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

[pepe]

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?

[AndrewG]

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.

[pepe]

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?

[Darkoz]

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

[tableplay]

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).

[mcap]

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.

[pepe]

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).

[DGenBen]

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.

[mcap]

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.

[Mission146]

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.

[The Boz]

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.

[Mission146]

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.

[MaxPen]

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?

[Mission146]

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.

[MaxPen]

I don't imagine anyone but Zenking can speak for his life and bankroll situation. Just saying.

[monet]

I don't imagine anyone but Zenking can speak for his life and bankroll situation. Just saying.

I could be wrong but I've known a lot of people in Vegas in the last 30 years and their bankrolls change in the blink of an eye.
Myself included.
Shit Happens and Shit Happens fast in this town.
Usually in a downward direction but that doesn't mean others haven't skyrocketed.
I've literally seen players win enough to cover 20k per year for 20 to 40 years of their life in one night.
That's publisher clearing house money.
I'm sure you've seen the same.

I probably shouldn't talk too much about this but I've been on plays that have lasted for weeks or months where I was basically reaching into the hopper.
Over Pays and other methods.
One instance I was on a machine that when you cashed out 100 dollars it left the credits on the machine.
You guys don't have to believe it but this shit happens.
It seemed to happen more regularly to me decades ago.
Not so much these days.
That's Rob Singer kind of shit and I have been on similar things like that.
I'm not saying Rob did what he said but I know that shit happens.
That's one reason I really don't get involved in these bullshit debates about what can and cannot happen.
Most of these members don't know what goofy shit happens.
They never met people with light wands or snakes that they shoved inside of coin machines.
They just want to come on here and talk about math and how honest they are.
That certainly isn't the whole story.
That's ZenKing Bullshit where I'm gonna win because I'm the best kind of stories.
kewlJ is very similar.
Honest Abe Bullshit IMO.

It wasn't long ago that a guy I knew traveled far away because of an overpay on a Keno Machine.
Things Happen.
Some of you know this but don't like to talk about it on forums.
How much can you make on an Overpay from a Machine???
More than you probably think.
But you know you got the Kings, KJs and Sox playing it straight.
Suckers!?
Perhaps but I guess they keep their souls intact.

[tableplay]

They never met people with light wands or snakes that they shoved inside of coin machines.

Or a dude that would open his trenchcoat and tase machines for interesting results.
Well speaking of money from nowhere here was today's decent vulch of mine:

[MisterV]

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.

[theywontpayontuesday]

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.

[MaxPen]

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.