Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on .

User Stats

15
Posts
0
Votes
Mauricio Parrarios
  • Ridgefield NJ
0
Votes |
15
Posts

Renting a house after retirement (change of life)

Mauricio Parrarios
  • Ridgefield NJ
Posted

Hi all 

I have been a plus member for about 3 years, this website is a great source of information , I hope this time , it will help me personally.

This is my story:

I am 56 years old, I have lived in NJ   all my immigrant life, I will retire from my  Government job on 06/01/19, Because We  want  a life change, We will move to Union Co N.C., We  are planning to move by 07/01/2019. I will take a NJ State pension  that is slightly lower than my take home from my job pay (after all deductions have been done).  As a retiree , I will take full  family   Health insurance coverage  for a very low price  (1.5%  of my pension amount ). I also have a 457 b that I can withdraw as soon as I separate from my employer. I foresee withdrawing about 4%  until my wife and I get jobs (again is a change of life). I know  3 X times monthly income  is needed  to rent a place ,  between my pension and 457 b withdrawals , I will meet income requirements, credit scores are good for both,  credit card is high but I am managing it with no problem, tenant record is excellent  (never late  on rent payment on my life), after this brief   summary, these are my questions/concerns:

-How landlord/rental property  feel about this situation  when there is no W-2 income to present?

-How soon should I start the house  looking  process , since you have  to sign the lease  14 days after  it has been  approved (according to website information from  a couple of rental companies).

-Since  you have to pay for application fees  $90  in our case (non-refundable ) plus a $250  holding fee  (non refundable if approved and refuse to sign the lease ) I do not think it makes sense to apply  for several locations.

-Should I go with a  rental estate  agent or a rental company? if Anybody wants to recommend someone  I will take that too.

-Any advice related to this situation  that I did not cover will be appreciated.

-I am trying to do this remotely if possible.

Your  help will be appreciated, I will be grateful about it.