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Renting/Buying while self employed
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2 Cool 4 U Offline
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Post: #1
Renting/Buying while self employed
For those that are self employed, how do you rent an apartment or buy a house when you are self employed?

I hear landlords and realtors can be stingy to those who are self employed because self employed people do not have consistent/stable income compared to those with a traditional job.

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02-02-2019 10:14 PM
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SamuelBRoberts Offline
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Post: #2
RE: Renting/Buying while self employed
It's not 1985 anymore. They're used to self-employed people. Worst case, they'll ask for your tax returns.
(This post was last modified: 02-02-2019 10:19 PM by SamuelBRoberts.)
02-02-2019 10:18 PM
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Chrome Offline
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RE: Renting/Buying while self employed
It really grinds my gears how people have to beg for permission to live somewhere where they make you sign a lawyered-up 10 page contract, heavily geared to screw you if you don't comply with their "procedures", and completely non-negotiable.

If you want to rent: rent a suitable Airbnb for a few weeks and then offer the owner to rent it long term once you've made a good impression. Join landlord groups on Facebook and get in touch with investors who have properties you may like to rent. Post an ad on Craigslist with your rental proposition and let the landlords come to you. If you're dead-set on getting an apartment with a ritzy application process, make up a job or get a friend to rent it in their name.

If you want to buy: take that down payment and buy a foreclosure or REO property for cash instead. Or buy some owner financed land, and build a new home on that, or get a pre-manufactured cabin installed.
02-02-2019 10:38 PM
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The Beast1 Offline
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RE: Renting/Buying while self employed
Two examples, first one wanted paystubs and a credit check. I had been living abroad for a few years so I handed them paystubs in pounds. Credit was fine since I hadnt used my US credit cards in years. No problems.

The other time, I gave them invoices instead of paystubs.

If they're being super douchy, just make a fake paystub. Even easier to do.

Reminds me of some douchebag sales job I applied for where they asked for my W2. Again, I was abroad so I didn't have one. I ended up making a fake one filled with all sorts of BS and me making $320k.

Didn't take the job, but fuck em asking for documents they can't verify.

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02-03-2019 12:13 AM
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Jozi Offline
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Post: #5
RE: Renting/Buying while self employed
You can offer to pay 6 or 12 months worth of rent up front, for a reduced amount (money now is worth more than money later).

So say your rent is $2,200 a month, you offer $36,000 cash for a year. No need for credit checks, bank statements or visa status as there is no risk for the landlord.
02-03-2019 07:30 AM
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456 Offline
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Post: #6
RE: Renting/Buying while self employed
Upfront rent usually won't swing it in NYC because landlords' first thought is "so then what happens when you stop paying after the pre-paid months go by, and refuse to leave?" It's still 6 months + 5 figures of lawyer fees to evict. So landlords want to see your likely recurring income REGARDLESS of a huge deposit.

I would avoid showing tax returns as a self-employed. Reason: you want your AGI to be low for tax purposes, but AGI is what the LL will look at. So as others have said, simple show your invoices / checks received (from bank statements) --> that way they won't see your expenses that you adjusted down.

(i.e. If you brought in $200k top line revenue, show them the $200k of checks. Don't show the AGI on the tax return where you lowered the $200k to $100k because of paying your subcontractors, other business expenses.)

That being said, there's a reason they have a 40x rule (or whatever), so don't play yourself by getting into more apt. than you can afford.
02-03-2019 10:56 AM
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Post: #7
RE: Renting/Buying while self employed
You get your tax attorney to write a note verifying how much you made the past year. That's how it works in NYC

You should have some tax information if you filed your taxes yourself, print that out and bring it in.

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02-03-2019 11:06 AM
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Abelard Lindsey Offline
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Post: #8
RE: Renting/Buying while self employed
Usually your ability to rent is based on your credit score as well as references from previous landlords. If both of these are good, they rarely if ever ask about the employment situation. They want to know if 1) you can reliably pay the rent and 2) that you're not going to trash the place or create hassle for neighbors.

Most application forms ask for consent for credit check as well as a rental or owner history over the past, say, seven years.

I was self-employed for a number of years and never had any problem renting either apartments or houses.
02-03-2019 02:50 PM
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kurtybro Offline
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Post: #9
RE: Renting/Buying while self employed
(02-03-2019 07:30 AM)Jozi Wrote:  You can offer to pay 6 or 12 months worth of rent up front, for a reduced amount (money now is worth more than money later).

So say your rent is $2,200 a month, you offer $36,000 cash for a year. No need for credit checks, bank statements or visa status as there is no risk for the landlord.


definitely a great idea.
(This post was last modified: 02-03-2019 11:42 PM by kurtybro.)
02-03-2019 11:41 PM
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Chrome Offline
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Post: #10
RE: Renting/Buying while self employed
(02-03-2019 07:30 AM)Jozi Wrote:  You can offer to pay 6 or 12 months worth of rent up front, for a reduced amount (money now is worth more than money later).

So say your rent is $2,200 a month, you offer $36,000 cash for a year. No need for credit checks, bank statements or visa status as there is no risk for the landlord.

Try calling up your local luxury apartment complex, and offering them a deal they can't refuse. Make sure you do it in your best Godfather or Tony Montana accent. Explain that you'll be paying in cash, unmarked bills, because you "don't believe in banks".

Society and businesses are much more understanding of different lifestyles these days, with all the diversity initiatives and what not. They won't be concerned in the least bit where the funds came from, or what you'll be doing in your apartment all day, while all your neighbors slave in the cube to pay their mounting bills and shuttle their kids to and from schools, with that whole archaic "conventional lifestyle".

If they start asking probing questions, just explain that you are a Twitter Bluecheck LGBTQZQDTWF&4 Activist. Not many people talk about this, but this is in fact how that protected group gets its apartments. I'm sure you could dredge up a Soros W-2 from the Internet, if requested.

No matter how you proceed, just make sure you check that math on your offer, first.
02-04-2019 01:56 AM
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2 Cool 4 U Offline
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Post: #11
RE: Renting/Buying while self employed
(02-03-2019 07:30 AM)Jozi Wrote:  So say your rent is $2,200 a month, you offer $36,000 cash for a year. No need for credit checks, bank statements or visa status as there is no risk for the landlord.

Many landlords would prefer having monthly income instead of receiving an upfront payment. They think you would spend all your money the next day. Dodgy

Make our guns illegal and we'll call them "undocumented"
02-04-2019 02:16 AM
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