I have a decent amount of money, enough for a years rent in a cheap apartment, but no credit and no cosigner. Will they take 6 months, or a year or whatever in advance to solve the credit issue?
2006-12-14 05:57:51 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Most place accepts advance payments, but you will need to check with your Land Lord in advance to see if they do.
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2006-12-14 06:03:01 · answer #1 · answered by tora911 4 · 1⤊ 0⤋
To any decent landlord, offering to pay 6 months rent in advance would throw up a red flag. No credit? Bad credit? Collectable?? Most landlords base their decisions to rent to people on credit checks. If you have horrible credit because you dont pay your bills, I am not renting to you and no self respecting LL would either. You would be too much of a risk. So what if you paid 6 months rent in advance. After that 6 months is up, you cant make the rent, or the apt has alot of damage, your credit proves that you are not collectable, The landlord would just be slitting his own throat to take that kind of chance.
As a landlord of 12 yrs, I wouldnt accept you. I require a criminal background check, a credit check, and verifiable references from employment and banking facilities. You dont have them, you dont get my apt. I keep my properties in great shape, make repairs right away, and screen my tenants well. Screening keeps my properties in great shape.
Actually you had better check with the state laws about what is allowable to be paid in advance as rent. Here in MI, we Landlords can only collect first month, security deposit of 1 1/2 times the rent, and a non refundable cleaning fee. Once you become a tenant, I am allowed to accept 2 months in advance if offered. However, that just keeps you 2 months ahead on the rent because you still pay rent every month. No, you dont skip 2 months of paying, you are just 2 months ahead. If you leave before then, you forfeit those 2 months,
It is NEVER a good idea to try to pay ahead any farther than 1 or 2 months ahead. Circumstances change, you may have to move for personal, medical, or job related reasons before that. Would you rather lose 1 or 2 months rent compared to 1 yr of rent? Some landlords would try to keep that 1 yr of rent. That is what give landlords bad names. The greedy ones. The slumlords are the ones that dont care who they put in their apts and dont make the repairs.
2006-12-14 15:46:41 · answer #2 · answered by kimmamarie 5 · 1⤊ 0⤋
Have you left damage or broke lease before? May not matter, from personal experience:
Yes, never heard of an appartment complex, or landlord who wouldn't accept it. From my personal experience I had poor credit (ran up credit cards when I was 19)and broke a lease (no damage) I gave them 1st, last, and security, then also the 2nd month. They still had to run the necessary credit and background check which also cost ( I want to say $20) my total was $2500 and they actually gave me a break on each months rench of $25 so do some negotiating. First ask them if rent could be lowered $25-50 if paid in full most of the time, they will give you a discount. then deal with the credit check part, they may not even run one!
2006-12-14 14:16:50 · answer #3 · answered by EJ A 2 · 0⤊ 0⤋
Many apartments simply take a larger deposit or a First/Last instead of a long term pre-pay.
Beware to prepay very far. I recently saw a "people's court' type thing when someone paid for 1 year in advance. Then the water heater breaks or the furnace and you can't withold rent to get them to fix it.
I'd offer no more than 3 months in advance.
2006-12-14 14:01:08 · answer #4 · answered by Anonymous · 3⤊ 0⤋
You bet. Years ago I did the same thing. Credit sucked, but I had enough to pay the first 6 months of the year lease. That was enough to get the management company to take me when they otherwise wouldn't.
2006-12-14 14:14:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes you can. I payed my rent 2 years in advanse and they did not check my credit. there is a web site called the fanny mae foundation. it is a 1800 phone number and you can get it by dialing 1800-555-1212
2006-12-14 14:09:14 · answer #6 · answered by billymuston29 1 · 0⤊ 0⤋
heck yeah you can pay for rent in advance and most ppl who have properties up for rent would rather do that so go for it. be honest with whom ever you are going to rent from and let them no that you have the money now to pay in advance. tell them the money part first then deal with the paper work involved. good luck=)
2006-12-14 14:06:56 · answer #7 · answered by Anonymous · 1⤊ 1⤋
I wouldn't pay any money up front... Just in case something happens to your apartment that you cant live there.. it is not definite that you will get the money back!
2006-12-14 14:29:41 · answer #8 · answered by Jbaby 2 · 0⤊ 0⤋
thats what they will ask for most likely. One drawback is that if you do not like the apartment and you leave, you forfeit all the money you paid.
2006-12-14 14:00:28 · answer #9 · answered by prudentzeta 2 · 1⤊ 0⤋
Most places will allow it. Only one way to know for sure, ask the apartment manager.
2006-12-14 14:00:09 · answer #10 · answered by SuperAndy dot com 2 · 1⤊ 1⤋