Renting apartment with "online" income?

Jimmy Clayton

Jimmy Clayton

New member
Feb 26, 2008
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I'll make it quick.

I'm finally making enough money online so I can move out of my parents basement. I'm no longer scum, just a peasant now...

Herein lies the issue...

How are potential landlords going to look at someone who doesn't have a "job" with regards to paying the rent and no real references? Heck, I haven't really had a "real job" in my life before.

Obviously, I will have to pay first and last months rent as standard, but is it fathomable that they will ask for a few extra months up front? Will they just say "Buzz off, look somewhere else!"?

If it makes any difference, I will be looking for accommodations in Toronto, Canada in buildings run by management companies (not someones basement) and my budget is around $2000-$2500 month. (Gets a 1 bedroom apartment here)

Any help? Opinions, advice, etc?
I know it will depend on each landlord and when I get around to it, I will call them and find out, but I just want to know what I should expect.
 


Pay the whole rent 6/12months in advance. This has 3 benefits

1) you won't have to prove income

2) you might get a discount

3) if your income source dries up you ain't gonna be in the shit and can prepare
 
Jimmy Clayton said:
and no real references?
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Don't you have people you work with often enough that can vouch you're a good guy, and a man of your word? They don't have to be in Toronto.

Jimmy Clayton said:
is it fathomable that they will ask for a few extra months up front?
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In about the dozen or so places I've rented, only one ever asked for several months up front. And ironically, it was the shittiest place out of all 12. For the nicer places I've lived it was never an issue whatsoever. I'd always just write up a little CV, basically. Small cover letter introducing myself, and letting them know who I am. Previous residence, some work references -- even just clients I've been doing contract work with for 12+ months worked fine before, etc.

Oh, and offering to pay in cash always help. :) Tell the landlord they can swing by the place every month to pickup an envelope of $2500 cash, and they'll probably like the idea. That, and it lets them quickly check up on the place every month.

Jimmy Clayton said:
in buildings run by management companies (not someones basement) and my budget is around $2000-$2500 month.
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Not sure I'd recommend going via property management. Then you're stuck dealing with people who just work for a salary, and have to follow the rules & policies their boss puts in place. Look for people who privately own a few units, and rent from them. That way, there's no strict rules they have to follow. You can have a bullshit with them, make them like you, and you're good to go.
 
Is paying up front like that (12 months) relatively common? How is it usually done? Post dated certified checks for each month, or a lump sum...?
 
hey man...i admit i havent rented in awhile...but that is really expensive.
I used to live right on Queen Quay...which is bay street and lake ontario basically.
1 bedroom apartment overlooking the lake was $1600.
IF you are looking at high end buildings, then of course rent will be much higher. The candy lofts...etc

I dont know what area you want to live in....why not pick young/eglington area? Tons of hot chicks around there, you could rent a 2 bedroom for like 1400 or something i bet. The area is packed with young people making money. Young and eligible is the nickname i believe.

i think 2000-2500 is too much for a 1 bedroom...get something bigger with two bedrooms and turn one into an office.

just my two cents.

Show them your tax return if you are making money :) OR you could also show a statement from your bank...showing your average monthly deposits....they can run your credit as well....working for yourself will not be looked down upon, especially if you project the image that you are doing well.
 
Yea, well I'll admit i'm still in the early stages of my research and I just picked the $2500 based on what I have seen. I am more focused on the issue of the no job issue / prepayment right now.
 
Jimmy Clayton said:
Yea, well I'll admit i'm still in the early stages of my research and I just picked the $2500 based on what I have seen. I am more focused on the issue of the no job issue / prepayment right now.
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First month, last month, and damage deposit (or some combination of that) along with a few professional references should be all they need. Beyond that, what Kiopa said and don't dress like a slob for the viewings.
 
I did this 4 years ago with only $1000 to my name I earned online. Made me work extra hard not to be kicked out next month. It was a constant struggle money wise but it also kept me on my toes 24/7 so I was working appropriately to the pressure I felt. You can't fuck around when you can barely buy enough food after you've paid your monthly rent.

I say go for it dude, seems you're already better off than I was back then.
 
BigWill said:
Pay the whole lease upfront. After that, you will have a reference if you move.
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I generally offer to pay up front and have gotten some good deals. Sometimes they won't budge on the price.. but if it comes down to you and a guy who will pay monthly, your up front payment should clinch it.

And you don't have to pay 12 months up front. You might be able to get away with 6 months or even 3 months + damage. Ask and see what they're willing to do.
 
Go to Thailand, live like peasant royalty for $500 a month, reinvest all the rest back in business, ???, profit.
 
HiGhPeR said:
I generally offer to pay up front and have gotten some good deals. Sometimes they won't budge on the price.. but if it comes down to you and a guy who will pay monthly, your up front payment should clinch it.

And you don't have to pay 12 months up front. You might be able to get away with 6 months or even 3 months + damage. Ask and see what they're willing to do.
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I moved around a lot from 17-24

I would generally always pay up front and ask for 1 month free. Most will jump on it.
 
$2500 a month is retarded for an apartment. You could rent a 5 bedroom house with that kind of money where I live.

I don't know what your financial situation is, but you should make sure you are financially stable before you move out because paying rent is throwing money away. That's money you could be using to grow your business even more.

Unless you are making tens of thousands every month I would stick around with your parents for a little longer and set a goal date. Use all that money you would of spent on potential rent costs and put it back into your business. Also make sure you have a big chunk of money in savings that will only be used for emergencies.

Give yourself as big of a head start as possible. You don't wanna fuck up and get in over your head and be forced to move back in with your parents years down the road.
 
JoseArmando said:
I did this 4 years ago with only $1000 to my name I earned online. Made me work extra hard not to be kicked out next month. It was a constant struggle money wise but it also kept me on my toes 24/7 so I was working appropriately to the pressure I felt. You can't fuck around when you can barely buy enough food after you've paid your monthly rent.

I say go for it dude, seems you're already better off than I was back then.
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+1 for this, reminds me of MJ Demarco.
 
they will run a credit check and you can give them a copy of your tax return

if you want you can also give them your savings/checking account statement.

I wouldn't pay up front because if you have an issue in the apartment believe me they already have your money so you will be the last on their priority list.

just a heads up that here in nyc they usually want to see 40x rent if you don't have references
 
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