Rentals in Boston>Question Details

Nick Leeds, Home Buyer in Malden, MA

Renting with Bad Credit & Self Employment

Asked by Nick Leeds, Malden, MA Fri Jan 25, 2013

I have multiple credit card chargeoffs and self employed as an S corp owner. I have enough to prepay six months of rent and net between $1200 - $2000 a week after expenses.
My current property mgmt company is raising my rent by over $500 a month if I choose to renew from $1820 - $2345 a month for a two bedroom apt in Revere MA.
Every real estate has told me I don't a chance of getting approved on my own and the only possible way is with a cosigner or guarantor who earns 100 times the monthly rent.

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I seems to me that you would like to buy.
That is how I understand your approval question.

I would contact a local lending professional to help with this answer.

I know this guy can be helpful: rtranchell@totalmortgage.com
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell


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0 votes Thank Flag Link Tue Jan 29, 2013
It is possible with a some landlords but they ask for more of a security deposit. I would find an area rental expert to help you in the community you are looking for. They may have inside knowledge on landlords that are a bit more flexible with your situation. Good Luck.
0 votes Thank Flag Link Mon Jan 28, 2013
Not all landlords think the same way. There are a good amount of landlords that will need a co-signer form and also to collect 3 month (F+L+S), this way the landlord feels secure.

Best Of Luck
0 votes Thank Flag Link Sun Jan 27, 2013
It is possible with some landlords, who will require first, last, and security.
Good luck.
0 votes Thank Flag Link Sat Jan 26, 2013
A lot of landlords look at why your credit is bad. If the chargeoffs etc are from years ago, it is not as bad as if it were last week. You will also need to be able to prove your income. If you are making what you say and you have good landlord references, then you should be able to find something. I think talking to smaller landlords will probably get you something faster than if you speak with complexes. But I don't know your area that well.
0 votes Thank Flag Link Sat Jan 26, 2013
A good co-signer and two years of tax returns should help. Best to use a real estate agent if your future landlord is a large company but you may be able to work direct with an individual landlord. Looking forward it would be prudent to improve your credit - there are many self-help programs available.
0 votes Thank Flag Link Sat Jan 26, 2013
Let see, if you're renting for $1820 and they expect 100x monthly rent, that works out to 182k. I think if you were making 182k, you wouldn't need to rent. Real estate agents are only supposed to bring good clients to landlords. In your situation you're better off looking through craigslist. And don't offer to pay 6 months in advance, it has always sound very fishy to me when people do that, especially when the state law only allows landlords to collect up to 3 months in advance such as first last and security. The real thing that bothers me is that if you have 6 months of rent saved up, why do have credit card chargeoffs on your account? Why didn't you pay them off once you had the money? The landlord is just going to be another creditor and they don't want the same thing happening to them at a later date. I think a landlord would probably accept a guarantor who has good credit and made 3x the annual rent.
0 votes Thank Flag Link Fri Jan 25, 2013
I don't think you necessarily need a Cosigner with 100 times the monthly rent. Good references and an owner that is on the outskirts (revere, Malden, Everett, Quincy, West Roxbury, might be willing to go for it assuming everything checks out. This is assuming the credit score isn't shot to all heck. Your best bet is just to go into the process and being fully open about the situation so a landlord knows upfront.
0 votes Thank Flag Link Fri Jan 25, 2013
Hi Nick,

They are correct about the co-signer, however the amount is incorrect. It varies based on the landlord. However, if you are able to produce both proof of you current bank records as well as find someone with good credit and makes over at least $60K, you can certainly find a place!

Best of luck, if you need more advice, please feel free to contact me.
0 votes Thank Flag Link Fri Jan 25, 2013
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