Really the most important item is what is their monthly income, and can they afford to pay the
expenses on a home, 1600 / mon for rent yes that is possible, but then they need to heat and cool it
and take care of the yard....
So it seems to me that your parents may be should put all their finances together, especially if they
know their credit is not going to come in good, money in the bank, monthly income, monthly obligations, like car payments and other.... and then may be just may be they should opt for a lower
rent, it is just the two of them, and finding something like a 2 bedroom 1 baths apartment should
work out for them, and will make their responsibilities so much easier to take care of. Then they
can save some money and rebuild their credit as well....
They can also opt for having someone co-sign the lease, ie. someone on the lease with them
taking responsibility in case they cannot pay rent.... Just a thought!
Take care and good luck, if you and your parents like to see what kind of rentals are available for
a couple, I gladly send them to you and your parents, just send me your e-mail addresses, that
way you get a good feeling for what they can rent in the areas in and around Skokie...
All the best to you and your parents
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ----
EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com
Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
A common way to address this is to have the tenant provide multiple month's rent, not as a security deposit, but as pre-payment of rent at the end of the lease, or pro rated over the term of the lease.
If the tenantq has very bad credit, we actually have some landlords who will ask for this and also leave the tenant as a month to month renter.
Tenancy at will (no lease) is much easier to end than a written leasehold, so if they do not pay, out they go ASAP.
If you have good credit and trust your Parents to make their payment, you could consider co-signing or being a co-applicant for the lease.
Connect with a good broker who knows those areas and understands your situation. You may want to have your parents download their credit reports from one of the many free sites that allow to download one or two reports a year. Then you can have information that is needed ahead of time so you don't waste money on application fees. I would also have a full explanation prepared as to the foreclosure and any other negatives on their credit that would be a concern.
Sohail A. Salahuddin | Group Founder
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Locally Known, Globally Recognized"
Rusty A. Payton, Broker
5650 N Broadway
Chicago, Illinois 60660