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H Bomb Mar 14th 2014 8:39 am

Rental Guarantor in NYC
 
With our move hopefully geting closer - we have started to put a few feelers out with letting agents in Manhattan to make sure we have what we need to make the process smoother!

As expected - the few that have come back asking for credit check info we cannot supply and one stated we use the company linked below!

http://www.insurent.com/

Landlords' requirements in the New York City metropolitan area are very difficult for many renters to meet. Landlords typically require that an applicant's annual income be 40 to 50 times the monthly rent, and that the applicant has good credit. For applicants whose annual income or lack of U.S. based credit history does not meet these financial tests, the Insurent® Lease Guaranty can offer an easy solution to quickly get the apartment you want. Prospective renters needing the Insurent® Guaranty include graduating college students and professional school students entering the workforce; creditworthy employed non-U.S. residents; self-employed persons; relocating persons; non-employed U.S. and non U.S. persons with significant cash liquid assets, retired creditworthy individuals, U.S. students with Responsible Parties, and international students with Responsible Parties

Is this standard/reputable? Will some agents be more flexible and aware of our lack of credit history and just be happy with the fact we are earning well ovr 50x teh rent we wish to pay?

Bob Mar 14th 2014 11:16 pm

Re: Rental Guarantor in NYC
 
Don't know if you can find, or what the final verdict was, but a very similar question was asked a few months back...might have luck finding it?

penguinbar Mar 15th 2014 6:46 am

Re: Rental Guarantor in NYC
 

Originally Posted by H Bomb (Post 11172422)
With our move hopefully geting closer - we have started to put a few feelers out with letting agents in Manhattan to make sure we have what we need to make the process smoother!

As expected - the few that have come back asking for credit check info we cannot supply and one stated we use the company linked below!

http://www.insurent.com/

Landlords' requirements in the New York City metropolitan area are very difficult for many renters to meet. Landlords typically require that an applicant's annual income be 40 to 50 times the monthly rent, and that the applicant has good credit. For applicants whose annual income or lack of U.S. based credit history does not meet these financial tests, the Insurent® Lease Guaranty can offer an easy solution to quickly get the apartment you want. Prospective renters needing the Insurent® Guaranty include graduating college students and professional school students entering the workforce; creditworthy employed non-U.S. residents; self-employed persons; relocating persons; non-employed U.S. and non U.S. persons with significant cash liquid assets, retired creditworthy individuals, U.S. students with Responsible Parties, and international students with Responsible Parties

Is this standard/reputable? Will some agents be more flexible and aware of our lack of credit history and just be happy with the fact we are earning well ovr 50x teh rent we wish to pay?

Landlords typically require that an applicant's annual income be 40 to 50 times the monthly rent, and that the applicant has good credit.

Absolutely true. Actually even if you make 100 times the rent if you do not have good credit or a credit history you will have a difficult time finding an apartment in NYC.The guarantor usually has to make 80 times the rent. In the landlords eyes if you do not pay your bills on time you won't necessarily pay the rent on time. When I worked in real estate we had some very wealthy people get turned down because of their terrible credit history

The real estate agent has nothing to do with the decision on whether or not the apartment will be rented to you. It's the management agency or the landlord.

Could your company sponsor you as a guarantor? Insurent is reputable but you might be paying a hefty fee.

H Bomb Mar 17th 2014 12:33 pm

Re: Rental Guarantor in NYC
 

Originally Posted by Bob (Post 11173513)
Don't know if you can find, or what the final verdict was, but a very similar question was asked a few months back...might have luck finding it?

I did search - buit couldnt find anything!

We are still awaiting to find out if my wife's company will act as guarantor. We are assuming they will - but we were looking into this as a back up plan.


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