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Thread: Full time APs: How do you provide Proof Of Income for rental applications?

  1. #1
    So I've been considering relocating to an area where I can make a go at doing this full time instead of the occasional weekend warrior trip. What do you do when you need to provide proof of income to rent an apartment?

  2. #2
    When you're self employed you show your tax return.
    They might also ask for bank statements showing your cash flow.

    Doctors and lawyers do this for mortgages as well. It's pretty standaed.

  3. #3
    Originally Posted by pepe View Post
    So I've been considering relocating to an area where I can make a go at doing this full time instead of the occasional weekend warrior trip. What do you do when you need to provide proof of income to rent an apartment?
    Hopefully the new place is big enough to accomodate a couple of Stern pinballs. Another tack is to tell the landlord you are retired and have substantial savings and then show them your bank statement (with sensitive information like SS# redacted of course) as AndrewG suggested except for the main purpose of showing your substantial savings rather than for the main purpose of showing cashflow (although that's to great to have in addition to showing retirement savings of course).
    Last edited by tableplay; 04-10-2021 at 07:11 AM.

  4. #4
    What about when you are planning to move in the same year you began self employment in, so your tax return from last year will just be your previous job and unemployment?

  5. #5
    If you haven’t quit your job yet, even if the job is in a different location, you should be able to use that for proof of income to secure the apartment then can quit the job when you move, they won’t ask for verification again if you’re renewing in a year or whatever. That worked for me about a decade ago anyway, doubt it gets questioned now since it’s always checked the required box and remote work so common now.

  6. #6
    If you just say you will supply three months security deposit I find most places don't care about cash flow. (Any eviction would take about three months so they pretty much are financially covered.)

    Film biz people have this problem where they may not work for months, then suddenly do a film that pays all their bills for a year

  7. #7
    I lost my job last year when the pandemic hit. Most of last year was covered by unemployment (which paid more than the job did). I also wasn't doing any gambling because of the pandemic (that changed this year with the vaccine).

  8. #8
    Not sure of your credit situation but in my experience they usually don’t need the income verification if your credit is good enough. They will typically only ask when credit is fair to poor. Definitely depends on the landlord tho.

  9. #9
    Hmmm. A few years ago when I rented income of a multiplier of certain amount of rent or proof of funds for lease term equivalent to multiplier was required as a qualifier by the apartment/property management company type places. Several months up front and/or larger security deposit can be a substitute, more likely with private/smaller landlords and private landlords a lot more variability in what they may require or accept for qualifications.

  10. #10
    I'd also say some landlords won't worry about it too much if you pay the usual first month's rent, deposit and another one or two months worth upfront.

  11. #11
    Originally Posted by Mission146 View Post
    I'd also say some landlords won't worry about it too much if you pay the usual first month's rent, deposit and another one or two months worth upfront.
    It is usually as you and DarkOz say with individual owners or people who only have a few units. But with the growth of the industry and the management companies they hire to operate them, it’s a tight criteria now. They use credit scores, income verification and other tools to try to put themselves in the best position to get paid based on their calculations. And there is no wiggle room if you don’t match up with what they are looking for.

    Best bet for an individual in this situation is to find a small unit and avoid the big complexes which use management companies.

  12. #12
    Often a strong co-signer to the lease will do the trick, but if you've a history of eviction, poor credit, no job and no assets, you're screwed.

    Oh, you might find a spare room in a "shared housing" ad on craigslist.

    Otherwise, bring a hot plate and a cot and stay in the tunnels til your bankroll / financial position is strong enough.
    What, Me Worry?

  13. #13
    Originally Posted by The Boz View Post
    Originally Posted by Mission146 View Post
    I'd also say some landlords won't worry about it too much if you pay the usual first month's rent, deposit and another one or two months worth upfront.
    It is usually as you and DarkOz say with individual owners or people who only have a few units. But with the growth of the industry and the management companies they hire to operate them, it’s a tight criteria now. They use credit scores, income verification and other tools to try to put themselves in the best position to get paid based on their calculations. And there is no wiggle room if you don’t match up with what they are looking for.

