semi-retire around this time next year.  I'll be 56-yo.  I'll have lots of savings, a large stock portfolio, and a 401(k).  I'm hoping to start a business soon after I arrive in my new, non-California location.  But I won't have an actual job.
> So, the problem is, as best I can tell, it's impossible to rent an apartment without paycheck stubs to show.
> ...




I would be in your same situation... that is why I hang on to my paid off house.

When I was looking at apartments,  I was told that if my income was not in line
with the rent,  I would have to pay an entire years rent in advance.

.


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## Kitties (Apr 27, 2018)

I have to keep working until I find a mobile in a park that I want. If ever I find one, because I have to have income verification to get approved for the park. I'm working part time which gives me enough.

Have you thought of looking online at some apartments in your target area and calling them to get information about this?


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## needshave (Apr 27, 2018)

I have a friend that was trying to rent an apartment outside of Santa Barbara, she is in exactly the same situation. It was 3k per month. She offered to pay security plus the entire years lease or rent, 38K. The management company refused due to a problem associated with Eviction, should that be necessary. Apparently, there is some problem with eviction if there is an advanced payment. That's what I have been told anyways. I was always told money talks.....apparently not always


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## applecruncher (Apr 27, 2018)

I can understand why prospective landlord would not want to accept a year s rent in advance.  Sounds suspicious and as mentioned eviction might be a problem.


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## sterling (Apr 27, 2018)

There is some helpful information in these replies.  THANK YOU. 
If anyone else wishes to weigh in, please do.  I can use all the advice I can get.
It may be significant to point out that my current FICO score is 809.


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## helenbacque (Apr 27, 2018)

Sterling, look for rental property that is privately owned, not one that is controlled by a management company.  Several years ago I owned and lived in a small unit in an oceanfront condo complex, - 150 or so units.  Some of the owners there used their condo as investment property with the ultimate goal of one day living there and with rental income helping make mortgage payment while they lived and worked away. 

I saw the same thing when I lived and sold real estate in the Florida Keys.   Many of the 'away' owners there did the same.

Also, an individual owner looking for a good responsible tenant might be more likely to be sympathetic to your situation than a large, impersonal management company.  Good luck.


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## mathjak107 (Apr 28, 2018)

applecruncher said:


> I can understand why prospective landlord would not want to accept a year s rent in advance.  Sounds suspicious and as mentioned eviction might be a problem.



not only do many states forbid taking payment in advance beyond a month or two but yep , when the money is up eviction could be a problem .

but being retired ourselves and a landlord for 30 years  it should not be hard to demonstrate to a landlord both an ability to pay  and a want to pay via a good credit report and either tax returns or financial statements


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## applecruncher (Apr 28, 2018)

mathjak107 said:


> not only do many states forbid taking payment in advance beyond a month or two but yep , when the money is up eviction could be a problem .
> 
> but being retired ourselves and a landlord for 30 years  it should not be hard to demonstrate to a landlord both an ability to pay  and a want to pay via a good credit report and either tax returns or financial statements



What I meant was what if landlord wanted to evict before money was used up....i.e. if person was a problem tenant? Tenant might feel since they paid several months in advance they could violate lease in various ways.  Situation could be a nightmare.


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## mathjak107 (Apr 28, 2018)

applecruncher said:


> What I meant was what if landlord wanted to evict before money was used up....i.e. if person was a problem tenant? Tenant might feel since they paid several months in advance they could violate lease in various ways.  Situation could be a nightmare.



anything can happen when you deal  with tenants . eventually when  one of the big three get a tenant no matter how carefully you screen . DIVORCE-ILLNESS-JOB LOSS  eventually can become the landlords problem too .

while a financially sound tenant with a good credit report helps even the best of them can go bad . so i always prefer to at least start out with someone who has already demonstrated both an ability to pay and a want to pay.

our stabilized apartments only allow first month's rent and a month security . our non stabilized apartments always  get first months rent , last month's rent and a month security  up front .


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## OneEyedDiva (May 1, 2018)

mathjak107 said:


> yes , many states have restrictions on how many months rent or security can be held even when the tenant wants to give more up front . .



I never knew that! Who woulda thunk it?! But I understand why after reading other replies about advanced payments.


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