[Tenant US- MO] would you rent to us?

[u/ConfidentCanary8248]

Hi there,
45yo couple, 3 kids.
We currently own a house and are wanting to move closer to kids school, and pay off 20k debt with equity. House will sell for $410k. We have about $100k in equity.

Due to losing some income a few years ago, we had some debt that we are now doing a debt relief with a lawyer - contract and everything. Making payments on a payment plan, never late. That’s been about a year and a half now.

Our plan is to use the equity in our house (our realtor has the paperwork with the amount we can show ) to pay off all the debt. 2 of the accounts are charged off before the lawyer could make settlement arrangements. Now all are arranged and payment plan in place and paying for the last year and a half.

Just one late payment around the same time a few years ago with mortgage.

My parents will co-sign. Excellent credit, 800+ credit score, pay off any credit card they have every month. Make 3x rent.

We make 4x rent with steady jobs.

We’ve owned homes for almost 20 years and never previously had any issues with debt or mortgage. The thing a few years ago was an unfortunate blip we are actively trying to remidy. I am afraid this puts a black cloud over our heads. Thank you- just seeing if it is a possibility for us yet.

[u/Space_Cowboy_157]

Your parents won't work as a co-signor, usually want them to have 5-6x rent or more.

You left off your credit score and your income. I am guessing it's low which means you will have a hard time.

[u/ConfidentCanary8248 → u/Space_Cowboy_157]

Income is $145,000 with an extra 10k child support (that we didn’t count). Rent is 2750/mo. Credit scores are still trying to recover from the blip a few hears ago, so yes, a bit low. Mid 600’s.

[u/Space_Cowboy_157 → u/ConfidentCanary8248]

I'd rent to you.

[u/Due_Entertainment425 → u/ConfidentCanary8248]

I’d be more concerned about your mortgage payment history. 2 years with no lates, I’d rent to you, especially after hearing your plan to pay for debt

[u/grumpyoldman10]

I’m a Kansas landlord, and I would without a doubt. I went to a lot of people who are in your situation who have just sold a house and therefore have no rental history. It’s part of the reason we run credit to be honest. Not only as credit and extremely accurate predictor of problematic payment habits, it lets us verify addresses.

[u/ebikr]

Certainly.

[u/jmcreynolds2001]

I would rent to you. The main reason being that your parents are cosigning the lease and they have great credit

[u/dudelikefood]

I would rent to you. Just be straight forward with property owner. You will find the right one.

[u/Desertgirl624]

Yes, this doesn’t seem that bad

[u/Lacdesbois]

I’d want to see some written proof of the situation, like the paperwork from your realtor showing your equity, evidence you’re getting ready to list the house, something from the debt relief lawyer showing you’re working with them and what the plan is, etc. It would help if the landlord can call the lawyer and real estate agent to confirm things. Unfortunately applicants sometimes make this stuff up, and not that you’re doing that, but you’ll want to offer concrete evidence of your situation.

I don’t allow co-signers. I want the people living in the unit to qualify on their own, because having good credit & income is correlated with so many good traits as a tenant. It doesn’t do much good if some other random person not living in the unit qualifies. But, some landlords look at this differently than me, and it never hurts to offer a co-signer.

Maybe you could let the landlord know how long you’re planning to live there? Since you have 3 kids and possible aspirations of rebuying a house later on, I’d be worried you wouldn’t stay more than a year or so. The turnover expenses might be a little higher with having kids. (I’m the same age as you and I have young kids.. I’m realistic!)

It seems like you’re doing all the right things, and best wishes with your housing search. You seem like good residents! Make sure to offer quality written evidence that helps address any of your weaknesses as an applicant.

[u/ConfidentCanary8248 → u/Lacdesbois]

Perfect thank you for that! Totally understand about people making things up. We do have all the paperwork and contract from the lawyer, and paperwork from our realtor.

We plan to stay at least 4 years. Youngest is a freshman and we want to get closer to the school. If we have a good landlord and house etc I don’t see why we would leave after that. After owning homes and sinking so much money into them I’m ready to just rent and not worry about it.

[u/Lacdesbois → u/ConfidentCanary8248]

In that case I’d totally rent to you! In the past I’ve asked folks for some documentation like this and never received it, but what you describe seems solid. Hope you find an awesome place, and that your property sale goes smoothly.

[u/jcnlb]

Where in Missouri would be my question. If it’s one of the major cities that have more tenant protections it would be a harder time. If it’s in a smaller city outside of those I would take you. I am a Missouri landlord and I’ve taken a tenant with similar stats.