Broke law grad moving to NYC, question about bank statement requirement

[bmwguydc]

It really depends upon the type of rental in a co-op. If the unit in question is a sponsor unit, then you will not be subject to board approval. However, for a regular co-op, the board will want a full financial disclosure, and likely a personal interview, which can be a bit of a hassle. And, you need an experienced broker who knows the boards, who can prepare you for the interview, and let you know going in the likelihood of being approved.

[G.Costanza]

Won't you get/have a signing bonus in the bank? That should help pad your bank statement to some extent. But if you've already spent that and your credit is also "not great" then you might might want to think about a guarantor.

I also don't see much upside in going through the hoops/hurdles to rent a co-op. Buying in a co-op can save you some significant amount of money. Renting one? Not so much.

[jcoltrane]

Originally Posted by gruveguy

I have never lived in NYC, but in the fall I'll be moving there to start work. I'm currently scraping by on student loans, and expect to be relatively broke when I first move. However, the job offer I've accepted is for $160K, so I will have a nice income starting as soon as I get there and should easily be able to satisfy the 45x rule.

My question is, will I get vetoed by a management company when I apply for an apartment when they see that I only have a very small amount in my savings account? I'll likely need to borrow money just to make my security deposit and broker's fees. It'd be nice if I could get a couple paychecks before I had to arrange my housing!

Isn't there someone in the firm whose job it is to settle you in? See to it you find a place to live etc. There s/b. Perhaps you need to inquire. Maybe you missed the info.

Anyway, if you need help financial or otherwise the firm s/b more than willing to help you out. Helping you find a place; guaranteeing your lease, etc. Speak to personnel. Speak to your partner.

The firm will want you nice and settled in, with nothing on your mind except work, work, work!

Luck!