Is showing a bank statement enough proof of income for a landlord to rent me an apartment?

Question

Ok I'm 18 and I'm planning on moving out of my parents' house within the next few months. The problem is that I don't have proof of income/employment since I work for myself online. My parents probably won't want to co-sign for me (we don't get along the greatest), so what do I do? Let's say that the rent would be $400/month -- would showing them that I have, say, $5k in the bank be enough for a landlord to rent to me? Thanks for any help!

Answer 1

I'm a landlord.

I do a verification of employment on my tenants. IF they are self employed, they would need to provide documentation beyond just alot of cash in their acct.

Cash in your acct is only impressive if the landlord is only worried about $$$. Landlords have to be concerned with liability too. I can't be renting my place to a drug dealer or a home day care provider. It brings tooo much liability. I have to protect myself so I require documentation.

You will likely find a landlord that will take 6 mos worth of rent and not care but dont expect to be dealing with a good landlord. He probably wont care much about the property.

IF you make $ online show documentation and what you do.

Otherwise your sending up red flags to landlords.

Good Luck!

Answer 2

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Answer 3

Generally, if you rent from a larger apartment complex they need proof that your income is 3 times greater than your monthly rent will be. You would also have to show that you have had a steady income for a set period of time. The best thing to do in your situation is to rent from a private individual. After you have a good rental history it will be easier for you to rent somewhere else. Having good credit is also important. Apply for a credit card. Use it once and then pay it off. This will show up on a credit report. Alot of landlords run credit checks. Good luck!

Answer 4

I only have a duplex and have to be very careful who I rent to and require proof of a work record and do a credit check. Larger apartments may be much easier to rent from because while you don't have a credit history, you don't have any bad marks either. The best way to handle things is go in and talk. Look good and present your case. Someone will listen and give you a break. Also go in with the idea that they will rent to you because you are self employed. Fill out the application and if they charge an application fee, ask all questions before paying, if not wait until they ask you. And read any leases very carefully. They will be enforced.

Answer 5

It would honestly depend on the landlord. Somewhere on the application you can put down the name of the business you do and the monthly income. For proof you'd have to have some IRS statements or paid invoices in lieu of paycheck stubs. For all a landlord knows you could run out and buy an HDTV and then welch on the lease.

So pray that you find a trusting landlord.

Answer 6

My first thought was to work out the relationship with your parents.....But to answer the question...sign a 6 month lease with landlord...and pay in full...You have the money..bone up to responsibilities and show your capable...When the beginning of the six month starts,If you like the place do it again..another six month lease and pay in full...You'll devolope a consistant relationship with landlord and he'll trust you in the future..