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Fulfilling our dream of FIRE, I recently left my job. Our family has sold our current home and in a month we will move to a new state and are looking to rent a home for a year or 2. What is the best way to find a rental with no income? We have 6 figure brokerage and Inherited IRA in addition to our checking account that we would prefer not to disclose on multiple rental applications. We also prefer not to have family members as cosigner as it may lead to some disagreements. Any recommendations out there? Thanks -Mike
Good question! We moved to a new location and bought a house. Luckily without needing a mortgage. It's possible that the landlord wants proof of income. You might have to pay a higher deductible. Or maybe explain the situation to the prospective landlord.
With so many people buying right now, its a renters market for those who choose to be so you might have low competition for rental properties. You should be alright if you find one managed by an individual owner instead of a management company. Owners are more likely to use common sense whereas property managers try to stick to their companies rules without special exceptions. You could offer to prepay a few months rent and also show them a statement with funds in your checking account that could cover the remaining lease. Some landlords might even prefer this if they dealt with evictions last year due to covid. Another strategy could be to offer to sign a 2 year lease instead of just 1 to stand out of the crowd, if you're comfortable with it.