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I know that brokers/landlords require applicants to have a yearly income that's at least 40x the monthly rent. My boyfriend and I are looking for apartments that are no more than $2,000 a month, meaning we have to make at least $80,000 a year. Our combined income is currently $70,000.
Has anyone ever lied on their rental application to avoid a guarantor? I can photoshop my paystubs and have my company's accountant back me up if need be.
Frequently they ask to see bank statements,to verify deposits and assets.If you lie about income and can't substantiate with corresponding deposits you could easily get caught in your lie.
Why would you actually want to lie to get into a situation that would wind up being bad for you anyway? I can understand lying to get yourself into a positive situation but why would you lie your way into a hardship ? Doesn't make sense.
If your combined income is 70,000/yr you shouldn't spend more than 1,500/mo(tops) on rent.
Why would you actually want to lie to get into a situation that would wind up being bad for you anyway? I can understand lying to get yourself into a positive situation but why would you lie your way into a hardship ? Doesn't make sense.
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I take the approach that it is no business of a landlord WHAT my finances are in fact. If he insists on getting numbers, then numbers he gets...whether they have any meaning or not is not relevant to me in the least.
As to harming oneself, one person can get by paying 50% of his income in rent where another person is constantly behind the eight-ball when paying 20% of his income for housing. What an imperious landlord THINKS should be a tenants financial structure is just silly poppycock engendered by a sellers' market in NYC, read Manhattan. Let the situation turn to a high vacancy rate and a buyers' market and you will see landlords clamoring for tenants who can pay a security and next month's rent PERIOD.
Lastly, remember there are VERY many situtations where the OPPOSITE laws apply: where showing SMALLER income is the most advantageous.
But basically, how I run my finances is MY business (and my partner's and perhaps the IRS) and nobody else's...least of all the doof I am renting from.
Kefir...how can you make such a statement that it is no business of the landlord's whether you can actually afford to pay the rent!! WTF! The reason why LLs ask for the financial information is so that they know you can actually pay the rent.
If you go to a bank to get a mortgage, they have their requirement and want to know whether you meet them. Your argument is you can make up and lie to get the mortgage you want since "it is none of their business." And we all know how that mortgage debacle turned out huh?
Do not listen to Kefir...he is giving you REALLY bad advice. The requirements are there for a reason, it is in your best interest as well as the LLs. Why put yourself in a position for something you cannot afford? You lose! Which is why there are requirements for everything, loans etc!
Frequently they ask to see bank statements,to verify deposits and assets.If you lie about income and can't substantiate with corresponding deposits you could easily get caught in your lie.
The deposits going to your bank in no way would a landlord be able to pin point how much you make. The person can 0-15% of his pay going to their 401k, have all the best benefits or no benefits, have some money going to another investment account, etc. You don't need to show your 401k statements and your benefit layout to the landlord.
I had a full time gig getting paid more than my internship I started after I left the full time gig. I had benefits, and contributed to my 401k. My internship paid less than my full time gig but I still had larger deposits going to my bank account from my internship because I wasn't eligible for benefits or a 401k.
Kefir...how can you make such a statement that it is no business of the landlord's whether you can actually afford to pay the rent!! WTF! The reason why LLs ask for the financial information is so that they know you can actually pay the rent.
My PAYSTUBS, prior rental history references, credit/background check and number to my job is ALL you NEED to see if I can pay the rent. Everything else is NONE OF YOUR BUSINESS. I'm RENTING from you not PURCHASING.
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If you go to a bank to get a mortgage, they have their requirement and want to know whether you meet them. Your argument is you can make up and lie to get the mortgage you want since "it is none of their business." And we all know how that mortgage debacle turned out huh?
This is FRAUD and quite different. You're BORROWING money from the bank to purchase a HOME.
I'm just RENTING from you. You don't need to have copies of my W2s, tax returns, bank statements, etc. just to RENT your place.
Thank goodness this nonsense is only relegated to NYC. It's not even like the apartments here are all that to begin with. Small bedrooms, bathrooms, livingrooms, dining area (if there is one), tiny kitchens, etc. Also, pulling teeth to try to get something fixed or updated. Supers who are useless.
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Do not listen to Kefir...he is giving you REALLY bad advice.
No, Kefir is right. Most people can pay their rent on 50% of their salaries and do it all the time.
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The requirements are there for a reason, it is in your best interest as well as the LLs. Why put yourself in a position for something you cannot afford? You lose! Which is why there are requirements for everything, loans etc!
Again, this extra nonsense is only relegated to NYC. You can't compare RENTING to LOANING MONEY to someone. You can easily evict someone for non-payment of rent these days. Housing court is no longer in favor of tenants in NYC or anywhere else for that matter.
Like seriously, a freaking GUARANTOR MAKING 80 OR 120 TIMES THE RENT too???
I can't believe people actually put up with this stupidity just to say they live in this city. *shakes head in disgust*
Last edited by marilyn220; 11-30-2012 at 10:06 AM..
I don't generally fool landlords except for one thing: I come across a a non-smoker and secretly smoke 30 cigarettes per day in the bathroom. This is my 5th apartment and I never been caught. Sobro a question for you: I rememer an old post were you stated that you have "ways" to find out if prospective tenant is a smoker. Please share your magic.
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