For an apartment lease, does a co-signer need to make more than the tenant or can they both join incomes?
Hi, I'm trying to apply to lease an apartment The problem is that they're asking that I make 3 times the rent. I have good credit but I don't make enough. My husband is in the process of moving to America from another country so he doesn't have a social or any credit from here and I'm the one who has to rent the apartment before he gets here. They told me I can use a co-signer but I'm really not familiar with how it works. If they want 3 times the rent, does the co-signer need to make that amount or both me and the co-signer have to join our incomes to make that amount? Can you please explain me how much the co-signer will need to make. The rent that they ask is 1,150. So 3 times the rent will be $ 3,450. Can someone explain to me. Thanks.
Can a retired person sign an apartment lease as a co-signer?
My fiancé and I trying to move into our first apartment together but neither of us had our own places before. We bring in about 3,000 dollars a month AFTER taxes are already taken out and the apartment itself is only 480 a month (it's not in the slums, we live in a small town) but we don't have credit. They said we need a co-signer, and my retired 70 year old grandfather said he'd do it. He has excellent credit but has income from only S.S. and pensions. I don't know if they're more interested in credit or money. Because we have more than enough money to live there, but our co-signer receives less than we do each month but has amazing credit. Will this work? If they won't approve just us, would the actually approve a retired co-signer?
Renew Apartment Lease, what kind of paperwork is it?
If you haven't had any problems making rental payments, it should just be a new lease. However, make sure you read it in case any of the terms have changed.
What kind of trouble can a person get into by co-signing on someone's rental application?
Here’s a very plausible real-world scenario: you cosign and your friend moves in. Everything is fine for a year or more, until your friend gets fired. Your friend expects to collect unemployment but is denied. By now 3 weeks have gone by with no income for your friend, rent comes due, he doesn’t have it. Landlord serves a 3 day notice to pay rent or quit.Now your friend is over a barrel. He is both reticent to pack his shit and leave in 3 days, and he lacks the resources to even move it all, forget storage. To minimize your financial exposure the right thing for him to do is forfeit everything he owns and join the homeless — a hard line to tow, at minimum.Turns out your friend’s ethics fall way short, he refuses to leave. Landlord must file an unlawful detainer suit, which adds $500-$1000 to the bill, and lucky you, you’re named as a defendant. He plays the game, and nearly 3 months later your friend is served with a writ of possession and 5 days after that the sheriff will bodily remove him if he is still there.Think he’s going to leave the place clean? Hah! And even if you pay 3 months rent, attorney’s fees, court costs and the cleanup/repair bill, you still have an unlawful detainer judgement on your record (unless you jump through hoops to get it sealed.)Or maybe your friend twists things another way. Surely, he suggests, you can see the wisdom of avoiding all of that expense by loaning him enough for another month’s rent, but that’s just a variation of the theme that, if at the end of the day he fails to perform, just costs you more. You are literally banking on his honor.And to top it off, you’ve lost a friend. So in summary it’s a noble gesture, but a bit of bad luck can bring it all crashing down.
Can my roommate add a tenant onto the lease without my permission?
As Rob said, that would require an entirely new lease and all THREE of you would have to sign. Since you are not in agreement, that is not going to happen. When you are getting close to the end of your lease, I would be looking for new living arrangements and make sure to notify the landlord in writing at least 30 days in advance of the end of the current lease.
How do I get an apartment without proof of income?
I am a college landlord in my area. I only rent to students. I am used to the no income thing. We ask our tenants to pay their full rent by the semester instead of monthly. We sign 1 year leases and get a security deposit usually in February or March for August move in date before school starts. I am very upfront with my student tenants that I am aware of how their loans come in around Sept 15 and I am willing to wait for the semester rent if they need their loan to pay for the full semester. Same thing for the Spring semester, I will wait till February 15 for the second semesters payment when the loans are paid out. To make this work I meet the prospective tenants, provide them with my standard lease and give them my phone number to have their parents call me. I go over the lease with the tenant at our first meeting and mail a copy to the parents after they call. I ask all parents to sign along with the students over Spring Break or Easter Break and collect the leases and deposits. If a student tenant rejects having their parents co-sign I have the pay the entire lease upfront before move in.
As a primary lease holder, if my apt management want me to collect rent from my roommates, does that count as income that I will be taxed on?
No worries! You are merely acting as a conduit, collecting rent and forwarding it. Here’s the rub: you should keep some good records to show that you are merely collecting and remitting rent.In the unlikely event you are audited, the IRS will see all these deposits in your account. Remember that they are looking for unreported income. They don’t know what the money is, just that you get deposits. Deposits = income in their view of the world. But, if you pull out a ledger sheet showing where the money came from ( names of each of the sub-renters associated with each check), and then the disbursement to the landlord, no problems.You will also have a sub-rental agreement with each of your roommates, no? Keep a copy of that, just for backup in case the IRS ever asks you about it.If you have good records, that = good Karma, you probably will never be challenged. Keep no records, or sloppy ones, and the chances of being audited increase. Why? I think it’s one of those “laws of the universe” things.
As the Head of Household on my apartment lease, so I have the authority to remove the other person from the lease?
Head of household is a federal and state tax return term. When you sign a lease (contract) there is no head of house hold. It matters not the financial arrangements you have to pay the rent and other debts. That is a financial decision of the tenants of the rental. You would not be able to remove a person that signed the lease agreement unless all that signed the lease agree. In this case, unless someone else sign the lease agreement would be your landlord or property manager. Normally a property managers or landlord would release a person from a lease agreement. This lessen their ability, to pursue this person for damages and failure to pay the rent. Since you have been threatened you might want to apply for an order of protection by filing in court that this person has threatened your life and your property. If you are success in getting this restraining order of protection she would be required to stay a certain distance from you. This would mean she would no longer be able to stay in the rental unit. If she disobeyed the restraining order by coming closer than the restraining order allowed, you could call the police and she would be arrested. I hope this has been of some benefit to you, good luck. "FIGHT ON"