question about guarantors

Each owner is different, some will accept the guarantor as long as they own a house. Others will ask for 3 months security along with the guarantee if the income/rent ratio is less than they require. Some small owners will be more flexible, like an owner of a co-op with no board approval(not easy to find) or an owner of a brownstone/small building/condo with a unit for rent.

It is doable, but will take some extra research or a good broker that knows what to look for.

Another wrikle is that some landlords will not accept out of state guarantors.

"I'm currently a college student trying to find an apartment with my parents as guarantors, but I just found out that guarantors need to to make 80 times the rent annually, does that mean if I want to get a $2000/month apartment my guarantor needs to make $160k a year? My parents can pay the rent but they don't make that much money... any suggestions?"

Yes, that's exactly what it means.

My suggestion is that you look for a cheaper apartment.

divinefish you might want to look for a cheaper place. I was in the same position as you about 8 years ago and I offered the landlord to pay the entire amount (1 year) up front to keep my folks out of it and they said no. That was with one of the largest landlords in the city and a 770 credit score.

i think its fair to say that landlords are a little hungrier than they were 8 yrs. ago. check out a few places and see what the response is before you come to any conclusions.

I know columbia I am just stating that they dont really care about paying up front as other factors come into play. I have heard that some places dont care about the 40 times rent now. Divinefish check out stonehenge buildings. I dont think you need 40 times rent in there buildings

Why does a college student need a $2000/month apartment. Ever hear of roommates?

Each situation is different. My assumption is that yes, this person has heard of roommates. Thanks for being helpful...

I am in a similar predicament. The situation: a broker says you can apply for an apartment with a thousand dollar deposit to take it off the market, then tells you just beforehand that the landlord now wants to not accept deposits and would rather take a group of applications and pick from them. How do they pick? If you have strong credit but still need guarantors covering the apartment, do you have a worse chance? Also, isn't the picking through applications discriminatory at that point?

There is no magic formula that all LLs subscribe to, and in this market standards are much lower

so matt: once again two for two. two answers, both wrong. keeps your average at a stellar 100%. keep up the good work.