HELP!ADVICE! Relocating-Getting This Apartment-3x Rent Required Income (lease, tenant, rental)

[apartmentgal2013]

Hi all, I've been Googling all morning and all results seem to put me here so I thought I'd make my own specific post and try to get some helpful advice and answers!

So I'm currently in CO and moving to MI in July when my lease is finished here, I'm from the town I'm moving too and I've actually been trying to get back there every since I was moved out here to CO 6 years ago. I am pretty set on a certain town home that I am trying to rent in MI & basically it would be super depressing for me if I am unable to move into the complex...so I'm trying to gather all my options.


"Copy of driver’s license, state or military ID Proof of income (most recent pay stub) $30 application fee for up to 2 applicants; $10 for each additional Signed rental application, complete and accurate. (All persons 18 or older must complete and sign the application)
Based on our current rental rates, the following are the minimum monthly income requirements for each price townhome: $838 - minimum gross household income $2,514 /month
$880 - minimum gross household income $2,640 /month $932 - minimum gross household income $2,796 /month $1,020 & $1,050 - minimum gross household income $3,150 /month"

" ------ has its leasing criteria on file with the credit agency that handles our inquiries. If an applicant falls within the range of our parameters, the security deposit may be as low as $400 or as high as one month’s rent."


This is from their website. Rent will actually be $768 until April 1, when it will increase to $838. I am obviously going to apply before then in order to lock in the great deal and avoid the rent increase. With my math, I basically will need a gross income of at least $2,304. I grossed $2217.67 for the month of February on my one main billing platform. I had about $300 in other income sources, not sure how to prove those unless I go off of my bank statements, but one company pays me by direct deposit on another debit card, not through my bank. Basically I only made 2.5 the rent, and I am just short of making the 3X requirement. I also have $3,500 in my savings account, I've started saving 1K+ a month for the move, which will be in July.


My current apartment is 1/3 the size of this town home, and I comfortably pay $900-950 a month, which depends on utilities. I'm single, no kids. I don't have many bills. No debt. I'm 20 years old, just turned 20, I don't have much credit history, because I don't have any credit cards. I have 2 previous rentals on my history.

However, I am recently self employed, my income will fluctuate. I make anywhere around 2K-4K a month. I have multiple income coming from different sources and billing platforms. But, my main platform brings in the most money for me. Like I said, I get paid through other options, and I'm not sure how to prove those. I have many "prepaid" debit cards that the company will send me, in order to pay me by direct deposit.

So...
Here is my income, based off of ONE source, my main..
November- $2952.56
December- $2663.66
January- $1977.44
February- $2217.67
and with one week left in March I'm currently at $1905.68 and I will most likely make at least another $500 by April 1st. March has been busy

From November- Current I've made $11,717.01. If I divide this by 5(# of months) then I get $2343.40.
Could I use this as my monthly average of income? Where it says gross monthly income, can I put $2340? If I can, then I DO qualify for the town home, by making 3X the amount of rent. Not to mention the few thousand I have in my savings account(if that is important) Do you think they would look at this and see that my AVERAGE is 3X the rent, and approve me, just for that part of the application? Or do they only look at month to month and reject if I only meet the requirement for some months?


So on top of that BIG, MAIN question here are a few more:
What is the best way to show them that I have money and prove my income?
I heard LL don't like when a tenant offers to pay a few months upfront, should I consider offering to pay larger deposits, 3 months in advance, etc? What kind of offers do you think sound good and reasonable?


I can take screenshots of the payouts I've received, but they wouldn't include my personal info.
Would this help or be a waste of time?

Advice on what to do please!!!

[apartmentgal2013]

Hi all, I've been Googling all morning and all results seem to put me here so I thought I'd make my own specific post and try to get some helpful advice and answers!

So I'm currently in CO and moving to MI in July when my lease is finished here, I'm from the town I'm moving too and I've actually been trying to get back there every since I was moved out here to CO 6 years ago. I am pretty set on a certain town home that I am trying to rent in MI & basically it would be super depressing for me if I am unable to move into the complex...so I'm trying to gather all my options.


"Copy of driver’s license, state or military ID Proof of income (most recent pay stub) $30 application fee for up to 2 applicants; $10 for each additional Signed rental application, complete and accurate. (All persons 18 or older must complete and sign the application)
Based on our current rental rates, the following are the minimum monthly income requirements for each price townhome: $838 - minimum gross household income $2,514 /month
$880 - minimum gross household income $2,640 /month $932 - minimum gross household income $2,796 /month $1,020 & $1,050 - minimum gross household income $3,150 /month"

" ------ has its leasing criteria on file with the credit agency that handles our inquiries. If an applicant falls within the range of our parameters, the security deposit may be as low as $400 or as high as one month’s rent."


