Rentals in Chicago>Question Details

Jason Piccia…, Renter in Chicago, IL

How do I rent with very bad credit but $5,000 cash, any advice?

Asked by Jason Picciariello, Chicago, IL Tue Mar 4, 2014

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If you can prove steady income with paystubs and have a good landlord reference, your chances will be better. Also, offer 2 months security deposit to any landlord that you talk to. Your best bet is to reach out to advertising landlords directly so that you can explain your situation and offer these items in hopes of getting approved. Good luck!
1 vote Thank Flag Link Tue Mar 4, 2014
Offer as much RENT up front as you can.
1 vote Thank Flag Link Tue Mar 4, 2014
Offer them extra security or give them couple months advance rent. Landlords generally just want some assurance that people will pay. This gives a safety net.
1 vote Thank Flag Link Tue Mar 4, 2014
Hello Jason ,It depends on how bad is bad and what is the bad credit how old is it? Sometimes depending on if you are dealing with an landlord vs an management company sometimes you may be able to explain your credit issues.Maybe you can offer instead of one months rent and one month security deposit you may offer a few months rent and one months security as good faith.
1 vote Thank Flag Link Tue Mar 4, 2014
Jason

John advice is right. Credit scores can be overlooked if you offer to prepay your rent or add on additional security deposits. It still will depend on the landlord on a case by case basis. If you are working with an agent, have them tell the agent up front so that you are not spinning your wheels.
1 vote Thank Flag Link Tue Mar 4, 2014
In addition to the great advice offered below I recommend that you start working on fixing your credit. There are free and inexpensive parties out there that can help you with this. Let me state the obvious in that having good or at least decent credit will make it easier for you to get a loan to buy a car or better yet home (why deal with landlords?)
0 votes Thank Flag Link Wed Mar 12, 2014
Extra security deposit is better then extra rent. Once the extra rent period is over,the landlord can still end up with a tenant not paying rent. And no real deposit to back it.

Extra deposit means you will still have to keep paying monthly rent and the landlord has the assurance that if you falter, they have a big deposit to back up the time necessary to pursue eviction.

Plus, its always a little more difficult to get landlord response for issues when advance rent is paid ;-)
0 votes Thank Flag Link Wed Mar 12, 2014
Jason,

You can work with a broker or leasing agent or do this on your own. You will need to find a private landlord for the most part. Property management companies have strict guidelines that must apply to every applicant equally.

First, hopefully you have a good reason your credit is very bad. Be very honest and upfront with any landlords property you are looking at, or, if you are working with a broker or leasing agent be honest with them. Look for "For Rent Signs" by private landlords. You can also do reverse prospecting on craigslist which is very effective. If you don' know how to do this feel free to email me and I will be happy to step you through. manuelbrown@chicagoresourceborker.com put it the subject "reverse prospecting".
0 votes Thank Flag Link Wed Mar 5, 2014
All good advice below. I also think it would be best for you to have a leasing agent represent you. Landlords tend to take you more seriously when you are represented, and it won't cost you any money. Good luck.
0 votes Thank Flag Link Wed Mar 5, 2014
Extra security deposit, pay a few months upfront, write a letter, etc.
0 votes Thank Flag Link Tue Mar 4, 2014
Thanks for the reply back!
Flag Wed Mar 5, 2014
Thanks for the reply.
Flag Wed Mar 5, 2014
Extra security will hep in your case and a letter to the landlord
0 votes Thank Flag Link Tue Mar 4, 2014
Thanks!
Flag Wed Mar 5, 2014
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