retirees proving income

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Nyc10036
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retirees proving income

Post by Nyc10036 »

My mom is thinking about renting an apartment.
They are requiring income 3x of the rent.

Some of the rent can be covered by Social Security and pension.
The rest can be covered by RMD she receives.

What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
Last edited by Nyc10036 on Wed Aug 04, 2021 5:05 pm, edited 1 time in total.
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David Jay
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Re: retirees proving incoming

Post by David Jay »

Looks like an auto-correct, I suspect that intended title is: “Retirees: proving income” rather than “incoming”.

You can edit the title by editing the original post.
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jebmke
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Re: retirees proving incoming

Post by jebmke »

Tax return, perhaps. Or maybe a letter from bank.
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Topic Author
Nyc10036
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Re: retirees proving incoming

Post by Nyc10036 »

David Jay wrote: Wed Aug 04, 2021 4:44 pm Looks like an auto-correct, I suspect that intended title is: “Retirees: proving income” rather than “incoming”.

You can edit the title by editing the original post.
Thank you.
Edit made.
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JoeRetire
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Re: retirees proving income

Post by JoeRetire »

Nyc10036 wrote: Wed Aug 04, 2021 3:48 pm What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
Ask the landlord what they need, and what they will accept.
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cheese_breath
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Re: retirees proving income

Post by cheese_breath »

Nyc10036 wrote: Wed Aug 04, 2021 3:48 pm My mom is thinking about renting an apartment.
They are requiring income 3x of the rent.

Some of the rent can be covered by Social Security and pension.
The rest can be covered by RMD she receives.

What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
Memory is a little rusty, but I believe that's what I provided. 1099Rs from pensions and VG IRA, plus SSA 1099.
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adamthesmythe
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Re: retirees proving income

Post by adamthesmythe »

Tax returns will probably be sufficient, or a collection of W2s, etc.

Renting can be more invasive than buying. There will probably be a background check also (at the renter's expense, of course).
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cheese_breath
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Re: retirees proving income

Post by cheese_breath »

adamthesmythe wrote: Wed Aug 04, 2021 5:15 pm Tax returns will probably be sufficient, or a collection of W2s, etc.

Renting can be more invasive than buying. There will probably be a background check also (at the renter's expense, of course).
They did a BG check on me too, but at their expense.
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tennisplyr
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Re: retirees proving incoming

Post by tennisplyr »

jebmke wrote: Wed Aug 04, 2021 4:49 pm Tax return, perhaps. Or maybe a letter from bank.

+1
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ResearchMed
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Re: retirees proving incoming

Post by ResearchMed »

tennisplyr wrote: Wed Aug 04, 2021 5:54 pm
jebmke wrote: Wed Aug 04, 2021 4:49 pm Tax return, perhaps. Or maybe a letter from bank.

+1
This isn't going to help recent retirees, unfortunately.
They won't still have that job, and they also won't yet have even one year's worth (and never mind if 2+ years are requested/required) of IRA/etc., distributions.

RM
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Nyc10036
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Re: retirees proving income

Post by Nyc10036 »

cheese_breath wrote: Wed Aug 04, 2021 5:14 pm
Nyc10036 wrote: Wed Aug 04, 2021 3:48 pm My mom is thinking about renting an apartment.
They are requiring income 3x of the rent.

Some of the rent can be covered by Social Security and pension.
The rest can be covered by RMD she receives.

What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
Memory is a little rusty, but I believe that's what I provided. 1099Rs from pensions and VG IRA, plus SSA 1099.
Ah!

I had forgotten about 1099s.
She can selectively choose which ones to provide so long as they take her over the threshold.
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