How can you lease or rent an apartment, without verifiable income but verifiable dollars?

needshave

needshave

Member
Location
Ohio
I have been looking for an apartment home in California, that I want to lease for a period of one year. I have looked at several and talked to many. My plan is to live there for a year then move up the coastline for another year. Yes, I know it will be very expensive.

Here is my plan; (i hope)

I own a family company here that I will be selling, as well as numerous residential and commercial properties including our residence on heavenly wooded acres, that will be certainly subdivided and developed. The plan was to take that monies developed and use that to finance the California rental or leased properties.

The properties that we are interested in are gated communities with the pool, sauna and all the amenities. The plan Sounds good, but to lease or rent a really nice residential apartment home, (2100 sq ft), these large property management companies don't much care if you got money in the bank or not but want to see verifiable monthly income. That is a problem! The problem is I want to retire. That is where and how I want to live. I don't want to purchase another property or Condo. Or do I want to Buy an RV or travel trailer to live in a nice RV park? NO, I just don't want that. I also know that a small independent mom and pop landlord may be willing to work with me, but again that is not the properties that I want to rent.

So, How do others make this work for the lease of properties from property management companies, when retired? Should I take the money and set up two separate trust fund accounts, one for my wife and one for me, dispensed on a monthly basis? Will that work? Is that the monthly income stream they will accept? Will property management companies accept that? I have bridged that question to one property management company, they have yet to get back to me. (personally, I believe the whole concept of that confused them) They said they would respond, but they have sent it up the ladder of command...

Does anyone have any ideas? have you found this to work or other proven concepts? Somehow there has to be away. Letter of credit perhaps? That would seem less likely to be approved than a trust fund, to me.

But I open it up to discussion and hope there are some knowing people out there that may have the answers.

Thanks in advance!!
 

When I moved into my current apartment seven years ago I had no verifiable income from employment, pension or SS.
I completed the rental application and the office ran a credit report, looked at my credit score, etc... That was it.

If they had asked for some additional bank or investment statements I would have provided them with enough information to satisfy them. Sort of like when a child asks about sex, give them just enough information to satisfy them without going into a long drawn out explanation.

Good luck!
 
it really depends on the rules they follow. most mgmt offices here in nyc go by 40x income. no verifiable income , then they go on to the next applicant .others may not care .

we generally want to see a high credit score and a fair amount of assets if the income is lower
 

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