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I’ve been wondering about this for a while- how do individuals who work for themselves rent apartments in NYC?
Most landlords want to see proof of employment or “verifiable” employment that will satisfy the 40x rent rule; which usually means working at a company or for someone who can verify you make what you say you do… I’m sure many landlords wouldn’t want to take someone who has their own business since they’re viewed as a "risky" tenant. I understand that since they don't want to risk giving a lease to someone who may not be able to pay a month or more in rent but considering this city draws a lot of people who create startups and freelance what are they to do if they want their own apartment (and not a roommate share situation)?
Do they need to have a larger security deposit or need more cash in their savings to assure the landlord they meet the financial requirements? Any experience from small business owners/ entrepreneur renters?
My old roommate was a freelancer, when we signed the lease for our apartment he just provided copies of his last 2 or so years' tax returns instead of recent paystubs, it didn't seem to be a problem. His income was pretty steady from year to year, I think that's moreso what they look for.
My old roommate was a freelancer, when we signed the lease for our apartment he just provided copies of his last 2 or so years' tax returns instead of recent paystubs, it didn't seem to be a problem. His income was pretty steady from year to year, I think that's moreso what they look for.
I got an apartment and I'm a freelancer. You just show your tax returns and you show your bank statements. It wasn't a problem, as long as they see the income coming in.
I’ve been wondering about this for a while- how do individuals who work for themselves rent apartments in NYC?
Most landlords want to see proof of employment or “verifiable” employment that will satisfy the 40x rent rule; which usually means working at a company or for someone who can verify you make what you say you do… I’m sure many landlords wouldn’t want to take someone who has their own business since they’re viewed as a "risky" tenant. I understand that since they don't want to risk giving a lease to someone who may not be able to pay a month or more in rent but considering this city draws a lot of people who create startups and freelance what are they to do if they want their own apartment (and not a roommate share situation)?
Do they need to have a larger security deposit or need more cash in their savings to assure the landlord they meet the financial requirements? Any experience from small business owners/ entrepreneur renters?
Simple three words:
PROOF OF INCOME!
The same words apply toward buying a car, a home, property, an Amex card, etc.
*****
People with solid businesses, incomes and credit, don't have a problem. They not only can document their income, but they have bankers, lawyers, and accountants as verifiers.
Though I suspect, you are thinking more on the MARGINAL side of life, those w/o solid jobs, income and/or credit; and, for whom, freelancing and entrpreneurship is just a cover for not making much money, unemployment, unconventionality, and problems with authority, correct?
The same words apply toward buying a car, a home, property, an Amex card, etc.
*****
People with solid businesses, incomes and credit, don't have a problem. They not only can document their income, but they have bankers, lawyers, and accountants as verifiers.
Though I suspect, you are thinking more on the MARGINAL side of life, those w/o solid jobs, income and/or credit; and, for whom, freelancing and entrpreneurship is just a cover for not making much money, unemployment, unconventionality, and problems with authority, correct?
Well, ahhh, they're F'd!
>>> it is quite clear you have not started or run a business… or got burned by it and now are hating on others
i've been self employed most of my adult life
tax returns were usually more than sufficient
i also showed a landlord a bank statement once
In my first apartment i paid 6 months up front bc the landlord was hesitant
One of our kids got a 400k mortgage while on unemployment. He had to just show he had the assets to cover it.
When I purchased my multifamily in the late 80's I could not get my mortgage approved until
I paid off an unpaid parking ticket and I showed a consistent and unbroken stream of employment
for over 10 years.
Times definitely have changed.
400K is a nice chunk of change for a young man.
Best wishes ............
I guess renting an apartment should be no problem today just showing a bankbook with plenty of capicola in it.
Last edited by Mr.Retired; 05-22-2022 at 04:39 AM..
File taxes. 3 years of verifiable income. Your bank statements will show incoming income. To overcome the instability of your jobs make sure your credit is above 700. Also rental history stability. Make sure you dont move around often.
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