[quote author="Roo" date=1218863708]I will be looking for a new rental in January of next year (currently in IAC). I don't know what I'll want yet (condo/townhome/SFR). I'll want something relatively new (>2000) with 3 bedrooms under $3,000 preferably $2,500. That's what I know so far!
I've got a couple questions:
-How soon should I start loking?
-Should I work with a realtor or is Craiglist good enough?
-Can you usually negotiate the monthly rent?
-What is a typical downpayment?
Thanks!</blockquote>
Roo,
To answer your questions:
1. You should keep an eye out for places about a month before you get into one. Earlier than that and most of the rentals are gone (at least the ones that you are interested in that are reasonably priced.)
2. Craigslist is probably good enough. I'd also check Realtor.com and work with the listing agent for each place you're trying to rent.
3. If you'd like to negotiate a lower price in rent, it is possible, but a bit more tricky... you can:
a) Write a completed lease agreement to submit a <strong>complete package</strong>: with your <strong>application</strong>, along with a <strong>cashier's check</strong>, a complete <strong>credit report</strong>, <strong>bank statements</strong>, <strong>employment info</strong>, and a <strong>letter of recommendation</strong> from your current landlord.
b) If you have bad credit or want a pet or for any other reason find yourself as a tough person to rent to, it will be difficult to get it done. Might just have to suck it up and take their price and consider yourself lucky for not losing equity as an owner!
c) You can also opt to prepay a huge amount to get a discount. Say the rent is $2000/month, which comes to $24,000/year. You can offer to pay $20,000 up front to cover the year. The owner may jump at it, or at the very worst say no. From experience, it is very hard for a seller to say no to cash in hand. <strong><em>Better a fast nickel than a slow dime.</em></strong>
d) You should get a title report about the property to see if they're in trouble on the mortgage. The person that might take your $20K might walk with it if they are fpreclosed on. This can be done by a title rep or with county records or with the realtor if you choose to work with one.
4. Typical down payment is first month's rent + security deposit (another month's rent)
Remember that the landlord wants three things:
1. Rent on time.
2. No "issues".
3. Someone who shows that they will take care of their property.
