Moving to Brooklyn and self employed, advice please! (real estate market, apartment)

[AlyssaThralls]

I found these forums while researching the broker fees (we don't have those in California) and if I wanted/needed to pay them. In scrolling through the forums I noticed that it seems like just having the money isn't enough to move to NY and I started to develop a new worry I had not thought would be a problem. I am self employed, I sell jewelry/clothing on the internet and to stores, proving a specific amount per month could be difficult for me. I am not concerned about making the rent, but it doesn't always look as steady on paper.

I am looking to move to Brooklyn, probably Bushwick/Williamsburg areas and my credit score is 695. Do you think I'll be able to find a place that will rent to me? I didn't see much specific discussion of these neighborhoods and how difficult it might be to rent there. I know it's getting trendier by the minute out there but they are probably also used to renting to younger people and artists and so on and perhaps would be more lenient about these things than Manhattan? Advice would be appreciated, thanks!

[30STM]

Since you own your own company I assume you do taxes and that is what they will ask to show proof of income. Now granted your income is not the same so they will average it out. 695 is a decent FICO but you may want to try to bring it up 50 points more. You can do that buy bringing down debts on credit cards etc an if you have any old items that are blemishes you can see if they can be removed and if they are over 7 yres they can be removed fast.

WIlliamsburg is awesome very trendy hip an close to manhattan, Bushwich is up an coming and some say the rents are less since its not at its Trendy peak. i posted a link below that you may like
FREEwilliamsburg: The Williamsburg, Brooklyn Based Culture Guide

[el77]

Join the millions if arts phonies that move to that are and force latinos out. People will despise you and still view you as the jewelry maker from.California. At least you're honest about wanting to live in a trendy area. How old are you? 16?

[bmwguydc]

Landlords are usually less strict when you are not in Manhattan; however, it depends upon the person from whom you rent. Generally speaking, individual landlords have the most flexibility, followed by small owner-managed apartment buildings, since they do not have the fiduciary responsibilities to shareholders or larger ownership interests as do the professional management companies that enforce a minimum standard of income per year, as well as other lifestyle qualifications in some cases, for buildings in Manhattan. It is possible to find a no-fee, individual landlord/building in Brooklyn, though sometimes you may have to go through a broker.

Bushwick is not as trendy as Williamsburg, nor is it as safe in certain areas; hence, the rents will tend to be lower as it's not as prime an area. Williamsburg has had issues with the influx of hipsters, and stagnation when the real estate bubble burst, where the area was being pushed to become upscale, at least for the new construction.

You may need a statement from your CPA, as well as financial records, to show your income for the past few years, even when dealing with a landlord who is not bound by stringent requirements. I would have as much documentation as possible in hand, so that when you do find an apartment, it is a much more realistic picture that you present to the landlord. One reason as to why it can be difficult in NYC to find an apartment when you are self-employed or unemployed, yet have the income/assets to rent, is because of very pro-tenant protections in the real estate market. Landlords are hesitant to enter into a tenancy that could end in litigation or eviction, because of the increased costs, and non-payment of rent.

[jcoltrane]

I suggest you speak with an attorney and/or accountant. In simple, set up as a corporattion, with yourself as an employee and pay yourself a weekly, biweekly, or monthly salary.

Now you've got an employer and a salary. Not to mention it is the professional way to handle your business.

[tkak69]

Originally Posted by AlyssaThralls

I found these forums while researching the broker fees (we don't have those in California) and if I wanted/needed to pay them. In scrolling through the forums I noticed that it seems like just having the money isn't enough to move to NY and I started to develop a new worry I had not thought would be a problem. I am self employed, I sell jewelry/clothing on the internet and to stores, proving a specific amount per month could be difficult for me. I am not concerned about making the rent, but it doesn't always look as steady on paper.

I am looking to move to Brooklyn, probably Bushwick/Williamsburg areas and my credit score is 695. Do you think I'll be able to find a place that will rent to me? I didn't see much specific discussion of these neighborhoods and how difficult it might be to rent there. I know it's getting trendier by the minute out there but they are probably also used to renting to younger people and artists and so on and perhaps would be more lenient about these things than Manhattan? Advice would be appreciated, thanks!

Without proof of income, you may need a guarantor - a parent, aunt, uncle, etc.

Dismiss the haters. They lurk on these sites mostly. Neighborhood people are generally friendly. Good luck with the move.

[ericomposer702]

Originally Posted by jcoltrane

I suggest you speak with an attorney and/or accountant. In simple, set up as a corporattion, with yourself as an employee and pay yourself a weekly, biweekly, or monthly salary.

Now you've got an employer and a salary. Not to mention it is the professional way to handle your business.

This is probably not necessary. I've worked in real estate for a little while. They will determine your income by your tax returns if you are self employed. They may also ask for a letter from your accountant or person who does your taxes.

The magic number they usually want to see is 40x the monthly rent in your annual salary. If you are short, they may just ask for extra security deposits, but they always reserve the right to reject your application. Most LL's are happy with a credit score above 660-680.