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Income requirement

Started by anir17
almost 16 years ago
Posts: 4
Member since: Sep 2010
Discussion about
I am looking to rent a 1 bedroom apt in a luxury building. My credit is excellent (FICO > 760). However, here is my predicament. Most of my income (which is pretty substantial) is in the form of dividends and interests on CDs in a foreign country. I do have a job in the city-- I am basically an academic (mathematician)--and academics do not have large salaries. My query is twofold a) What would be the appropriate documentation needed to present my foreign income to prospective landlords? b) I can afford to pay the yearly rent in one go (and many times over :). What would be the appropriate way to discuss this with a huge rental organization? I know t is much easier to do so with real landlords-- you just pick the phone and call them. Thanks
Response by NYCMatt
almost 16 years ago
Posts: 7523
Member since: May 2009

You sound like a Colombian drug lord, or a member of the Russian mafia.

Good luck with finding a place.

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Response by notadmin
almost 16 years ago
Posts: 3835
Member since: Jul 2008

why? 99.999% of mathematicians i've met in USA are foreigners

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Response by inonada
almost 16 years ago
Posts: 8085
Member since: Oct 2008

Not a big deal, I wouldn't think. Just go see a place, and even if you do not like it, bring up the issue to see what they say.

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Response by julia
almost 16 years ago
Posts: 2841
Member since: Feb 2007

Offer the LL to pay the entire year up front, plus three months security.

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Response by broadwayron
almost 16 years ago
Posts: 271
Member since: Sep 2006

Long time ago ('99- things may be different now), I offered to pay an entire year up front for a 1-year lease, because my credit was pretty shakey and I was from out of town.
The landlord said he wasn't allowed to take the whole lease in one up-front payment. That made no sense to me, (and, I'm really glad I didn't do it), but ultimately, he said "no deal".

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Response by MAV
almost 16 years ago
Posts: 502
Member since: Sep 2007

Even though you posted a rental Question in Sales, Ill answer you, as most people do not know how to use this site anyway.

If your credit score is that high, and you can show me liquid assets like what you say, I really don't care if your income is low.

I MUCH rather have someone with a low income and high credit score, than someone who makes a lot and cant pay their bills. You also have SIGNIFICANT assets it sounds like. You should not have a problem

-Small time Manhattan LL

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Response by truthskr10
almost 16 years ago
Posts: 4088
Member since: Jul 2009

"Long time ago ('99- things may be different now), I offered to pay an entire year up front for a 1-year lease, because my credit was pretty shakey and I was from out of town.
The landlord said he wasn't allowed to take the whole lease in one up-front payment. That made no sense to me, (and, I'm really glad I didn't do it), but ultimately, he said "no deal""

Yes that's because it may interfere with mortgage language with his lender.
Let's say this landlord takes a year's worth of rent from you and everyone else in the building, puts it in a briefcase and then goes bankrupt.....you follow?

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Response by gcondo
almost 16 years ago
Posts: 1111
Member since: Feb 2009

oh I would love to rent my 1BR to someone and get the full year upfront...

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Response by anir17
almost 16 years ago
Posts: 4
Member since: Sep 2010

Thank you all for your replies. I meant to post this in the rental section, however, I guess the default option on the browser is sales and I had to refresh my browser before posting.
To be more specific, I am looking for a place in the Carnegie Hill area of Manhattan, preferably close to 5th avenue (central park). We are looking for a spacious one bedroom (Area > 800 ft^2), in a Doorman building.

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Response by jason10006
almost 16 years ago
Posts: 5257
Member since: Jan 2009

Show them your tax returns. Unless you conceal said income, in which case I hate you and hope you are arrested today.

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Response by NextEra
almost 16 years ago
Posts: 114
Member since: Jun 2008

"Long time ago ('99- things may be different now), I offered to pay an entire year up front for a 1-year lease, because my credit was pretty shakey and I was from out of town.
The landlord said he wasn't allowed to take the whole lease in one up-front payment. That made no sense to me, (and, I'm really glad I didn't do it), but ultimately, he said "no deal""

The landlords of rent stabilized and other rent-regulated buildings are not permitted to accept rent in advance. It's in the regulatory statute.

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Response by broadwayron
almost 16 years ago
Posts: 271
Member since: Sep 2006

"The landlords of rent stabilized and other rent-regulated buildings are not permitted to accept rent in advance. It's in the regulatory statute."

That's probably a good rule. (I wasn't aware of it.) Before I lived in NY, I don't think I even knew what 'rent stabilized' meant.

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Response by julia
almost 16 years ago
Posts: 2841
Member since: Feb 2007

Broadsky Org. accepts one year up front, plus additional security.

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Response by truthskr10
almost 16 years ago
Posts: 4088
Member since: Jul 2009

"Broadsky Org. accepts one year up front, plus additional security."

If the case, it's likely they either have no debt or keep it in escrow and draw 1 month at a time.

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Response by gcondo
almost 16 years ago
Posts: 1111
Member since: Feb 2009

hey anir, let me know if you want a slightly smaller place in the 70s, luxury, by owner (ie no fee)

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Response by notadmin
almost 16 years ago
Posts: 3835
Member since: Jul 2008

> Show them your tax returns. Unless you conceal said income, in which case I hate you and hope you are arrested today.

if he's a foreigner he shouldn't pay USA taxes on that income, don't be such a hater!

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Response by julia
almost 16 years ago
Posts: 2841
Member since: Feb 2007

Bettina equities also allows for one year up front, plus 3 months security.

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Response by KeithB
almost 16 years ago
Posts: 976
Member since: Aug 2009

Many owners will take you with extra security since you are working,great credit and have significant assets. Try Related, Rockrose and TF Cornerstone. Renting from a Condo owner should also be no problem, it's easier to explain your situation to an individual rather than a big corporation.

You can also try this company that acts as a guarantor for you; http://www.insurent.com/

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Response by anir17
almost 16 years ago
Posts: 4
Member since: Sep 2010

" You sound like a Colombian drug lord, or a member of the Russian mafia.

Good luck with finding a place."

I could also be Bernie Madoff's evil bastard son conceived in a hunting lodge in Madagascar.

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