Insurent Lease Guarantors

if you can't afford it berta, you shouldn't be renting it.

I just read some of the things they'll underwrite. Their solely income-based 27.5x level is simply nuts.

For a $2000 apt, they're happy with an income of $55K. At that income level, you'll pay $16K between SS/federal/city/state, leaving you with $39K after-tax. Of this, $26K will go to the apt (the insurance fee is about 1 month's rent). Leaves you with $1100 a month for everything else. Heaven forbid should you want to live in a fiscally responsible manner, saving $500-700 a month on that sort of income.

While I am sure there are a few good use cases here & there, just like there were for NINJA loans, it seems like the primary use case will be by people looking to over-spend beyond their means.

Flmaozz. Who needs jimnutz if you got a AAA insurance company willing to do what jimnutz tries to do by 'Pre qualifying' applicants?

Ionada, I looked at the video on their website and the spokesperson said that the only charge is 70-80% of one month's rent. Sounded sorta crazy, so thought I would ask.
Thanks!

If a landlord would take Insurent (many won't), it's a good deal maybe for a foreign person without a credit history in lieu of extra rent or security upfront

Thank you, Fairway!

Its for 20 somethings with parents backing them up.

these days it can equally be for 30 or 40 somethings with parents backing them up. i know of a few such situations.

the baby boomers may have raped and pillaged (supposedly) the economy in the past two decades, but a lot of them will retire with virtually nothing, after they help those offspring that notadmin claims deserves the fruit of the current situation, over the parents that unwisely indebted themselves, often to help the young. it's a painfully circular argument. and horribly counterproductive.

I was discussing Insurent, not making social commentary.

I don't see why it should be so hard to live on after-rent net income of $1100/month. Dinner at Chick-Fil-A is $2.99. That's only $90 a month for dinner, plus tips ... that brings it down to $75 a month. There are bars in Brooklyn that give you a medium size pizza with each invigoration alcoholic beverage. So your breakfasts are free. That leaves only lunch, and usually you can find that in MacDonald's Restaurant when people don't bus their own tables. Weekends, hors d'oeuvres are always free at John Birch Society receptions, so there's that too. Et cetera.

Berta, Insurent smells of "too good to be true" ... their fine print probably excludes all foreseeable and unforeseeable circumstances.

alanhart, I thought so as well!
Thanks!

actually, hb, you're wrong. you were making social commentary. and as you have so rightly pointed out, no one individual makes the rules about what is appropriate commentary here. and my comment would stand alone without yours, so there!

Whether I did or did not make social commentary in your mind, I did not intend to make social commentary. With that in mind, you are free to reread what I wrote if you choose.
Re your comments, I did not tell you what you could write, I was providing my opinion on what you wrote.

HB, I can provide an alanysis of your opinion of AR's interpretation of your social commentary on the issues of the day and the decline of western civilization. But only if axed.

Alan you are always welcome to axe me

Why are you such angry people toward one another??????????????????????????????.

I think it's more for people without the income or guarantors, like foreigners with no credit. You can usually get a better deal with a qualified guarantor and most landlords would prefer to deal with a person rather than a company

Berta you are great on that show with Charlie and Ashton.

I have used the service since I didn't have a US guarantor at 80x the monthly rent, and I quickly got the apartment. My income was at 35x the monthly rent. Without it, I would have had to continue to live home which would have been a real drag.

Alot of my friends (US and foreign) have all used the service and liked it. Some of them were students who had parents that could qualify but the parents felt it was far easier to use Insurent. The foreign students had parents who couldn't qualify as they were out of country. Many of the landlords in NYC won't take parents as guarantors who live outside of NY or outside of NY, NJ and CT.

By the way, how many of us have parents at 80x the monthly rent anyway.