Should I pay a year in advance on rent ?
Hey so me and my fiancé want to move but our credit is horrible at the moment.
We do have a savings account with $20 grand and I was wondering if it’s a good idea to offer to pay 1 year in advance in order to appeal to a landlord who relies on credit?
Our yearly income together is $40,000 and we were looking at small apartments that were $1,000 a month in our area. So we can definitely afford to do that.(we have done it before but the current landlord didn’t care about credit.) We do not have kids or other major bills besides a car payment and insurance.
Is that a good idea? Will a landlord even accept that?
- Casey YLv 76 months agoFavorite Answer
$20k in the bank and bad credit...there is more to this story. If your credit is horrible but you have enough for the annual rent...what am I missing here?
how is your rental history? Ever been evicted?
- Anonymous6 months ago
Absolutely not. This is a horrible idea for landlords and tenants alike. No way in hell would I do this, as either a tenant or a landlord.
In some states, California being one, it is illegal to take more than 2 rents month at once.
Paying advance rent up front can legally be considered a security deposit and this may violate state law, as in California.
What of a tenant is destroying property or otherwise violating the lease? This complicates the eviction process.This is bad for tenants, who may have reason to move early, or a number of other complications. It is just all-around a bad idea.
- Landlord365Lv 56 months ago
That is a big red flag for landlords & most will not do it.
- A HunchLv 76 months ago
I don't think a landlord will touch it.
The first thing that comes to mind is "how" illegal is the under the table work? No thank you.
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- SimplytheFACTSLv 76 months ago
if you have so much money, why is your credit so bad? poor credit is a sign of irresponsibility in general....so unless you can show it was not really your fault, such medical bills even with insurance, a lot of landlords would just pick a better applicant.
- Beverly SLv 76 months ago
Some will maybe.. but I would think you would be better off using the 20 grand to pay off the things that have ruined your credit in the first place. Otherwise what happens when you need to move again, buy a car etc.?
- SlumlordLv 76 months ago
I suspect many smaller landlords would take you up on that offer. Its a good idea, won't get you into any place but someone will be happy to do that. Note, I might offer to go 6 months ahead on rent, not a year but if they balk at that then you can up it to a year.
- R PLv 76 months ago
If you really have that much in savings, you should use it to pay off the debt that caused your horrible credit.
Experienced landlords will not accept that much prepaid rent & even offering it raises a red flag. In addition, not all states allow a landlord to collect that much prepaid rent.Source(s): FL landlord
- Anonymous6 months ago
Why is your credit so horrible with 20 grand in savings and no major bills? You sound like morons and I generally avoid renting to morons even if they offer to pay a year in advance.
- SCATTY cLv 56 months ago
Is it a good idea ?? Well, given your 'horrible' credit paying in advance could well be your only option.
Landlords do NOT rely on credit as such, but they do want tenants who can be relied upon to pay their rent each month. Someone who has 'horrible credit' has more than likely failed to pay their bills at some point - so hardly make them an ideal person to trust to pay rent on a regular basis ! There isn't a landlord out there who will rent to someone with bad credit without a co-signer at the very least (that could be your other option)
Most landlords would snatch your hand off if offered a choice of you paying 12 months up front or another person paying monthly (and then the possible hassle when the pay late or don't pay at all)