Interested in renting for the first time... but have a problem. Please help!?

Question

I was just curious if it was possible to rent an apartment without having an actual job. I do work. I am currently working for the family business, but my problem is that I don't get paid with a paycheck. I am basically getting paid under the table. I have a credit card and can afford bills and rent and whatnot... And I was told that all I really needed was a credit card with good credit history. Is this true? Can anyone please give me some feedback? And please, only serious answers....

Answer 1

Well, this is one of the drawbacks to tax evasion (what you and your family are doing IS tax evasion). However, you may be able to explain that you are part of the family business and are not a salaried employee, but share in the profits of the business. Get your family to write a signed statement attesting to your income level, and show them a clean credit report and you may be able to get by. Also, stick with privately owned buildings. If you go to a place that's being handled by a management company, they are much more likely to have rigid guidelines regarding proof of income (like wanting to see a W-2 or tax return).

Answer 2

Being paid "under the table" is an illegal practice but there is a way you can get around that with Apt. owners or Mngrs. Besides listing your bank accounts and Credit Card information you list your work, how much you make just as if it were by check, and put one of the business owners name down as a person to contact. There is nothing wrong with a person working for a family business and as long as the business is solvent and strong no one will have a problem with that. Heck, they'll be thinking you may inherit the business someday so of course the family wants you to work there.

What they are looking for is that you are able to make your payments in full and on time. People without work or work that's here and there are considered poor risks because they can't assure an income to pay from. You can - from the family business you work for. List it. If they check with the person you put down as a point of contact they'll hear from them that you make the $ you said you did and if your card and accounts check out - no problem.

But, whatever you do, don't tell people you're working under the table. The business, the owners and the employees can get into trouble and end up paying a lot of back taxes and such. Not to mention fines and possible jail time.

Answer 3

a rental agent would want to see a pay stub , or get a substantial rent payment , like maybe 3-6 months

You need to be careful if you are working long term in the family business. You are not getting social security credits for the time you have worked. Your family should talk to an accountant, you might do better overall to pay you properly as an employee or make you a self employed contractor paid by your family business .

Answer 4

You need to prove your income to the landlord...usually you do this with tax returns, w-2's, or a letter from your company stating what you make each year (this is what I used when I rented my apartment, they will call the company to veryify the letter is not fake though).

You do not have to have good credit (my credit is terrible) but it helps with the security deposit. Because I have bad credit I had to pay double security deposit, but that was still only $400.

What they will look at is if your verifiable income is at least 3 times more the amount of rent...if you don't meet that criteria you will probably not be able to rent.

Answer 5

If you work at a family owned business, and have an actual
job description, and an income that you can prove, and you
are of age, they will probably want verification from one of
your parents to verify employment. I've never heard of a credit
card being proof of anything. You have to fill out an application, and list three references as to the fact you pay
your bills and are responsible. And they will call them to get
a good reference, believe me. Depending on the leasing
company, you might have to get your parents to co sign on
the rental agreement/lease. Just insurance that if you couldn't
pay the rent, they would. There will be a law in your state on the age necessary to rent. So you need to check that out. They tend to take down the license number from the ID in your wallet, and want to look at picture ID as well. And they
will do a background security check which might take a day.
They do this for anyone, even if you haven't lived away from
home before.
I hope that you have smoothe sailing, getting your own place.

Answer 6

Heh have you ever heard the expression "money talks?" It's still true. IF they give you a hard time-show them the bank statement and they should hush. They may be concerned about where the money comes from and maybe it's time to get "on the books" eventually it becomes important. At some point you are going to want to buy something and that requires a more mature handling and reporting of your finances. Just a heads up there. Good luck on the move. Think about having first last and security on hand and remember that if you have to pay any utility payments electric, gas, phone, most of them want a security deposit too.

Answer 7

When the landlord verifies employment and income they call your job, which would be your family member.

Just have that person state what you are paid as if you were a regular employee. No problem unless they ask for your W-2 for proof. Most don't. But they may ask for check stubs, just tell them that your company is old fashioned and you don't receive weekly paycheck stubs but you can provide them with a statement of employment and income on company letterhead. Then say that this can be verified with a phone call too.

As the payroll person for my company, I could say whatever I wanted to someone that calls for a credit check. I only tell the truth, but we also have to pay all our employees the legal way.

Good luck with whatever you decide.

Answer 8

Part of the credit report is a work history .
Some landlords prefer to rent to legal workers ,
(under the table that pays enough to rent apartments is not really legal ) .
But go and apply ,
You do not know unless you apply .

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Answer 9

If you use a Realtor, many will require you to submit to an income/credit check as many represent the landlord. Why don't you rent from the landlord directly and see if he/she will accept recommendation from your employer or friends.

Answer 10

You do need credit history, and no criminal background! lol
But any landlord will need to know the name, address and phone number of your employer. Family or not. I'm sure your family will vouch for you, correct?