This is from their website. Rent will actually be $768 until April 1, when it will increase to $838. I am obviously going to apply before then in order to lock in the great deal and avoid the rent increase. With my math, I basically will need a gross income of at least $2,304. I grossed $2217.67 for the month of February on my one main billing platform. I had about $300 in other income sources, not sure how to prove those unless I go off of my bank statements, but one company pays me by direct deposit on another debit card, not through my bank. Basically I only made 2.5 the rent, and I am just short of making the 3X requirement. I also have $3,500 in my savings account, I've started saving 1K+ a month for the move, which will be in July.


My current apartment is 1/3 the size of this town home, and I comfortably pay $900-950 a month, which depends on utilities. I'm single, no kids. I don't have many bills. No debt. I'm 20 years old, just turned 20, I don't have much credit history, because I don't have any credit cards. I have 2 previous rentals on my history.

However, I am recently self employed, my income will fluctuate. I make anywhere around 2K-4K a month. I have multiple income coming from different sources and billing platforms. But, my main platform brings in the most money for me. Like I said, I get paid through other options, and I'm not sure how to prove those. I have many "prepaid" debit cards that the company will send me, in order to pay me by direct deposit.

So...
Here is my income, based off of ONE source, my main..
November- $2952.56
December- $2663.66
January- $1977.44
February- $2217.67
and with one week left in March I'm currently at $1905.68 and I will most likely make at least another $500 by April 1st. March has been busy

From November- Current I've made $11,717.01. If I divide this by 5(# of months) then I get $2343.40.
Could I use this as my monthly average of income? Where it says gross monthly income, can I put $2340? If I can, then I DO qualify for the town home, by making 3X the amount of rent. Not to mention the few thousand I have in my savings account(if that is important) Do you think they would look at this and see that my AVERAGE is 3X the rent, and approve me, just for that part of the application? Or do they only look at month to month and reject if I only meet the requirement for some months?


So on top of that BIG, MAIN question here are a few more:
What is the best way to show them that I have money and prove my income?
I heard LL don't like when a tenant offers to pay a few months upfront, should I consider offering to pay larger deposits, 3 months in advance, etc? What kind of offers do you think sound good and reasonable?


I can take screenshots of the payouts I've received, but they wouldn't include my personal info.
Would this help or be a waste of time?

Advice on what to do please!!!

[beb0p]

Some landlords will see it one way and others will see it differently. Why don't you contact the landlord of your interested property and see what he/she thinks?

Usually a LL wants to see steady stable income, like a wage worker. Don't think many of them have much experience scrutinizing a self-employed person with only a few months of income history. The LL will want to know your income source and whether that income source is sustainable.

Offering to pay several months in advance will soothe some LLs who may fear that you don't have sustainable income. I'd suggest you try this over a larger deposit.

Or if your parents are willing, they can be on the lease and be responsible for your rent if it become delinquent. LL will feel much better if there's someone stable to cover for you.

[399083453]

Why not....... ask the landlord. Seems like the most direct, logical route.

[MrRational]

Originally Posted by apartmentgal2013

However, I am recently self employed, my income will fluctuate.

And until that changes... you're stuck.

What is the best way to show them that I have money and prove my income?

LL's want plain vanilla regular joe's... but most will accept long(er) term self employed
who have several years of 1040' to show their patterns from.

You don't have anything (at this point) to prove more than that some cash is flowing.

You're left to find a smalltime LL who will listen (and accept) your tale.
A guarantor (family?) is the next option.

[AZGal25]

I don't know what part of Michigan you are moving to, but have you looked at foreclosed homes? You may actually have enough savings to buy one outright. Here is one in Detroit that is in a lower crime area and only has a $2k asking price. According to the hudhomevalue site you could probably pick it up for less than $1k. 19616 Bloom St, Detroit, MI, 48234 - HUDHomeValue.com

[willow wind]

Dealing with self employment income is really tough until you have a few years of it under your belt. Being twenty years old and not being able to actually prove " income streams" is also not helping you any.

Do you really have to move into that particular complex ?. Could you simply just do a year's lease at any other suitable complex in which you would be able to meet the 3x's the rent income? It's not forever, just a year.

[MrRational]

Do you expect different answers here than in the other thread?
//www.city-data.com/forum/real-...rtment-3x.html

maybe the mods will delete/combine

[Kim in FL]

Why don't you call them and ask them what they would require from you?

Reading a website is great, however actually talking to someone that works at the complex is even better!

[oregonwoodsmoke]

I suggest that you obtain a place with lower rent. You don't have enough income to qualify for that place, and I suspect you will be throwing away your application money.