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Old 03-18-2008, 11:47 PM
 
Location: Louisiana
39 posts, read 254,082 times
Reputation: 18

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Hi Everyone,

I will be moving to NY in August to start a new job as a district attorney. I have been in law school for the last 3 years and have only been able to work part-time. Therefore, I can't provide any W-2s showing 40x the rent. However, I know I can get a letter of employment showing what my salary will be. Since most guarantors have to make like 80x the rent, I won't be able to provide one because no one in my family makes that much money. What are the chances I will be able to get an apartment without a guarantor? If I can't get a guarantor am I going to have to take whatever I can get? Also, will my being an attorney give me some what of an advantage? Probably not, since most people think lawyers are scum. Thanks for the advice.
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Old 03-19-2008, 06:25 AM
 
12,115 posts, read 33,533,991 times
Reputation: 3865
I always thought a guarantor was needed if you had bad credit. I have a bankruptcy on my record and when i was looking for a new apt it was mentioned that i may need a guarantor(but luckily i found a nice place where they did not have to check my credit); also someone i knew had bad credit and they had to use their mother in law as a guarantor.

why do you think you will need a guarantor? if you can show them the letter stating you will make 40X the rent wouldn't that be enough?

unless it's your lack of rental history and full time employment
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Old 03-19-2008, 09:12 AM
 
12,340 posts, read 26,009,751 times
Reputation: 10349
Quote:
Originally Posted by rlrl View Post
I always thought a guarantor was needed if you had bad credit. I have a bankruptcy on my record and when i was looking for a new apt it was mentioned that i may need a guarantor(but luckily i found a nice place where they did not have to check my credit); also someone i knew had bad credit and they had to use their mother in law as a guarantor.

why do you think you will need a guarantor? if you can show them the letter stating you will make 40X the rent wouldn't that be enough?

unless it's your lack of rental history and full time employment
She might think that because of my comments on another thread that another poster should be prepared to show 2 years of W-2s or tax returns showing his income. This is what I have read is required by many landlords, but I could be wrong. And not all landlords follow this rule.

Obviously the more in-demand an apartment is, the more choice the landlord will have for choosing a tenant and if you don't have the paperwork and the next guy does, the landlord may well choose the guy with the papers.

But there are plenty of smaller landlords who might work more on their gut and a credit check, and also there may be areas of town where apartments are not being snatched up the second they hit the market.

Also- I believe a true guarantor not only makes 80x the montly rent but in addition must be from the tri-state area. this (I believe) makes it easier for the landlord to sue when/if something goes wrong.
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Old 03-19-2008, 09:35 AM
 
274 posts, read 1,105,964 times
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If you satisfy 40x rent, then a letter of employment, letter stating your annual salary, and a credit check is enough.
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Old 03-19-2008, 09:54 AM
 
Location: Louisiana
39 posts, read 254,082 times
Reputation: 18
Quote:
Originally Posted by rlrl View Post
I always thought a guarantor was needed if you had bad credit. I have a bankruptcy on my record and when i was looking for a new apt it was mentioned that i may need a guarantor(but luckily i found a nice place where they did not have to check my credit); also someone i knew had bad credit and they had to use their mother in law as a guarantor.

why do you think you will need a guarantor? if you can show them the letter stating you will make 40X the rent wouldn't that be enough?

unless it's your lack of rental history and full time employment
I thought I may need a guarantor because I didn't have the employment history. My credit is pretty decent, in the mid 600s and I do have a rental history.
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Old 03-19-2008, 09:56 AM
 
Location: Louisiana
39 posts, read 254,082 times
Reputation: 18
Quote:
Originally Posted by Henna View Post
Also- I believe a true guarantor not only makes 80x the montly rent but in addition must be from the tri-state area. this (I believe) makes it easier for the landlord to sue when/if something goes wrong.
Well if the guarantor has to live in the tri-state area, I am SOL both ways. All of my family is in the South and none of them make 80x the rent in NY.
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Old 03-19-2008, 10:01 AM
 
85 posts, read 413,974 times
Reputation: 54
You will be fine, if you have w2's bring them, and a letter stating that you are employed by the DA's office should be sufficient.
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Old 03-20-2008, 04:12 AM
 
Location: UWS -- Lucky Me!
757 posts, read 3,353,111 times
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Quote:
Originally Posted by yellowjasmineo View Post
Also, will my being an attorney give me some what of an advantage? Probably not, since most people think lawyers are scum.
It is a disadvantage, but not for the scum factor. Landlords don't want people who might educate the building residents of the many ways the landlord is not meeting his lawful obligations. They're afraid you might incite the neighbors to organize for redress, so you're a threat.

