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Old 05-13-2017, 03:31 PM
 
2,746 posts, read 3,824,199 times
Reputation: 4290

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Quote:
Originally Posted by MrRational View Post
Because 90% or more do operate that way.


So when you're a special snowflake... the onus, the burden, is on YOU...


Be prepared to show your 1040 from last year.
Just like all the other non-traditional earners are obliged to do.

Millions of people work from home and make a lot of money the OP is correct. Doesn't make him a special "snowflake"

Millions of people trade stocks for a living like day trading
Millions of people flip houses

There is no "traditional" way in this day and age exactly like the OP is saying.

 
Old 05-13-2017, 03:36 PM
 
2,746 posts, read 3,824,199 times
Reputation: 4290
It's not hard to rent apartments when you have a nice savings account. My sister recently lost her job a few months ago working in commercial lending and she found an apartment with no job. She had over 50k in savings and what she had in 401k that's all they needed to see.
 
Old 05-13-2017, 04:51 PM
 
Location: Buckeye, AZ
27,182 posts, read 15,706,154 times
Reputation: 9830
Quote:
Originally Posted by eddie1278 View Post
Millions of people work from home and make a lot of money the OP is correct. Doesn't make him a special "snowflake"

Millions of people trade stocks for a living like day trading
Millions of people flip houses

There is no "traditional" way in this day and age exactly like the OP is saying.
THIS. Many of us work a full-time job and a gig, two jobs (one full-time and one part-time or two part-time), contract work, a series of gigs, etc. We do this to survive. Say I sell things on eBay and run a YouTube channel (not as profitable as it once was mind you) my income wouldn't be in a bank statement or a pay-stub. That and many of us (about half of traditional pay) get e-stubs now. I work two jobs, both offer direct deposit and I do use it. One is through Paychex and the other is internal. The job that uses Paychex, I had to actually either go to the place of business (on a non-workday) OR wait to get it sent out until I was able to fill out direct deposit.

Gigs (Fiver, Uber, Lyft, paid surveys, local handyman, day-labor, etc.) are much harder to quantify. They don't send traditional income sources because it is paperless. Either you get an envelope of money or an e-transfer. Even restaurants running on tips and tip-share is somewhat paperless. It wont give an immediate revenue source. You will need to wait to the end of the year or a co-signer (the same as a recent college grad who has a job lined up but no credit history or paystub to their name.)

The fact is I think in the next five years, Paypal and other sources will be deemed reasonable. Why, the economy is drastically changing. Fewer and fewer of us will get traditional paystubs and will have to print them. I had to e-mail mine for my car because I didn't think I'd walk out with my car that night and I didn't print one at work.
 
Old 05-13-2017, 05:13 PM
 
18,217 posts, read 19,954,557 times
Reputation: 26676
Quote:
Originally Posted by eddie1278 View Post
It's not hard to rent apartments when you have a nice savings account. My sister recently lost her job a few months ago working in commercial lending and she found an apartment with no job. She had over 50k in savings and what she had in 401k that's all they needed to see.
And if the LL or manager was ok with that as proof that's fine. Not everyone the same approval process.



Quote:
Originally Posted by eddie1278 View Post
Millions of people work from home and make a lot of money the OP is correct. Doesn't make him a special "snowflake"

Millions of people trade stocks for a living like day trading
Millions of people flip houses

There is no "traditional" way in this day and age exactly like the OP is saying.


Quote:
Originally Posted by mkpunk View Post
THIS. Many of us work a full-time job and a gig, two jobs (one full-time and one part-time or two part-time), contract work, a series of gigs, etc. We do this to survive. Say I sell things on eBay and run a YouTube channel (not as profitable as it once was mind you) my income wouldn't be in a bank statement or a pay-stub. That and many of us (about half of traditional pay) get e-stubs now. I work two jobs, both offer direct deposit and I do use it. One is through Paychex and the other is internal. The job that uses Paychex, I had to actually either go to the place of business (on a non-workday) OR wait to get it sent out until I was able to fill out direct deposit.

Gigs (Fiver, Uber, Lyft, paid surveys, local handyman, day-labor, etc.) are much harder to quantify. They don't send traditional income sources because it is paperless. Either you get an envelope of money or an e-transfer. Even restaurants running on tips and tip-share is somewhat paperless. It wont give an immediate revenue source. You will need to wait to the end of the year or a co-signer (the same as a recent college grad who has a job lined up but no credit history or paystub to their name.)

The fact is I think in the next five years, Paypal and other sources will be deemed reasonable. Why, the economy is drastically changing. Fewer and fewer of us will get traditional paystubs and will have to print them. I had to e-mail mine for my car because I didn't think I'd walk out with my car that night and I didn't print one at work.
You guys are right. Lots of people don't have a traditional paycheck. But EVERYONE has a tax return. Not every L.L will take your bank/PayPal statement as gospel of your income. I know I won't. It's far too easy to play with making deposits to look good on paper.

