renting with poor credit

If you have poor credit most management companies require extra security, a year up front (not likely, though) or a guarantor. You need to earn a pre-tax income of at least 40x the rent. The median rent on a two bedroom on the Upper West Side in a doorman building is $5,500 right now. So you would need to make a minimum of 220K a year. If you make 250K a year they might let it slide. It all depends on the management company.

Scott K
Bond New York

this should get a minimum 100 responses

you sound like terrible tenants

Some major management companies discriminate against the (fill in the blank) rich lazy retired. They want to see a JOB. If you have no W2, but have major liquid assets and massive 1099's, they will make things very difficult for you. If you are 55 years old, and spend your days clipping coupons (the muni kind), oh, that's obsolete, they will not want you. Ageism? I was asked, what if the stock market goes down, (this was pre-2008). I mean, heck that's why they created short sales. I think that coop boards would pose a similar problem. Hey, whtf can live in this city? That's why they invented the condo. Even "no board approval" sponsors can change their stripes.
Marco, 99 responses left.

Wanderer,

You sound like a terrible person.

Maybe the op was a business owner and suffered through the recession but finally had to give in and declare bankruptcy. He comes on this board for advice and all you can due is make a pathetic comment. How sad for you.

Or maybe the OP was just an average working guy who was one of the 15 million who lost their jobs during the recession.

Hey Primer, you have much experience as a landlord or are you a guy that just talks?

Aglarsnyc - Scott K's analysis is right on for most landlords. Please note that if you use a guarantor, that person will most likely have to be a NYS resident, and must earn 80x the monthly rent of your unit. Here in Brooklyn, we have some landlords who are unwilling to rent to buyers with bad credit, and others who are more flexible. Make sure your rental agent knows what your situation is, and get all your paperwork lined up in advance (2 yrs tax returns, guarantor's info, employer reference letter, bank statements, recent pay stubs). (Renting in NYC can feel as bureaucratic as buying does elsewhere.)

Even with all that in place, however, it can be tough. Many management companies and landlords will take another applicant over one with bad credit, foreclosure, and bankruptcy. You may fare better renting/subletting from an individual condo owner/tenant. Check craigslist for sublets, and ask your friends and work colleagues to keep their ears to the ground. A friend of a friend may be willing to rent to you, knowing that it would be socially excruciating for you if something went wrong.

On the plus side, I sense very little social stigma to bankruptcy in New York - most people here are sympathetic. In many cases, it's considered a canny business move, not a sign of failure. But landlords and management companies can't afford to take chances.

Tina Fallon
Realty Collective, LLC

"Bankruptcy, a canny business move, not a sign of failure". Lapel buttons, refrigerator magnets, tattoos? This has potential.

Why must you live in expensive Manhattan?

Thanks, Tina! I forgot to mention the in-state guarantor. Some will take an OOS guarantor with certain rules applying. But, if it's an FL guarantor then forget it. Nobody will go near them.

Scott K
Bond New York

Wanderer,

It seems like you are just a guy who talks. How does your comment help? You know nothing about the guy except he had to declare bankruptcy 2 years ago.

>You know nothing about the guy except he had to declare bankruptcy 2 years ago.

And that he's now looking at foreclosure on his home.
And that he now wants to move his family into the most expensive city in the country. Presumably there's a job here / near, but is the commute from a cheaper place not possible?

How does my comment help? As a private landlord he is a bad tenant. I would never let him near anything I own. Does that make me terrible? Maybe. By qualifying my tenants it protects my family and business interests. Can I discriminate because of his record. Hell yes! Nothing illegal here. You don't have to like it but I'm no charity.

So what's your experience? You are yet to say anything constructive. You sound working class.

above is addressed to primer

I sound working class? What is your definition of working class? You have every right to accept or reject any person for your own property. It seems to me your comment just wasn't necessary. The op came here for advice. I saw your comment and responded as I thought it was rude.

btw Jeff, you did a job or me a while back. You seemed a decent guy but you shouldn't bite the hand that feeds you.

Wanderer,

The only job I did for a landlord was about 7 years ago.
I do not bite the hands that feed me as I do not work for landlords, not for any reason, I just haven't.

What was the address of the place you say I worked on?

Aglarsnyc - I haven't used them, but you may want to look into an institutional rent guarantor such as Insurent Lease Guaranty. Here's their website:
www.insurent.com/

Good luck!

Tina, Scott K and wavedeva THANK YOU! Great information, I appreciate your responses!

Aglarsnyc, I just rented in a luxury apt building in Brooklyn with not so good credit. I was approved on the spot. You may need to put more of a security deposit down. I ended up having a cosigner so I didn't have to do that.

Wanderer, you can actually be a wonderful tenant if you have bad credit. Hard to believe, but true. I've never been late on my rent once.