Renting an expensive house

[microbet]

The last time I rented a house and didn't have a real job I offered 6 months rent up front and it was fine. Not quite as fancy a house, but it was probably worth $650k.

$650k may sound like a lot, but it's not so much in Cali.

[El Diablo]

Lyric,

bruiser and another 2+2er recently rented an expensive house in SF for a few months.

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Lyric,

bruiser and another 2+2er recently rented an expensive house in SF for a few months.

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They just showed robust checking accounts and were fine.

Magic Ninja rocks.

[Lyric]

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Lyric,

bruiser and another 2+2er recently rented an expensive house in SF for a few months.

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They just showed robust checking accounts and were fine.

Magic Ninja rocks.

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Nah apparently they ran into a lot of hassle. They wanted bank and tax returns for both of them and even then the mgt company didn't want to process the application.

Apparently the mgt company screens harshly because they carry some real or imagined liability if the house is destroyed by tenants they screened.

I think the key is to ask them to process the application anyway and get the bank accnts/tax returns in front of the owners.

[moayer]

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50k cash? what is preventing you from buying a house and renting a couple rooms to your buddies?

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Ha! Bay Area means detacted houses are typically $1M+, 3 bdrm townhouses are ~$750K. And now is likely going to be a terrible time to enter the housing market.

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i own a townhouse in the east bay. i am somewhat familiar with the real estate situation in the bay area.

i was just wondering why you would want to spend all that cash just for rent.

sounds as though you just wanna be baller for a bit. more power to you.

[Lyric]

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50k cash? what is preventing you from buying a house and renting a couple rooms to your buddies?

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Ha! Bay Area means detacted houses are typically $1M+, 3 bdrm townhouses are ~$750K. And now is likely going to be a terrible time to enter the housing market.

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i own a townhouse in the east bay. i am somewhat familiar with the real estate situation in the bay area.

i was just wondering why you would want to spend all that cash just for rent.

sounds as though you just wanna be baller for a bit. more power to you.

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The rent will be about $800-$1,000 each per month. Cheaper than renting a decent apartment in the area.

[surfinillini]

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Depending on if the place is run through a management agency or if any of the insurance or upkeep is they may have rules over who they can rent to. I.e., only to people with good credit and/or whose gross monthly income is more than 3x the rent (and they may not accept your poker income as legit for this type of check). If you can afford to front 6 months' or a 1 year's worth of rent most places probably will drop the worries, but some may not. But I'm sure if you are persistant you'll be able to figure it out. Worse comes to worse rent a cheaper apartment for 6 months and build up your credit/renting history. Oh, the other thing that might work to try, if possible, is to have your parents cosign the lease with you. If your parents are on the hook for the rent then places may be more willing to take you.

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I have good credit and a good rental history. Two of the guys planning to move in with me have little credit and no rental history.

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So just put the house under your name, and draw up a contract for your friends to sign stating their sub-leasing from you. That way if they screw you over, you can take them to small claims with a contract...

and if you have this property in your name...your credit will go through the roof and you don't have to worry about the other two.

[cbloom]

I recently moved to SF as a poker pro and many places would not accept 1 year cash up front, didn't care what was in my bank account etc. Part of the reason is that SF has very strong rent control and tenant's rights laws, so if you turn out to be a [censored]-head it's hard for them to kick you out.

Basically I think with a management company you're going to get screwed. If you can find individuals who are renting your house they're much more likely to be flexible if you seem responsible and together. eg. don't show up with your hat backwards and your gold grill in, try to seem like a young professional, maybe tell them you do e-business or something.

ps. housing discrimination based on your employment is illegal in CA so you might be able to drop that fact at the right time and swing things in your favor. Not choosing you based on credit history or lack of rental history is perfectly legal however.

[Lyric]

Looks like we just had a housemate bail. Please PM me if you're interested in moving in.

Extra points if you have a real job and rental history.

Some of the houses we're looking at:
http://sfbay.craigslist.org/eby/apa/242826562.html
http://sfbay.craigslist.org/eby/apa/242704319.html
http://sfbay.craigslist.org/eby/apa/241369235.html

[Scotch78]

Have all of you filed taxes on poker winnings yet? If so, just say that you are self-employed and will provide a tax return as proof of income.

Scott