Having a Hard Time Proving my Income to Rent an Apartment (rental, mortgages)

[stacygirl19]

I am trying to rent an apartment in Brooklyn. My credit scores are good with a 700 FICO (although I don't have a ton of credit cards). The problem is I am self employed and don't receive a "paycheck". I make enough to pay the rent and I paid my rent on time when I was living in Queens. Any ideas on how to get round the income verification?

[bluedog2]

Couple of years income tax returns probably.

[BugsyPal]

Originally Posted by stacygirl19

I am trying to rent an apartment in Brooklyn. My credit scores are good with a 700 FICO (although I don't have a ton of credit cards). The problem is I am self employed and don't receive a "paycheck". I make enough to pay the rent and I paid my rent on time when I was living in Queens. Any ideas on how to get round the income verification?

You'll have to produce several years worth of usually audited tax returns to satisfy most landlords. Even then some may look for a stronger candidate.

In most sectors of the housing market from mortgages to rental self-employed persons are often viewed with a weary eye. Unlike those employed by someone else self-employed income can fluctuate depending upon various circumstances. Those only recently working for themselves often do not have a long enough established history to be considered a "stable" risk. Nor on average do they have other assets such as savings and or investments that could be tapped if income drops.

You'd be surprised how many self-employed persons from all walks of life from doctors down to entrepreneurs/business owners have a difficult time renting an apartment or obtaining a mortgage. Even when on paper they have excellent income.

[city living]

Originally Posted by stacygirl19

I am trying to rent an apartment in Brooklyn. My credit scores are good with a 700 FICO (although I don't have a ton of credit cards). The problem is I am self employed and don't receive a "paycheck". I make enough to pay the rent and I paid my rent on time when I was living in Queens. Any ideas on how to get round the income verification?

Can you pay anything upfront? And also, a letter from the previous landlord saying you paid on time.

[Sunbather]

semi-related question and I may be able to get it answered without starting a separate thread.

I am considering a move to NY (working in manhattan, living in brooklyn - park slope area preferably) from south carolina. My annual income here over the past 3 years has been >100k. I would most likely be taking a pay cut unfortunately to move to NYC but I love the city (from a visitor standpoint) and am interested in the experience of living there. I think I could make close to 90k with my profession in a position there.

Would I typically have to wait for multiple pay checks before being able to prove income at a new job to secure an apartment? Or would tax returns and/or pay stubs from my current employer + the offer letter for my potential new employer be acceptable? Additionally, I have owned a house for most of the time I have been out of college and working so I don't have a previous landlord for reference either.

[silverbullnyc]

I tell alll my self employed clients the following when renting them a place: have your CPA write a letter stating how long they have been your accountant, what your income has been from the last 2yrs and potential income from this yr. Show the first 2 pgs of your tax returns, last 2 bank statements.