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Ok, so im going about this anonymously for many of reasons, but ill give you the rundown. My father works far to much for me to ask him for help on this and he just says "Figure it out and ill sign whatever I need to sign" So im 18, I run a few different businesses, and this isn't like some kid saying he is self employed to make unemployed sound better. I run a youtube network management company that generates 5-15 million views a week, so I've been making a ton of money for the past year ( 2018 6 figure year and 7 figs is on the horizon for 2019 ) and now that im 18 im ready to move out. My two best friends are employed by my business and we all work together and currently all live together in my parents home ( my parents have 3 homes in the city and I haven't lived in their main home for a few years ) Ive been going to landlords looking at houses in the 4-6k/mo range and have been having a ton of issues. When I tell them I want to move in with 2 other roommates they want their w-2s and credit reports, they want 2-3 years of tax returns from me for my business, credit history and all that. Paying the rent genuinely isn't an issue for me but I know no landlord would believe that. on a 2 year lease at 5k/mo I could pay the full lease upfront but of course I dont want to do that. My credit is alright but ive only been able to have credit for 7 months and I only use credit for my subscriptions like amazon and Netflix, so my monthly bill is only a few hundred bucks and its an amex so it really doesn't build my credit much, I pay for everything cash, paid full out cash for both my cars. I also pay my two roommates under the table in cash. So I know all this to a landlord is super sketchy and I understand that. So my only other option is just to have my father lease a place and I just pay him under the table to live there. I really just want to say I have my own place that I worked for. So my father owns a private 12.7 billion dollar company and money is the farthest thing from an issue to him. He paid cash for all of his properties in the city and some of them cost more than the entire apartment complexes ive been looking at. So how should I go about explaining all this to a landlord or how should I have my dad sign the lease, because it seems really douchy to go to someone and say hey, we are really rich and paying this fragment amount of a lease is like dropping a penny on the floor and even if I dont pay you've got my dad as a backup. Should I have my dad go and lease the place and I just live there or should I go and have my dad co-signed, im just really not sure. Maybe some of you landlords can give some insight
Did you do a tax return for last year yet? That should show the income needed. Yes, maybe some places would prefer to see 2-3 years, but they don't always get what they want, and a year of steadily increasing profitability is a good thing.
Does your AmEx not have a limit on it? It sounds like you need at least one if not a few more credit cards. They will have a limit and you just don't use them. This will show credit available to you that you don't use. That helps your credit. That and time is about all you should do (DON'T go out and lease or finance things just to build credit, just stick with credit cards with no annual fee, it won't cost you anything and will build your credit).
Do you have anything in savings?
You need to pay your employees properly. They will have this same problem in a year, it's not a friendly thing to do to a friend.
I agree. If there really is that much money in your family, flat out buying something and leasing it to you (or you putting a good down payment and buying it for yourself) may be a more reasonable route to go.
I did look into purchasing a house but this issue is im moving from where I live now, im currently in North east and want to move to the southeast, and im still early into my career, so after a year or two I may pack up and need to go west coast or who knows, so I ruled purchasing out for those reasons.
Congratulations! You sound amazingly fiscally responsible considering your age. I hope you continue to be successful.
Please consider that 5K per month in rent is money down the drain. I GET that you want a luxury party pad but think of all the OTHER things you could do with that money that would MAKE money. Forget about impressing prospective partners and friends. Seriously all that will buy you is a bunch of leeches. And you want all the people you date to think you are poor. Don't be a prime target. Used cars. Cheap housing! Consider getting the least expensive acceptable housing you can find.
If your dad is willing to co-sign, let him. And start working on getting your own credit so you won't be in this spot again. Your partners should work on doing this too!
Illegally paying under the table is a pretty poor way to start a career. You harm them I'm the long run, social security for example, and in the shorter term, they show no income and no work history for loans and such. Rectify this poorly thought out idea to save a few pennies and then look to move. Your roommates will even have income and jobs to show to a landlord.
I wouldn't take a group of teens with no jobs. That just screams party house and it basically guarantees that the neighbors will be calling me to complain about noise. No thanks.
Congratulations! You sound amazingly fiscally responsible considering your age.
Paying employees under the table to avoid taxes and the much more important workers comp/disability/unemployment insurance is not what I would consider fiscally responsible.
Last edited by AZ Manager; 03-14-2019 at 01:21 PM..
I would rely on a credit score for my main decision. You also need income, with proof. Bank deposits would help, as would a larger deposit. Paying 30-days early, so a larger amount of money is in the bank would also help.
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