Is my friend financially "fit" or ready for an apartment, or is he at high risk for eviction?

Answers:4   |   LastUpdateAt:2012-11-04 09:59:01  

Question
raffael
Asked at 2012-09-20 10:26:03
Wow I thought I was crazy , with a $ $ HOLES like Rob W says I 'm " not financially able" to buy a house ... Well I have a friend who is being told by people that it is " financially capable" of renting an apartment . The sad thing is that he is in his 20s as well ( which is not a little boy ) . What do you think ? Here 's some information : MedlinePlus MedlinePlus - He 's turning 26 next month MedlinePlus - Four years ago graduated college , no student loan debt ( bonds receivable because inheritance early to avoid incurring loan debt ) MedlinePlus - Have good credit , although not much (only a credit card for a car loan + 5yr arrived a year ago he still paying ) MedlinePlus - Despite having a title that has always struggled to find jobs despite trying really hard (he's a geek , do not sell well , etc ) . Right now he's making $ 24K/yr to work full-time file clerk , and an extra $ 7500/yr in less time job .
Answer1URGUNTAnswered at 2012-09-28 00:55:03
As long as your friend is employed , able to save money each month (ie , not living beyond their means ) , and has an emergency savings , you should be fine . He can always get a roommate if you have to . MedlinePlus MedlinePlus Things to consider are the deposit which shall ( varies widely , depending on the area ) and invoices . MedlinePlus If you're working two jobs , you probably do not spend much time at home , and might be able to go to a smaller , cheaper apartment or moving in with roommates.
Answer2Robert StevensAnswered at 2012-10-07 14:17:40
It seems that the problem is most likely your credit. Not that he has bad credit , but not so little credit history can affect getting apartments
loans and such. MedlinePlus However, you should be able to get an apartment making $ 30k per year . Maybe it depends on the amount of the monthly rent is ? MedlinePlus MedlinePlus It is difficult for one income to pay for housing plus utilities , plus all the other bills that come with life . Maybe you should consider getting a roommate MedlinePlus . MedlinePlus I, alone, make approx . 35K a year and could not afford all the expenses of living in peace . MedlinePlus MedlinePlus After reading the information you have added , I bet you have some major medical succeeding . This could be affecting your credit. He really needs to do one of those free credit reports how things look . A good credit score is 700 plus. Anything else is not considered good. MedlinePlus MedlinePlus In addition , your work history is unstable .
Answer3LennnnnnnAnswered at 2012-10-07 16:14:19
I do not see why you can not rent an apartment. As for the job search goes, the market is very bad right now , it's not fair to blame your geekyness (ha , is that a word ) in it. Sounds to me financially responsible .
Answer4KiahaAnswered at 2012-11-04 09:58:17
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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