Distressed homes are always an option for rentals, but renters are going to have to approach these leases with care. Obviously, you don’t want to live in a home too decrepit, but that’s not what I’m talking about. Instead, I’m referring to the people you have to bargain with when it comes to signing a less for a distressed house: the landlord.
Renting a home in these situations is a little bit like giving a home to an abused puppy or kitten. Whoever the guardian of that poor little dog or cat is going to be particularly concerned about finding them a good home. In the case of distressed properties, the landlord has seen their home abused by the last tenants. They want to find a good tenant this time around. That’s where you come into the picture.
In this article, I’ll discuss why homeowners might want to rent you a house which is distressed. I’ll also discuss a few of the top local housing markets where this kind of rental is commonly available these days. Along the way, you should get a pretty good feel for this type of niche and determine if it fits what you’re family needs.
You might think that the slump in the housing market means that it’s a landlords’ market in the home rental industry. That’s the case in most instances, since people who can’t get a loan to buy a house end up renting their place of residence.
That drives up the price of rentals and should let the landlord become more choosy. But the home market is a little more complicated than that.
Why Would Someone Rent a Home Like This?
For one thing, many people these days have homes they can’t sell. These people put their original home on the market a couple of years ago, but the slump in home sales mean they can’t sell their place for anywhere near to what they originally paid. To help offset costs and maybe keep up with their mortgage bill, a home owner might prefer to rent their house to someone at a reduced cost in the hopes they can save their house with your rental payments.
That means there are more new potential landlords on the market than ever before–and these people are desperate to get people into a lease. That’s a perfect opportunity to get into a nice home without the standard credit check, if you can afford the deposit.
The fact is, every rental house has its own story. Not all of them were built with attracting renters in mind. Many of them were built for the pre-crash home buyers market and have become rental properties out of necessity. Search long enough and you’ll still find nice homes up for rent that are waiving their conventional credit check stipulations. Here are just a few.
Distressed Home Rentals in Las Vegas
This no credit check house rental in Las Vegas is found on Genevieve Court in Las Vegas, Nevada. For a $1,200 deposit and an additional $1,200 per month, you’ll be able to get into a 3 bedroom, 2 bathroom house with just under 1,400 square feet–all without a credit check. The limited lease is for 1 year and the house is available immediately. This home comes with a garage and a front yard. As you can tell, this is a perfectly good house with no visible problems.
Florida Real Estate – Sinkhole Homes
Sometimes, you’ll find good properties to rent in what are termed “distressed homes“. Like in this example, the houses themselves may be perfectly good, but they were built on what later was discovered to be lousy real estate. While the original drafting and architecture might not have accounted for these problems, when a professional engineer or foundation repair official repaired the situation, they became perfectly livable homes.
This Florida company I’m linking to buys, sells, and rents sinkhole homes which fits that description. People wanting to get out of a house with foundation problems sell for a fractin of the cost of the house to this group. They have professional contractors repair the troubles, then either sell them for a profit or rent them to people needing a good home. It’s a perfectly legitimate business for those with the money to afford repairs.
What’s more, if you click on the “Rental Application” on the left side towards the bottom of the page, you’ll be able to fill out a rental application form with no mention of a credit check. The owners of these properties understand they are selling and renting houses others have considered damaged. The rental properties are likely to have been put up for sale, but didn’t sell because of the decline in home sales these past years. So now they’re up for rent and you can get into a lease on a nice house that you otherwise might never have found yourself in.
Craigslist House Rentals in Dallas
One of the great places to find houses and apartments online is the house rentals page on Craigslist, the Internet classifieds website. I’m sure everyone has heard about Craigs List by now, but with all the various rentals sites online, you might forget about it. One great thing about Craiglist home rentals is these are usually posted by singular landlords–not property management companies. While some of the houses on this list are going to require a background check and credit check, you’re less likely to have to go through that process than you would on your standard house rental listing site. I’ve included the link to Dallas house rentals, but if you live elsewhere in the USA, simply find your local page and go through the list. All you have to do is go to house rentals and input New York, Chicago, Los Angeles, San Francisco, and so on.
Renting Townhouses with No Credit
While “no credit house rentals” tend to preclude luxurious houses or what was originally meant for condominium sells in another market, that’s not always the case. Many of the newer townhouses are owned by individual landlords. These people may have just gotten into the business and haven’t had bad experiences with delinquent tenants yet, so they might have no reason to require a credit check. Generally, the fewer tenants a landlord has, the less likely they are to see the need for advanced credit checks.
Signing a Lease on Distressed Homes
For years now, I’ve been writing on subjects like finding a good rental apartment without going through background check. Once or twice, it’s occurred to me that people might not trust me at my word when I tell them you can rent apartments, cars, boats, and houses without a credit check. So a while back, I decided to write on each and every specific subject, to back up what might sound like offhand claims.
When a person makes enough statements about any given subject, their readers or listeners tend to want occasional proof they know what they’re talking about. That’s why charts and graphs impress people at seminars and why data is used by scientists to back up their theories–people are skeptics and they need to see proof. In an online setting, you have to do is show examples online of what you’re talking about.
Linking to third party advertisements where people advertise “no credit check” is enough. With that in mind, I want to link to some websites where people are offering no credit check house rentals, to show I’m not just making this stuff up. Consider this article proof that you can get a lease for a home without going through the nerve-wracking, sometimes heart-rending process of a full credit report.
But enough of that mess.
This completes the process of highlighting particular things you can rent without a credit card. Hopefully, our series on this subject has been informative and helpful. Keep reading as I enter the next phase of our discussions: financial literacy.