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Thread: House rental application form and income info?

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    Featured Member smeca's Avatar
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    Sad House rental application form and income info?

    So I'm currently trying to find a place to rent for when my contract runs out in July... I'm just finishing uni and will be renting it with my boyfriend who still has a year to go. BUT looking at the application form from letting agents with 'real' house (i.e. not crappy student places) I need information on my income and employers, rather than just using a guarantor like for student places.

    As I've been a student the last 4 years I don't have any other job, and I've only just started dancing so I don't even have an idea what I make in a year... what do I do? Put 'independent' and 'other'? But then I have no information as it's all cash in hand. Also my plan is to just strip over summer so I can go on trips and things, then get a job in august, so I don't even have a future employer lined up yet.

    Really worried this might affect my chance to get a place! I've just found a nice one in our favourite area, too!

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    Default Re: House rental application form and income info?

    ^^^ this is an outgrowth of recently enacted regulations in regard to 'subprime' loans. One of the new regulations that has been adopted by mortgage lenders and 'professional' landlords ( after all an apartment lease is just another type of loan ) is that would-be buyers / leaseholders need to have a manageable debt to income ratio, and that the level of income upon which that debt to income ratio is calculated must be 'verifiable'. As such, these lenders now want to see employee paycheck stubs. For self-employed persons ( like dancers ) the lenders now want to see past years' tax returns ... or at the very least deposit records and 'salary' payouts from a business bank account.

    As you do not have employee income with an associated check stub, and since you are newly starting exotic dancing such that you won't have past years' tax returns to show, you're probably s#!t out of luck. These days, waving cash in front of a 'corporate' landlord just doesn't work anymore, because they are required by their corporate masters / auditors to show that they performed 'due diligence' when signing new leases.

    Your best bet is probably to find a 'mom and pop' rental property instead of a 'corporate' one where the new regulations involving verification of income don't apply. Your second best bet is to forego the lease and offer to simply pay the corporate landlord 6 months worth of rent plus security deposit in up front cash.

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    Featured Member smeca's Avatar
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    Default Re: House rental application form and income info?

    So I just asked about this at a viewing... it's no problem, I can just give a guarantor Maybe as I'm still a student, maybe as it's a student city, meh, I'll have savings in future for if I'm ever in this situation again. Thanks for the input anyhow. Load off my mind

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