NO RENTAL REFERENCES???
You’re ready to fly the nest, but this is your first time so you have no rental references.
Well, here are some suggestions that might help
NOT INTO READING WATCH THIS VIDEO
#1 SHOW & TELL. Let them see what you have in the bank.
A few months of statements & proof of cold hard cash is a good idea.
#2 CALL YOUR BOSS We want a Letter of Employment & letter of personal recommendation.
When asking, please let your boss know you are looking for….
“a place to live, not a new job!”
This way you you get the type of reference you need : )
#3 PHONE A FRIEND
Call somebody solid & see if they will be your guarantor.
WHAT DOES THIS MEAN ???????
In short form- The lease is still in your name however,
skip town, trash the place, default on rent etc.
The landlord can LEGALLY go after you and/or your guarantor.
REAL LIFE EXAMPLE
Students will use guarantors.
Students who have no earnings, will have parents be guarantors for a lease.
(think students studying abroad)
Since they have no earnings for a landlord to see, a guarantor + you will be on lease
Now “The 💰 Talk”
A landlord cannot ask for more than first & last.
HOWEVER, they can accept however much they are offered.
It happens & people offer multiple months of rent for multiple reasons.
My approach, (if financially possible of course)
FOR EVERY DING, DUMP A MONTH
A list of potential “dings”*
Low Credit
Self Employment
Earnings + Rental Price Ratio
First timers & Large Groups
(think friends pitching for a big place)
Lastly, ALWAYS USE A REALTOR WHEN RENTING.
Realtors work with renters for FREE in Ontario.
So take advantage of that service & steer clear of future confusion.
Have an awesome day!
DAG LESTANI LARSEN
Need a REALTOR®, I’m Just a Phone Call Away
*Again, these are only suggestions & I always suggest leaving multiple months of rent out of the equation unless absolutely necessary & only after an offer has been initiated, your agent has spoken with the listing agent, you know if there are multiple offers, newness of the listing etc. etc. An offer is always put together in several pieces, showing your earnings, your credit, who knows you, years at your job speak to consistency, etc etc. As a realtor it is my job to package you and your information up to look like a solid candidate. This always starts with conversations with listing agents and speaking with you my client and ensuring we present everything we have and at least stand a chance for thorough review and we work with the offer step by step. When you are ready to rent please have these discussions and explain what you are comfortable with, with your agent.