The days of a simple 9 to 5 job is not what most people want these days. Many people especially younger people will find jobs as a freelancer or contractor. The problem with these types of jobs is that the pay can be irregular at times.
So what do you do if you need to get an apartment and don’t know when or how often you’ll get paid? Its not really the issue of getting paid thats the problem, its showing proof.
The Start Will Be Hard
At the start it will be hard. I actually had this issue when I was getting an apartment. I have enough money for a apartment that I was looking at but I had mostly did freelance work. So my pay came at different times of depending on what project I completed.
The problem I had was having proof of income or better yet proof of a stable income. Stable income is what landlords want. A stable income means they get stable pay. You can’t blame them for that.
The Best Solution
The only real solution was to save up at least 3 months worth of rent. A landlord loves to see if you have a pile of money at the ready to pay for rent. They know you’ll be more likely to pay rent over other things since this is where you live.
So while living with a friend for a couple of months and busting my butt to make as much as I can I had enough saved up to prove to my future landlord that will have enough to pay rent. It kind of sucks that you have to do that but think of it from the land lords perspective. Would you rent to someone who can’t provide proof they can make the monthly rent?
Grease The Wheels
Sometimes having the money might not be enough especially if its a non-commercial rental property. Sometimes you can work out a deal where you pay a couple months in advance. Or give a nice big deposit.
I can not stress this enough. You only do this as a last resort! Never pay more than 3 months in advance. As a renter you hold power if something is not right in your Apartment or House. If you go ahead and pay so much in advance then you have no leverage against the landlord if anything goes wrong.
A little tip. Never lead the landlord into thinking you’ll be late. Never mention to them that if you’re ever late just charge me an extra $50. Always act confident and assuring you can make your monthly rent, because you can. And if you can’t then look someone else. The golden rule is that you must make 3x a month more than your rent. So if rent is $500 a month then you need to make at least $1500 a month.
Another way to combat this issue of unsteady pay and finding an Apartment is to get a roommate. If you can get a roommate that has a steady income you can increase your odds of getting a place. Its these stupid steady incomes that everyone loves!
You can’t get around that steady income factor a lot of the times. So having a friend or roommate who has a steady income will help to get you in an apartment.
Just don’t be that guy when rent is due and tell your roommate you don’t have any money because you didn’t get enough projects. No one likes that guy.
How’s Your Credit?
A landlord will be more than happy to take someone in with irregular pay if they have a great credit score. If you can manage to pay the banks on time then the odds are good that you’ll pay your rent on time.
What you can do is supply at credit report before walking into the leasing office. You can go to MySmartMove.com and print out your own credit report that shows your history of paying for rent, utilities and such.
Make Little More
To make sure you will have enough money for rent you can always make a little more. This is easier said than done.
The first place to start is checking out a few books. Some of the best books I have ever read have gave me leaps and bounds more ways to make more money. A personal favorite of mine is the “Stop thinking like a freelancer”. Being able to grow your irregular income is apart of being able to save up for times like this when you need to get an apartment.
Trust me, its easier to increase your income than to decrease your spending.