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Rent question


VaSwtness
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We've rented for 6 years from the same landlord. Never late, no problems, etc. He doesn't report to CRAs. Is there a way to get him to do this? Is it a cost issue? I'd be more than willing to pay the cost for him to report this info. Hopefully w/in the next year we'll be in a position to buy. I know I can show cancelled checks but we didn't always pay him by check but by cash. He lives around the corner and we trust him explicitly with our money.

So I guess I'm asking is how I'd get this in our credit reports as 6 years of never late and outstanding payment rental history?

Thanks

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I would suggest that you always, always, always pay by check, and make sure if you can, that the landlord cashes the check promptly, and if you are concerned about that, maybe get a receipt from him.

If he has several properties and will fill out a verification of rent for a mortgage lender, that is one "out" of the requirement, but you are always much better with the rent check copies.

Charles

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Thanks Charles

We won't have any problem getting him to verify or write us a letter. We could actually buy the house from him if we choose. Our first 2 yrs here, we did the lease w/ option but never got into a position to buy it. After being here 6 years, we notice all the things that need to be fixed or replaced and it's just not worth it...I don't think?

Maybe it is. Would it be easier buying from him then in 5 yrs or whatever sell and buy what we want? He said he would honor those 2 years of money that originally went to the lease/buy. That is $9000. If we bought the house he's asking $124,500. I'm guessing the $9000 is considered down payment?

And Yes, he does have several properties. All the houses next to me are his. I guess Ishould clarify. He doesn't own them, he was the builder for all of them. He now collects for the owners who I assume are partners of his. I've never met the true owner. If I need anything, we go to him. He signs the lease as Power of Attorney. Never, ever been screwed by him. He also never pulled our credit before we moved in. All was done on a handshake basically. Our neighbors have been in their house over 10 years renting. Again, never a problem and only good things to say. This is why I was wondering if I could get him to report but if in the long run he provides us the needed reference whether on this house or one in the future, that is all the matters.

I'm learning slowly but surely!!!! Just gave him a check not more than 1 hour ago for Aug!

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I am sure that you have copies of the extensions to the lease/purchase agreements laying around somewhere.

Then you can apply most if not all (depends on the lender) of the payments to the re-finance of the home. ie, the purchase price set in the original documents vs the current appraised price will come out to the 80-90% LTV of the loan that you need. Funny how that seems to work.

Charles

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