Will Anybody Rent us an apt?

Generally landlords aren't hip to cash up front - they like folks with well paying, stable jobs and good credit ratings. Getting the rent paid is one thing, having tenants that won't destroy their apartments is another. Not making any comments about you specifically, but folks with low credit ratings and without stable employment often go hand in hand with a risk for the upkeep of an apartment.

That being said, in this market you most likely will find landlords that will take you up on cash up front, particularly if you meet their ask on the rent. You are probably better off looking into smaller landlords that own a few or even just one building.

callalily there are a couple of large companies that are trying to make it easier for people like you. Check out Stonehenge partners I read an article talking about the lack of eligible applicants and I think stonehenge was saying that it was loosening up on the eligibilty. The 40 times rent rule is one of the dumbest things ever and it wont be around too much longer. They should be looking at credit scores and cash on hand.

I'd avoid offering cash up front to any landlord for more than a few months - I mean you pretty much toss any leverage you might have by doing that. I think the market might help you at this point and you should at least TRY to avoid going that route initially.

@samadams - your point about credit score is correct and OP notes they have bad credit.

Here is an interesting option to check out: http://www.insurent.com

The fact that you were recently homeowners in Manhattan would weigh in your favor. Assuming you left on good terms with your coop board and managment company. Have them right letters, perhaps even notarized, that you can present with rental applications. While these may not compensate for unemployment and bad credit, it could at least alleviate concern that you would not properly maintain your apartment. Good luck, I know your situation could happen to so many people, I'm unemployed myself, and I just pray somoneone will be flexible and compassionate enough to look past the "rules" to the people.

ouch bad credit on top of being out of work could spell trouble.

How long have you been in contract? When is the closing scheduled for?

"ouch bad credit on top of being out of work could spell trouble."

No. It spells "I've been out of work for so long that my savings nut has run out and now I can't make my monthly payments".

fuck you, matt.

you sactimonious piece of shit.

You will find something -- the landlords have a lot of vacancy. You can put a a year's rent in a worst case scanerio -- but more likely a 4 mo secuirity and you pay monthly -- this allows them to evict you if you defult in month 8....

This risk here is "in contract". You may not close which will spell terrible troubles in the near term.

I am very sorry to hear of your troubles. It is difficult enough without worrying.

I am sure your brother-in-law can co-sign for you. I wish you the very best of luck. There are people on these boards that have investment properties -- maybe somebody here will have a place for you.

Best of luck.

I would say that the COMBINATION may cause you a decent amount of problems. For example, if I was representing a LL and had a prospective tenant in your age group who had a job loss situation, but great payment history and lots of cash, I would recommend taking a deal. But whenever I see bad credit/payment problems, I have an issue even if the tenant has a great job and makes 60 times the rent. That said, while in general I think it's a bad idea for a tenant to pay the entire lease up front, if you are willing to do that, it should mitigate a lot of landlord's issues. Lastly, the situation with the current market is a tremendous plus for you: if an apartment is going to stay empty anyway the risk of a non-paying tenant decreases (not the risk of them not paying, the risk of loss: because empty, it's 100% certain that there will be no rent received).

I also agree with secondandc that smaller landlords, especially those with one building, are more likely to be flexible on ANY issue, since they don't have a bureaucracy with "cast in stone" rules for tenants.

You should consider putting that cash in to an income generating (but safe) annuity. You could make additional income of $30K if you get a return of 5% which is reasonable.

Why don't you move out of the city until your situation improves? My neighbors moved to a condo in NJ on a golf course for $1200 per month while their apt was renovated for the year. I know you likely lovely NYC -- we all do which is why we live here -- but you should cling to your nest egg and protect your capital base under most circumstances. You can commute as interviews and work requires -- and move back in when your situation improves.

I know this is not your primary wish -- but I hate to see you burn your base under any scenario. I really wish you all my best. Fingers crossed for you.

Unfortunately there are a lot of sharks and sharks take advantage of the desperate. I wish you luck and advise you to be ultra ultra wary but don't appear that way. Do not make apologies for your situation. Don't suggest desperate measures like paying all in advance until you know you need it.

Have you considered twisting the arm of your listing broker to help you out at a reduced fee or based on a personal relationship or moral suasion regarding your difficult situation?

I echo columbiacounty WRT Matt. And Manhattanfox. If there's any way to consider another, cheaper area, to preserve nest egg, it is very much worth considering. NJ might not work if you are on state-based unemployment; I do not know enough about this, having not had to deal with unemployment myself. But perhaps slightly north, in Washington Heights or similar, mcould even get you cheaper rent and relatively close to where you want/need to be.

there are a number of areas that may reap much cheaper, more easily obtained rentals. consider central harlem, as well as further north. the area has had a huge number of multifamily buildings recently renovated, some with the intention of becoming rentals, some condos. there is a true glut of these units. as 30yrs pointed out, zero rent isn't very attractive. take a stroll around and look at a few places before you decide, there as well as some other convenient neighborhoods, such as astoria, forest hills, sunnyside, the northern Manhattan areas mentioned by evnyc.

spend as little as you possibly can. storage is cheap now, and should be negotiable, so if you can't bear to part with your things, find a storage area, reduce down to the minimum so as to fit comfortably in a smaller space, and view this living arrangement as a bump in the road. good luck and all the best.

Thanks, all. It's almost worth going thru all these hardships to reinforce what I already know -- that people are great. Forget what Freud said about us humans being motivated only by sex and aggression. Not so -- even chimps are altruistic (Franz de Waal).

Substantively I'm thrilled with the responses. Am too tired to respond to specifics but will do so in the a.m.

Someone asked about the contract. Buyer signed it this afternoon and is paying cash so I don't anticipate problems. Also a shoo-in for co-op approval.

Love,

Calla

xo

If you don't mind my asking, why do you need to stay on the UWS? Kids?

I echo manhattan fox's point about leaving the city. It's much easier to buy or rent once you leave NYC. Basically if you have financial assets, you can buy or rent without all the reference letters and other requirements needed here. My parents bought a very nice 2 bedroom condo in a gated community in Long Island for about 1/4 of what I'm going to have to spend to buy a similar size place here. My sister pays less than $1500 for a one bedroom apartment in Nassau County. I don't think that your situation is that uncommon and you might be better off spending less of your "nest egg" on renting in NYC and have more in the bank. Best of luck to you.