Good luck to you!
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Old 03-20-2008, 08:06 AM
 
Location: Brooklyn, NY
9,860 posts, read 14,183,605 times
Reputation: 10884
Quote:
Originally Posted by yellowjasmineo View Post
Well if the guarantor has to live in the tri-state area, I am SOL both ways. All of my family is in the South and none of them make 80x the rent in NY.
You should be fine. The boroughs tend to be much more flexible than Manhattan in terms of approval. Also, as someone said, a landlord who doesn't go through a rental firm would probably be more flexible. However, that is not to say a landlord going through a rental firm wouldn't approve you--I think with your score, you'll be alright.
As for the guarantor living in the region--that usually goes with Manhattan buildings or upscale buildings alone (or buildings that are "known" to be strict). Some landlords/companies are just super stringent and more strict than others.
I rented apartments in Williamsburg for 4 years, and we never had a rule of tenants having to find a local guarantor. The guarantor though, would usually have to make 100 times the rent for the past 2 years, and have very good credit.
As long as you can provide a landlord reference letter and have some proof of making around 30-35 times rent per year, you should be fine. If worried, do you have any $$$ in a bank account? Sometimes landlords like to see money (of course!!) in an account to make them comfortable.
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Old 03-20-2008, 01:04 PM
 
Location: NY,NY
2,896 posts, read 9,774,511 times
Reputation: 2074
Manhattan landlords ask for guarantor regardless of your credit history. Young and new to NY, the key precisely how much money you make. A decent one bedroom in Manhattan is upwards of $3000---close to 4 to 5000. Fair studios run on average $3K.

Meeting the rent can be a bit of a nut for *young* inexperienced people. Despite making a decent salary which on paper appears to afford such rents, young people often lack the experience and/or discipline to mange their money---to meet the nut of thousands per month in rent. To make a Manhattan landlord comfortable, you'll more than likely need to make a ***multiple*** of the rent in salary per month. Otherwise you'll need someone to guarantee the rent---despite whatever your salary.

Hey, just out of law school, got a job a one of the big firms, got the $100k plus starting salary--want to rent that nice $5K a month apartment---better come with a guarantor! Your salary is irrelevant, so is your job. The fact that your fresh out of school is the issue.

BTW, being a lawyer is an absolute negative. It's not because people think you're a scumbag---it's that NY is an ESPECIALLY litigious place with regard to Landlord/Tenant issues. The rent laws and the Landlord-Tenant court is simply a morass! A smart tenant and/or a competent attorney can decide not to pay rent and manipulate the system for months or even years and not be evicted.

NY landlords are especially sensitive to any potential situation. So, attorneys, paralegals, etc., can sometimes find landlords reluctant to rent. Particularly, when a landlord has a choice between you and other qualified non-legal field tenants. In such a competition, you lose. They'll pick the non-legal tenant every time. Not much you can do, except attempt to avoid telling them your an attorney! )

Note, Manhattan landlords are different than landlords from the outer boroughs. Also, NYC is unlike any other place, we have our own rules here. Credit scores quite for a lot more in places other than NY.

I suggest you try a small owner-occupied building in Brooklyn (Park Slope, Prospect Heights, Ft. Greene, Clinton Hill)---near enough to downtown Manhattan, where I presume your offices are. Very short commute. If Queens, Astoria, Forest Hills or Hunter's Point---the City Lights Condo building. Renting a Condo/Co-op is a good bet, as the owner won't be a *professional* landlord, so you should like a good tenant prospect. Professional landlords will be wary. You can still party in Manhattan, you just have to taxi home, a bit of expense but you make it up in the lower rent.



Luck!
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