Can I get approved to rent a house with a small income but large assets?

Asked by Chloe Oehler, Springville, UT Mon Feb 25, 2013

My husband and I are planning to move to Phoenix, AZ from Utah in about a month. Our annual income is very small (about $10,000 since my husband is a pilot early in his career) but we have been able to live a comfortable life using his trust funds. We have never rented before but plan to in Phoenix because we will only be there for 1 year. We own our house outright (worth about $240,000) along with about $30,000 in stocks. My worry is that when we apply to rent a home they will only be looking at our income and possibly our rental history (of which we have none). So what I'm wondering is, are these valid concerns?

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5
Jeffrey Masi…, Agent, Scottsdale, AZ
Mon Feb 25, 2013
Dear Chloe:

From what you have said, you will not have any problems.

By the way here are the rental homes currently available in the metro area. http://link.flexmls.com/ub8m3gk7wx9,12

If you need help feel free to contact me.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart Realty
Scottsdale
http://JeffMasich.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
0 votes
Joel Scheller, Agent, Mesa, AZ
Mon Feb 25, 2013
Hello Chloe,
Every situation is different & yes they are valid concerns. The rentals you'll find on the MLS with Management Companies representing the landlord will be much more strict about their guidelines than agents representing just a handful of rentals per year. If credit or income is a problem most landlords are quite good with prepaid rent sometimes six months or more in advance. In most cases a letter just like the one you wrote explaining your situation goes a long way in securing a home. If your able to talk to the landlord represenitive yourself, this might help too. Good Luck & Welcome to the Valley.
0 votes
Brian Anders…, Agent, Scottsdale, AZ
Mon Feb 25, 2013
It's up to the owners or management companies about how to go about doing it but generally speaking, having money would not make it harder. Might mean a higher security deposit, more upfront rent paid, or disclosure of documents ( make sure account numbers are blacked out). What might really help are K1s or whatever tax info you received on it.
0 votes
Liza Asbury, Agent, Phoenix, AZ
Mon Feb 25, 2013
Chloe,
Hello - I specialize in rentals and would love to help you! You should be able to secure rental by showing proof of assets and/or paying in advance for a portion of the lease. Please email me and we can chat. I look forward to hearing from you.

Liza Asbury
Realtor | Realty ONE Group
480.452.6543
lizaasbury@gmail.com
0 votes
Jason Webb, Agent, Glendale, AZ
Mon Feb 25, 2013
Hi Chloe,

I am a property manager and own rental property. With your assets and if you have no credit issues, I would expect you will not have a problem. You will probably need to document your assets.

If you run into any issues, offer additional deposits or prepaid rent. That will usually offset any income issues.
0 votes
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