My husband and I own two homes we purchased before we married. We rent my home out in another city and want to rent out his home out and we want to downsize and rent a smaller home together for ourselves. Could we be declined because of the other homes when they check our credit and see we own two other homes? PLEASE ANSWER ONLY IF YOU KNOW.
Would we have to show proof that we rent out our other homes to other individuals?
Paul in San Diego, the home we rent now is in San Diego, but my husband and I live and work in Orange County.
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The fact that you own other homes has nothing to do with leasing one.
Credit reports do not show home ownership. They will show mortgages.
r realtor.sailor
If you want to use the income from the current rental as part of reported income for applying to rent another place, you may have to have some kind of proof of that income (a copy of schedule E on your tax forms showing that income or a copy of the rental agreement with your tenant).
I own two rentals and a primary residence. If you were to apply to rent one of my properties, I would jump all over having you as a tenant. You are obviously financially responsible (you own two properties), you would be a very low risk for trashing my property, and you have a very responsible reason for wanting to rent my property. I would probably take a quick glance at your credit report to verify that you’re paying a couple of mortgages and have you move in as soon as possible, hopefully with a very long-term lease.