Here is a true story. I had a applicant (about 4 years ago )who looked really good. Applicant said they were self employed. Brought in tax returns and draw stubs from their company which was used to qualify. Made over 1.2 mil in income . Everything looked great lease was signed, I was ecstatic about finding such great tenant. The tenant got possession, deposit and first month and then I never heard back. Three days I tried to get a hold of them to clear up some paperwork. Then.....Got a letter from a lawyer stating the tenant was filing BK and the company was being sold for debt and they could not enter into a contract. They asked for the deposit and offered for me to keep the prorated 1st month payment. I agreed because it was pointless to try and enforce the lease. I broke my own rule and did not do a background check on the tenant. I still have the letter from the lawyer in my computer and in the file. HUGE learning experience there.

That's why your online pay pal or bank account means absolutely nothing to me.

The hardest people to qualify are self employed because it's so easy to play with paperwork.
 
Old 05-13-2017, 07:58 PM
 
750 posts, read 1,056,351 times
Reputation: 890
[QUOTE



Sorry not everyone wants to be flipping burgers or be stuck in office all day.

I enjoy being my own BOSS [/quote]


Not everyone that has a boss flips burgers or is stuck in an office all day- very narrow minded or perhaps just an attitude.
 
Old 05-13-2017, 08:01 PM
 
750 posts, read 1,056,351 times
Reputation: 890
[quote=


Its 2017,who still gets paper checks?Direct deposit or online payment services...
Technology is your friend[/QUOTE]


Yes in 2017 direct deposit and online payment services are the norm, but also an online statement of your earnings is usually available.
 
Old 05-13-2017, 08:18 PM
 
Location: Bay Area California
711 posts, read 439,361 times
Reputation: 1514
Quote:
Originally Posted by Electrician4you View Post
And if the LL or manager was ok with that as proof that's fine. Not everyone the same approval process.

You guys are right. Lots of people don't have a traditional paycheck. But EVERYONE has a tax return. Not every L.L will take your bank/PayPal statement as gospel of your income. I know I won't. It's far too easy to play with making deposits to look good on paper.

Here is a true story. .............

That's why your online pay pal or bank account means absolutely nothing to me.

The hardest people to qualify are self employed because it's so easy to play with paperwork.
I completely agree with Electrician. But the need for verification is something that I think some tenants lose sight of. I've been both a renter and a landlord. I also do some work for a Property Mgmt company.

Yes, probably a very high percentage of people with non W2 income are reliable worthy tenants. And there's a small group that isn't. As a landlord, if a tenant doesn't pay the rent, the company I pay mortgage to doesn't much care. Nor does the county when they want property taxes. Nor do contractors that I have to pay to keep the property rentable, up to CC+Rs, etc etc. And if it becomes a legal issue to get you out of the rental, the expense keeps climbing.

There can be a huge financial risk for any landlord at any time. If a landlord or ownership company chooses to be very cautious in their verification process, it's understandable to me.
 
Old 05-13-2017, 08:31 PM
 
600 posts, read 358,615 times
Reputation: 789
Yelp, Self-employed here and had the same issue when applying for a mortgage. Not wanting to "report higher income" and pay $40,000 in taxes each year for 2 years (since they average 2 years income). I just picked up a co-signer.

2 years later house is paid off. Since I put 50% down and made several prepayments.

50% down and I STILL didn't qualify for a mortgage. Cash in back meant nothing.

This is why there are so many foreclosures. Bank prefer to loan to people who make money the "traditional way" and are living paycheck to paycheck.

There is another option where you can get a loan based on your monthly deposits to your bank. I forget what that is called, (bank statement mortgage?) but the rates were over the top. And are usually less than 5 years.
 
Old 05-13-2017, 09:40 PM
 
9,226 posts, read 11,721,012 times
Reputation: 14473
I think some of you are getting all pissy over the wrong thing. What I'm reading is if a person is paid via paypal that is no different than direct deposit of the payroll check to their checking account which is no different than getting handed cash on payday which is no different than receiving company stock. How you get paid does not seem to be the main issue, it's proving the income as income.

Those with traditional paycheck can always have an employment verification done, but if it can;t be done, they still have tax returns

Those that are self employed have tax returns to support their income.

Even those in cash payment employment will have a tax return to show the cash income.

So, for the life of me, I really can't understand why those who are paid by Pay-Pal can't comprehend the simple logic that having money in an account does not mean it's from income. Just show the freeking tax returns!
 
Old 05-14-2017, 01:01 AM
 
11,910 posts, read 20,333,651 times
Reputation: 19269
Quote:
Originally Posted by jasonthenerdyguru View Post
Drug dealers have no paper trail,they are strictly cash and you seem to know a lot about drug dealers?hmm




Its 2017,who still gets paper checks?Direct deposit or online payment services...
Technology is your friend
Even with direct deposit you still get your stubs. But, you're not an employee, so you'd need to show your 1099's or tax returns.
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