Deleted due to privacy...
TY everyone
Deleted due to privacy...
TY everyone
Last edited by Kisca; 04-29-2011 at 03:07 PM. Reason: Deleted
I'm in Real Estate & this looks good. I would always have more deposit if its needed.





That's enough for private most rentals (basement apartments and little apartments above stores), and it'll probably be enough for most older low-rise complexes that are more comfortable about taking risks with new tenants. They'll probably ask you for an additional months rent and a security deposit because you have no rental history, but that's normal and should be expected (and you've already accounted for it by the looks of things).
Getting into high-rise, new apartment complexes can be more difficult. Often times they ask for pay stubs AND a letter from an employer, so it's harder to get in.
The best way to ensure that you get the place you want is to schedule a viewing ahead of time, show up on time with all you documents, and look as prepared/mature/responsible as you can. If they see you're serious about renting and you have the cash to put down for your security deposit that day then it's doubtful they'll turn down your application.
Also, keep in mind you don't want to live anywhere that's too easy to get into....that means you never know how shady your neighbors are.
Your rent should be no more than 1 weeks pay, unless you are in NYC.





Adding a bit more detail, what this boils down to is the recent enactment of new US financial regulations requiring 'corporate' entities to officially verify the income of new 'borrowers' before any new 'loan' is approved. Where a corporate owned rental property and a lease is concerned, it's pretty much guaranteed that you'll be required to show past years' tax returns or other official proof of income. Obviously, 'mom & pop' owned / non-corporate owned rental properties have more regulatory leeway ... thus are less likely to perform 'due diligence' re income verification of new tenants, as well as less likely to generate reports to credit agencies.That's enough for private most rentals (basement apartments and little apartments above stores), and it'll probably be enough for most older low-rise complexes that are more comfortable about taking risks with new tenants. They'll probably ask you for an additional months rent and a security deposit because you have no rental history, but that's normal and should be expected (and you've already accounted for it by the looks of things).
Getting into high-rise, new apartment complexes can be more difficult. Often times they ask for pay stubs AND a letter from an employer, so it's harder to get in.
Be aware that any 'corporate' landlord is very likely to report your lease obligations to credit agencies. This has the potential of circling around to the IRS, in a couple of different ways. Because you are a student where tuition payments are reported to the IRS by your college, and because you're still considered as a dependent on your parents' tax return, it's possible that your lease / rent obligations will attract attention in regard to 'total household income' calculations i.e. your own reported earnings plus your parents' reported earnings versus the eligibility / size of any student grants / loans you receive. This might also result in the IRS requiring you to 'square up' the $33,600 income you demonstrated to a corporate landlord versus a similarly reported $33,600 reported income via your parent's tax return. Since, as a dependent, you are 'married at the hip' to your parents' finances, any unwanted IRS attention will include them as well as yourself. Similarly, any inconsistencies in income reporting that may impact 'household income' based student loan / grant eligibility may also be subject to Sallie Mae investigation in conjunction with the IRS.
The bottom line here is that the IRS has increasingly 'closed the loop' on expenditure tracking versus reported income tracking. Or put another way, if the $33,600 in income you are about to report to a 'corporate' landlord in order to obtain approval for a lease does not also appear on your parents' tax return, IRS attention may be attracted. Additionally, if the applications for student grant / loan money that you and your parents filled out based on 'total household income' did not include that $33,600 in income, Sallie Mae may come looking for repayment of student grant / loan money that you received based on a 'fraudulent' application and may / would not have been eligible for had that $33,600 been added to your parents' income on the grant / loan application, as required by Sallie Mae etc. And of course, if the amount of tuition payments being reported by your college plus the amount of monthly lease payments being reported by your landlord - plus any other regular expenditures like mortgage and car payments being made by your parents - don't 'jive' very well with the total amount of 'household' income reported on your parents' tax return, the IRS may take interest as well.
With the obvious legalities aside, these days it's extremely important that one at least be 'consistent' in regard to the amount of income they report to the IRS versus reporting to any other 'lender' - and also that they at least be 'consistent' in regard to the total amount of money they are actually spending versus the amount of income they reported to the IRS to make that spending possible.
~
Last edited by Melonie; 02-02-2011 at 09:36 AM.





I think I remember Kisca saying she's from Canada, so she wouldn't be affected by US regulations or the IRS.




There are two apartment complexes within ten minutes of my club that accepted my dancer receipts. I got my apartment at 19, no credit history, no cosigner, no bank account. I paid a $300 security deposit and a prorated amount for first month's rent. So total it was $594 to move in and then I paid my $700 on the 1st of the next month. I just gave them my dancer receipts and told them I was a stripper.
It took me a few tries to find somewhere that would accept the receipts, but it's no big deal if you just explain it to them.
If you are willing to do for one year what other's won't, you can spend a lifetime doing what other's cant.
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