W2 or 1099 for Proof of Income for a Newbie?
I seriously hope this is in the right section.
I'm trying to get an apartment with my friend, we'd be roommates and all. She's getting her mother to co-sign for her (since her mother's credit is nearly perfect) and she actually works a 'real job' so she has a W2 and pay stubs for her proof of income.
Presently I am working a 'real' job as well, and have a W2, but once I move (to a different city/town) I won't be working there anymore and I'm looking to dance for my income.
I obviously can't tell the landlord/management company this. I was looking at saying I'm self-employed, as a "Social Consultant." But the application says that if you are self-employed, as proof of income you need last year's W2 or 1099. I don't even know what an 1099 is. I haven't even filed taxes for my 'real' job yet, as it is my first too.
Getting either of my parents to co-sign for me is completely and utterly out of the question, considering they both have HORRIBLE credit.
One other option is that I could get a notarized letter on company letterhead saying when I started, that I have a full-time position and what my net weekly salary is. But can I really get a strip club to do that, and would I want them to?
I would consider another apartment complex, but my friend/roommate is pretty much set on this one. And my pretty much, I mean, dead set. I really couldn't afford my own apartment, so I need her.
The requirements are as follows:
-Must be employed full time
-Must have good credit
-Must have good rental history (if any)
-Net income must be 3 times the monthly rental rate. (Roommates must each bring income of 2.5 times the monthly rental rate. Co-signers must Net 5 times the monthly rental rate.)
-Must have a clean criminal background
Other than the 2.5 times the $600 a month, and the proof of income, everything's fine. But those are huge problems...
So I'm open to suggestions.
Re: W2 or 1099 for Proof of Income for a Newbie?
If your friend is dead set on that one apt., would she be willing to rent the entire apt. by herself under her name, and informally rent out a room to you?
Re: W2 or 1099 for Proof of Income for a Newbie?
Welcome to 2010. Inferred from your list of landlord's requirements ...
- landlords have learned a lesson from the 'subprime' loan industry, and are not ( automatically ) accepting self-generated income statements. They are looking for 3rd party verification i.e. employer W2's or business 1099's ... or at the very least a written statement from an employer attesting to full time employment at pay rate $X. You might be able to 'work around' this requirements if you set up a separate 'business' bank account, route all of your dancing earnings through the account, and show bank statements 'attesting' that you have been regularly earning / depositing $X per week for the past several months.
As I posted in a different thread that was based on the same issue, there really isn't any way to 'fudge' this other than to unofficially hook up with a 'rich' roommate who is willing to shoulder all of the proof of creditworthiness / proof of income burden.
As far as suggestions go, switch to a less 'upscale' rental property where the standards aren't as strict.
Re: W2 or 1099 for Proof of Income for a Newbie?
Most clubs do not issue 1099's, so you are not likely to get one. Be sure to always file your taxes, and keep a good record of your income. You will need your tax return as a proof of income in the future, but most corporate housing companies like to see at least 2-3 years of tax returns for proof of income. You are better off looking into independently/privately owned place to rent. Corporately owned apts are usually much more strict than a mom and pop type of rental.
Re: W2 or 1099 for Proof of Income for a Newbie?
Go speak to the leasing agent and explain your situation. I'm in a strange situation right now, somewhat similar to yours.
Explain that you're working full time now, and you're bringing in X amount of dollars; you plan on finding a new job once you move to this city that will make you the same amount of money (no need to mention dancing). If you can get a notarized letter from the bank showing you have a bit in savings (at least 3 months worth of living expenses), then you might be able to talk them into letting you rent there. That's pretty well what I did, and I've worked 'off the books' so far in my life, and I live in a really NICE apartment now.
In general, leasing agents WANT to rent you a property. The sooner they can get all their units filled and their complex at 100% capacity, the better it is for them. Your job is to CONVINCE them that you're the right tenant. If you go in and speak with them - look put-together and be prepared. Ask to speak to one of the higher-up's on staff. Get your documents together and calmly explain the situation. If you seem to be responsible and like you'll be a hassle free tenant who will pay her rent on time, they make take a chance on you.
One thing I've learned about renting apartments from nicer/bigger complexes - most rules can bend if you really fight for it.
Good luck!
Re: W2 or 1099 for Proof of Income for a Newbie?
I spoke with my friend, and she's such a doll- she's willing to technically rent the place by herself, and let me stay with her and I'll pay half of rent and utilities.
But I'm not entirely sure if this is or is not against "the rules." I mean, it would kind of be the same as if I were under 17 and living in the place. All it says about people under 17 that will live in one of the apartments is "Each additional occupant over 17 must complete an application with a $25 application fee and must also submit a state issued picture ID/DL."
So I figure I would be an 'occupant' and not a 'roommate' according to them. Though I would be paying my friend so that we make rent.
I'm just afraid that they'll say we can't do that if we tell them, and I'm afraid that if we don't tell them and they find out, that they'll kick us out and we'll be back to square one with this same shit at another place.
Re: W2 or 1099 for Proof of Income for a Newbie?
there's a technical word for what you propose ..... 'fraud'. The landlord is not only entitled but required to ascertain the identities of the people living in his property. If you are not a dependent of the legal tenant ( and thus a qualified occupant ) then you are a roommate who shares certain legal and financial responsibilities to the landlord along with other roommates. But this isn't to say that you won't be able to 'get away with' your proposal forever.