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They'll eyeball your bank statements while you're sitting there, and they might ask questions about anything that jumps out at them. They're really looking for undisclosed income, hidden assets, things like that. These marketing agents don't give a hoot what you spend your money on, and they're not looking at that, so don't worry about the zillion charges at the wine store. That's not what they care about. Cash payments stand out. They won't do a huge analysis at the initial intake, but they might call you later to ask about certain payments. If you're not hiding payments, income or assets, I wouldn't worry about it. Later on, they'll likely ask for a more exact accounting of money that's going into your account.
I don't qualify for this lottery but lurking - and the zillion expenses at the wine store does apply to me
Don't worry about cash that goes out - only cash that comes in
They'll eyeball your bank statements while you're sitting there, and they might ask questions about anything that jumps out at them. They're really looking for undisclosed income, hidden assets, things like that. These marketing agents don't give a hoot what you spend your money on, and they're not looking at that, so don't worry about the zillion charges at the wine store. That's not what they care about. Cash payments stand out. They won't do a huge analysis at the initial intake, but they might call you later to ask about certain payments. If you're not hiding payments, income or assets, I wouldn't worry about it. Later on, they'll likely ask for a more exact accounting of money that's going into your account.
Got it. Thanks a lot! I am interviewing next Friday hoping for a 1 bedroom.. I'm not feeling very optimistic hahaha
How many times have you had to correspond about documentation? Did you get an apartment?
It really is much more complicated than just a "lottery" that's for sure
It's very complicated, but I actually found dealing with this developer a lot less painful than some of the others, at least so far. They've asked me for additional documentation once, and if I survive another week without hearing from them, I'll trust all is O.K. so far, but I know more queries are coming, and I'm a breath away from a rejection at all times. One false move and it's over. They do a lot of checking right away, which I liked. Gets it out of the way. They check credit immediately, as soon as you appear income eligible, which is unusual. They send all the verifications themselves, which I also liked. You don't have to do a lot of running around. I have a very high number, and a few irregularities in my work arrangements (nothing terrible, I just can't be categorized as neatly as others),so I'm not expecting anything.
It's very complicated, but I actually found dealing with this developer a lot less painful than some of the others, at least so far. They've asked me for additional documentation once, and if I survive another week without hearing from them, I'll trust all is O.K. so far, but I know more queries are coming, and I'm a breath away from a rejection at all times. One false move and it's over. They do a lot of checking right away, which I liked. Gets it out of the way. They check credit immediately, as soon as you appear income eligible, which is unusual. They send all the verifications themselves, which I also liked. You don't have to do a lot of running around. I have a very high number, and a few irregularities in my work arrangements (nothing terrible, I just can't be categorized as neatly as others),so I'm not expecting anything.
That's good to know. I hope it works out for you!
I'm self employed, I work in theater.. so I have income from so many employers. I've tried to prepare as per their list for self employed people. But it will be interesting to see what they ask me about. Im honestly expecting to be denied from the get go because I expect they will add things I didn't anticipate.mostly asset related stuff... I've read most of that handbook...I could probably do the job they have to do at this point... but we will see!
I know a couple of people that got apartments a few years ago that made it seem like it wasn't complicated and if the developer liked you they would put you through but it does not in any way seem like that anymore...sounds like a pretty emotionless and by the book process lol
They're going to go by last 2 or 3 tax returns if you're strictly 1099 self employed.. and they will average the net income.
You need the average net to be within the income brackets. If it's within the income, then the next most crucial step is to show that this years projected net income is going to remain the SAME. Either from CPA letter or they'll look at your income so far this year.
It would start getting complicated if you have 1099 + W2 income.
Also if you have more than $55K in assets it'll be a problem.
It got to a point where I read the marketing guidelines so many times, I had to correct them on how they calculated my income lol
They're going to go by last 2 or 3 tax returns if you're strictly 1099 self employed.. and they will average the net income.
You need the average net to be within the income brackets. If it's within the income, then the next most crucial step is to show that this years projected net income is going to remain the SAME. Either from CPA letter or they'll look at your income so far this year.
It would start getting complicated if you have 1099 + W2 income.
Also if you have more than $55K in assets it'll be a problem.
It got to a point where I read the marketing guidelines so many times, I had to correct them on how they calculated my income lol
I'm totally that person with half 1099 and half W2...I do expect to make the same amount of money this year. How do you think the process would differ in this case?
I'm totally that person with half 1099 and half W2...I do expect to make the same amount of money this year. How do you think the process would differ in this case?
I actually am going thru this marketing unit for another building that their also handling. Meaning the same marketing agents are handling multiple buildings and I must say my process with them for another building has been terrible. They ran my credit for the other building (west 38th st apts) back in January and denied me for high debt 4 months later when they could've done that right away. Also every time I call the receptionist has an attitude. I appealed and it was accepted but they contacted me via email to find out that all this time they never took my number down on file.
Now I had my intake for this building and I was hesitant because of my experience with these people for west 38th. I hope to have a better experience this time around.
I'm totally that person with half 1099 and half W2...I do expect to make the same amount of money this year. How do you think the process would differ in this case?
W-2 income counts as gross (I think that's line 4 of your tax return). They might just add that sum to line 12, which comes from your Schedule C, and average those numbers for two or three years. They might pro-rate your 2017 W-2 income for the year, and that's where potential errors come in. Wait to see what they say before doing anything or providing proof to counter possible errors. Provide what they ask for when they ask for it, and not before. Be aware that W-2 income is "gross," and 1099 income is "net," in your calculations. And I really have to get off this forum for at least a week. I'm getting the disease I've warned others against. Good luck.
It got to a point where I read the marketing guidelines so many times, I had to correct them on how they calculated my income lol
This is the single smartest tactic I have ever read on this board. If you are going through this process, download the PDF and read it.
Good on you, Gaga!
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