    Best bet for an individual in this situation is to find a small unit and avoid the big complexes which use management companies.
    If it's an apartment complex, you could always try to just bribe the manager. If you don't ask, the answer's always, "No." Couple hundred in a bribe and paying a few months upfront should do the trick in some (not all, obviously) of the managed ones.

  14. #14
    It all depends on your credit.

    If that is good/excellent you can get whatever you want. You will still need to phony up some paystubs though.

    If credit is poor. Then you are going to be in a situation where you will get verified every step of the way. In that case, you should be ready to provide a bank statement with funds available for the total lease amount. The balance has to have been maintained for an extended period of time (6 months or longer).

    Every case is different. But Boz is correct. The managed companies are not flexible at all. They are easily duped with a few fake docs though and preset phone numbers to use for verification.Even the smaller landlords are not interested in any nonstandard negotiations unless it is payment up front for the entire lease.

    If you have a specific question, I can tell you exactly what to do. I have helped several people rent and buy places to live when in non-typical life situations.
    Last edited by MaxPen; 04-10-2021 at 10:48 AM.

  15. #15
    Originally Posted by Mission146 View Post
    Originally Posted by The Boz View Post
    Originally Posted by Mission146 View Post
    I'd also say some landlords won't worry about it too much if you pay the usual first month's rent, deposit and another one or two months worth upfront.
    It is usually as you and DarkOz say with individual owners or people who only have a few units. But with the growth of the industry and the management companies they hire to operate them, it’s a tight criteria now. They use credit scores, income verification and other tools to try to put themselves in the best position to get paid based on their calculations. And there is no wiggle room if you don’t match up with what they are looking for.

    Best bet for an individual in this situation is to find a small unit and avoid the big complexes which use management companies.
    If it's an apartment complex, you could always try to just bribe the manager. If you don't ask, the answer's always, "No." Couple hundred in a bribe and paying a few months upfront should do the trick in some (not all, obviously) of the managed ones.
    Good luck with that....... Did you used to sell hotel rooms on the side for cash?

  16. #16
    I was able to get a mortgage with my only income that of an AP, but I was able to show several years tax returns and did have to put down substantial down payment. I assume it would work the same with a rental. There may be some high end corporate places that won't be flexible, but if you can put down a bigger security deposit, I would expect most places to be flexible. Other than that, I guess maybe you could ask a relative or friend to co-sign. Sounds like some of the same problems ZenKing had starting out.
    Dan Druff: "there's no question that MDawg has been an obnoxious braggart, and has rubbed a ton of people the wrong way. There's something missing from his stories. Either they're fabricated, grossly exaggerated, or largely incomplete".

  17. #17
    Originally Posted by MaxPen View Post

    Good luck with that....... Did you used to sell hotel rooms on the side for cash?
    We had various reasons for keeping rooms, "Out of the computer," but I never personally profited on any of that.

  18. #18
    Originally Posted by MisterV View Post
    Often a strong co-signer to the lease will do the trick, but if you've a history of eviction, poor credit, no job and no assets, you're screwed.

    Oh, you might find a spare room in a "shared housing" ad on craigslist.

    Otherwise, bring a hot plate and a cot and stay in the tunnels til your bankroll / financial position is strong enough.
    This is actually good advice. Work hard, save your money, get your shit together and stop lying to get by, as some do. Don't forget it either, or you'll be right back where you suffered again.

  19. #19
    In Nevada I worked comped rooms in Laughlin and Wendover. Both places I had perpetual room comp. In Vegas, Reno and Tahoe I used some room comp but mostly stayed at the weekly/monthly hotels. They were easy to move in and out of. Sometimes it was better to be in Northern Nevada and other times it was better to be in Southern Nevada. I didn't want to have an apartment in Vegas but working plays in Reno, and vice versa. You wind up paying double rent.

    Nowadays places like Extended Stay America charge $1200 to $2000 a month depending on location. But you get a full kitchen, cable, internet, weekly maid service, etc. Plus there is no deposit. It's no fuss no muss when it's time to move. It's a one day move out.
    "More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ

  20. #20
    Talk to ZenKing.
    I'm sure he has it all figured out by now as he was in your situation a few years back.
    Boz said he would be under the bridge by now but I think he lost that wager.

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