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 Major problems with house sale!!!!!!!! Please help.? |
I have sold my house. Offered on the one I want.
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summer07 | Is my friend financially "fit" or ready for an apartment, or is he at high risk for eviction? |
Wow I thought I had it bad, with A$$HOLES like Rob W telling me that I'm "not financially capable" of buying a house...well I have a friend who is being told by people that he is "not financially capable" of renting an apartment. Sad part is, he's in his mid 20s too(he's not some little kid). What do you think? Here's some info:
- he's turning 26 next month
- graduated college 4yrs ago, has no student loan debt (due to cashing in inheritance bonds early to avoid incurring loan debt)
- has good credit, although he doesn't have much(only 1 credit card + a 5yr car loan he got a year ago that he's still paying on)
- despite having a degree, he's always had a hard time finding jobs despite trying really hard(he's geeky, doesn't sell himself well, etc). Right now he's making $24K/yr at his full-time file clerk job, and an extra $7500/yr at his part-time retail job.
Additional Details
- ...so basically that comes to about $500/week(or $2,000/mo) net income
- he has about $2000 savings in the bank. He was originally going to use this towards a house, but he realizes that he will probably never be able to get a house anytime soon, so for the time being he's looking at getting an apartment instead
- he has a tendency to have a lot of bad luck and bad(money-wise) stuff happen to him. For example, last yr he got laid off from his job during the same week that he found out he needed major surgery, then the next week his car got totalled. He tries really hard and follows all the rules, but seems to be a target for punishment/bad luck.
- the apartment he's looking at is a 1bd, $780/mo. This is NOT overpriced...this is the "norm" for our area. |
 |
 
Landlord
 |
He can't afford that apartment.
After he pays income tax he has about 2000 a month left over.
With rent @780 and a car @300 he is down to 920. Food is at least 400 a month, bringing him to 520. A tank of gas a week gets him down to 360. Power and water is another 150-300, telephone another 40, internet 80, and television another 80.
Moving out involves more then paying rent. He is aiming too high for now. He really should just get himself a real job, minimum wage does not cut it. |
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Smartie_pants
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I know people that live in apartments with way worse living situations than that, people that work at McDonalds full time and do nothing else and they still have apartments so I really dont see how he is a high risk. He makes well enough money, esepcially since his car payment should not eat up too much of his checks and he has no college debt and only one credit card which can't have that high of a limit on it. |
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reenzz
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And how much would his rent be???? |
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A.Mercer
 |
His lack of credit may cause problems. He needs to strenghthen his credit history. It also depends on where he is applying and what the rent is. You never mentioned that part. If he is wanting to get a place that has a high rent then he needs a high salary to back that up. After taxes, he is bringing in less than $2000 a month. If the apartment was like $700 or more then I can see him being rejected for not making enough money to qualify. He probably needs to find an apartment more in his price range.
Also, has this guy double checked to make sure that his credit report is correct. Lots of times there are mistakes on those. He could have even fallen prey to identity theft.
Age is not really a consideration. I had my first apartment at 19. I know some forty year olds who could never qualify to get into an apartment.
Lets break this down. Assuming he has $2000 a month.
Rent -$780
Car, you never mentioned but I will say $300
Insurance $75
Groceries $150
Electric $75
Gasoline, that can easily be $150
Credit Card $50
Phone/Cable/Internet/Cell $125 or more
That will leave $295 a month. He probably has other expenses and these I have listed might be higher. Also factor in this does not involve any eating out or going to the movies or going out with friends or buying stuff for himself. This rent is over one third of his budget. That is too much. They probably want him to be bringing in $2500 or more a month to qualify for that place.
Ok, with the amounts you give, that would leave the guy $220 a month. That is probably the part that is causing the problem. It may sound like a lot to you but it does not take too long before the $220 is spent. If the guy gets hit with a new bill of some sort or loses the part time job then the guy will not be able to pay rent. At least that is the way that the landlord sees it. There is risk there. Why should the landlord take a risk on someone when the landlord can find other people to take the place who are less of a risk?
Another detail that I forgot is lack of rental history. Some places will only rent to you if you have already had at least a year with another apartment or other rental place. They will want to call and check references. This might be the case as well. |
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Mandi
|
He will be OK. This is a good portion of his income, that is the only thing that might hold him back. When he applies to rent they will look at what he has coming in and try to see if he can cover the rent. I think when I was renting they made sure that I made twice as much as the rent was each month. That is how they decided if I could live there. Depending on what the requirements are at the certain apartment he may or may not qualify.
I have always heard that you should try to keep your rent down to less than 1/3 of your income. He is not really following that rule, but if that is how much it costs to get a 1 bedroom, I don't really know what else he can do.
I am glad that I don't live in your area ( I couldn't afford that!)
Good luck. Tell him to keep looking for a new job, you never know when someone is going to need your skills. It is a shame to let a 4 year education go to waste. |
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squirrely
|
As long as your friend is employed, able to save money each month (ie, not living above his means), and has an emergency savings, he should be fine. He can always get a roommate if he has to.
The things to take into consideration are the deposit that will be due (it varies wildly, depending on your location) and bills.
If he's working two jobs, he probably doesn't spend too much time at home, and might be able to go for a smaller, cheaper apartment, or move in with roommates. |
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Hokie_Pokey
|
It appears that the problem is most likely his credit. Not that he has bad credit but he has so little credit history which can greatly affect getting apartments, loans and such.
However, he should be able to get an apartment making $30k a year. Maybe it depends on how much the montly rent is?
It's hard for a single income to afford housing plus utilities plus all the other bills that come with living. Maybe he should consider getting a roommate.
I, alone, make approx. 35K a year and I couldn't afford all the expenses of living alone.
After reading the details you've added, I bet he has some major medical expenses going on as well. This could be affecting his credit as well. He really needs to do one of those free credit reports to how things look. A good credit score is 700 plus. Anything less is not considered good.
Plus his work history is unstable. |
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noαmericαnfilm
 |
Tell your friend not to give up he's doing better then many of us his age. Tell him not to listen to the negative people in his life, he's still young! Help him sell him self better,to get a better position! Story reminds me of my stats! |
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Apathetic
|
I don't see why he can't rent an apartment. As far as job hunting goes, the market is really bad right now, it is not fair to blame his geekyness (ha is that a word) on that. He sounds financially responsible to me. |
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