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Old 11-09-2010, 08:29 PM
 
25 posts, read 80,709 times
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I am looking to move next summer to NYC.
Ideally i would want to live in manhattan, although brooklyn seems a possibility as well... However reading Leasing requirements and given my self employed situation, im a little concerned, i have never had to do anything more then a credit check and have money ready, but im seeing requirements of 2years worth of taxes, bank statements, recommendation letters, 50 times the rent salary...

Are all these things common practice everywhere? And will I have a hard time renting, my combined personal and business (no partners) income is about $70k
i currently have a credit score of 630 although i have a foreclosure from a few years ago, which is pretty much the only negative on my credit report, with some things that im doing my credit score should be around 700 by the time im applying for places...
i will probably have about 20k in the bank and im looking to pay 1500 - 2200 for a 1 br plus homeoffice or 2 br.
I also have 2 dogs and a cat if thats going to make things even more complicated!!! I m GOING TO do this, im just trying to really plan ahead to make sure by the time i do this i am prepared for what to deal with...
THANKS!!!
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Old 11-09-2010, 08:36 PM
 
10 posts, read 12,830 times
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Good luck I am hoping to do the same thing soon except in a couple of years. In fact I just made a thread of it a few minutes ago. But so far from what I've seen you can get a decent price for an apartment especially at that income. It's the other living expenses i'm worried about. Maybe try getting a roommate if you wouldn't mind that. I plan on doing that with someone else with about the same goal as me. But if possible email me at justinm1619@hotmail.com I would like to see how things turn out for you. Im really looking forward to moving there.
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Old 11-09-2010, 08:48 PM
 
25 posts, read 80,709 times
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the only positive thing out of a room mate situation would be expenses, other then that it sounds like hell lolol, so yeah that is not for me, i'd rather compromise on space and comfort and stay solo...

The part that worries me is i have heard stories of paying 6months -a year worth of rent in advance if your credit is not perfect and you are self employed That sounds
i have purchased a house with almost less requirements!!!


id be hoping that $6000 could secure me an apt...im moving from Florida, the last thing id want is to go up there look at apartments find one only to find out i didint foresee issues you know
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Old 11-09-2010, 08:54 PM
 
10 posts, read 12,830 times
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ah well im lucky. my roommate thats planning on doing this with me i've known since kindergarten and we rarely have any disputes. I have also been told to look at queens for cheaper rent but if you are like me you want to live in Manhattan there is a website i have been looking at to get an idea on what i could get for my money. try New York City Apartments | Rent & Sale by Manhattan NYC Apartment Rental Brokers. There are many listings and you can call around and see what those realtors have to say.
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Old 11-10-2010, 05:51 AM
 
769 posts, read 1,822,204 times
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You will have trouble because of a combination of things- too many pets, credit score, self employed, etc. If you make $70k per year you should have tax returns to prove that and keep in mind they look at your net income not gross, so if you are one of those people that takes deductions for your home office, cell phone, internet, meals, car, etc to end up paying very little tax you are out of luck. You will likely have to pay several months of rent upfront due to the foreclosure and credit score. And I don't know any landlords that will be okay with 3 pets. Your budget range is too big- is your budget really $1500 or $2200? If you can really prove $70k of income the max rent you will be approved for is likely $1750. Requirements are 40-50x rent depending on the landlord.
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Old 11-10-2010, 06:36 AM
 
11,921 posts, read 22,195,789 times
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You need to re-set your expectations:

A place in Manhattan for $1750 (that is the MAX you qualify for on $70k annual) with 2 br (no such thing as 1+ office....you are most likely going to be living in a building that is 80-110 years old) big enough for the zoo of animals you have PLUS space to run your business?? Good luck. Not being rude, I just don't think you have a very realistic understanding of the city.

How much time have you spent in NYC? Do you know people who live there? Have you seen their apartments and asked how much they pay?

You can find a $1750/mo apartment on the Upper East Side, Midtown East & West, and the East Village/Alphabet City....but you'd be LUCKY to find one bigger than 500sf. My last one was a 275sf studio on the UES for just under $1500...that was 4 years ago!!

Lastly, your credit is a HUGE problem. As is your being self-employed (risky). Mostly because there are soooo many potential tenants who DO meet the requirements, no landlord will have to say yes to you to get the place rented.

Your best bets are to look further out in Brooklyn, Queens, or the Bronx in some less desirable neighborhoods where you'll find a bigger apartment AND hopefully find a landlord who's a little more lenient with credit, self-employment, etc.
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Old 11-10-2010, 06:40 AM
 
11,921 posts, read 22,195,789 times
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Quote:
Originally Posted by newyorker24 View Post
keep in mind they look at your net income not gross, so if you are one of those people that takes deductions for your home office, cell phone, internet, meals, car, etc to end up paying very little tax you are out of luck. .
This is false. Landlords look at Adjusted Gross Income, the bottom line of page 1 of the 1040. You don't even turn in the second page (with deductions taken or taxes paid) at all.
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Old 11-10-2010, 08:20 AM
 
769 posts, read 1,822,204 times
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Quote:
Originally Posted by TurtleCreek80 View Post
This is false. Landlords look at Adjusted Gross Income, the bottom line of page 1 of the 1040. You don't even turn in the second page (with deductions taken or taxes paid) at all.
You clearly do not know anything about tax returns. I was referring to the OP's business income. Your adjusted gross income includes the net income of the business not the gross. Any deductions taken from business income get reported either on a Schedule C or a 1065/1120/1120S which then flows to the first page of the personal tax return. LOL...for someone to be telling a licensed tax preparer/MBA what tax returns look like.
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Old 11-10-2010, 08:27 AM
 
527 posts, read 891,750 times
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If you are willing to live outside of manhattan you can do it, we have other boroughs here and $1750/2br you can get something much nicer/BIGGER - with the 2 dogs, cat and not great credit it will be more of a hassle but I have seen it done, I actually know of 3 people in your situation just in the past couple of months alone get apt's - If you do not mind commuting into the city I would suggest looking in queens or brooklyn- ALOT of us new yorkers commute
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Old 11-10-2010, 08:58 AM
grant516
 
n/a posts
as long as you can prove your income, and have some decent credit you will be fine.

The pets will more than likely limit your search to Brooklyn or Queens though- it would be a challenge to find someone to rent anything smaller than a 2 bedroom with that amount of pets; financially a 2 bedroom in a decent area will easily be $2000+ rent alone.

You will likely pay a hefty security deposit with pets.

Meaning your first months payment will be First Month, Last Month, 2x Security, likely Brokers fee-... so prep 5x your rent in advance.
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