NFT: Bonuses Not Counting Towards Salary Requirements for NYC Apt

as a work around. Also, I am assuming you have done this, but you can show them your W2 and explain to them why you believe your bonuses would continue to be that high (Or at least high enough). It could be they got multiple offers to rent the apartment and will just go with the safest income. The one thing landlords hate to do is chase people for money, so they take the safest bet. If the rent market is hot (I live in NYC but I own, so I don't know anymore) then landlords can usually be as selective as they want.

your income?

I am in sales and if asked I usually put my OTE as my income. Some years I'm double or triple OTE, but the OTE is a 60/40 plan, so not much different than yours.

Most properly managers or co-ops will take a previous year's W2 plus a current pay stub. They might also require a current bank statement.

The most compelling case to make is 1) you have enough money to pay the rent if something goes badly 2) you have no reason to believe your annual income won't be 40x, and you can prove that from last year.

Make up the difference and have never had a problem

In comment 15742119 ajr2456 said:

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Make up the difference and have never had a problem

Slut

In comment 15742108 Essex said:

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as a work around. Also, I am assuming you have done this, but you can show them your W2 and explain to them why you believe your bonuses would continue to be that high (Or at least high enough). It could be they got multiple offers to rent the apartment and will just go with the safest income. The one thing landlords hate to do is chase people for money, so they take the safest bet. If the rent market is hot (I live in NYC but I own, so I don't know anymore) then landlords can usually be as selective as they want.

This is technically not allowed in NYC anymore. Law passed in 2019. I am a landlord of a few dozen condo units in Manhattan.

To the OP - if they are purely looking at your base salary and bonus, that's their mistake. Generally we look at your W2 from the last two years.

the 40x multiplier is not a hard and fast rule, just a rule of thumb. With that being said, right now the market is EXTREMELY competitive.

In comment 15742147 Anando said:

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In comment 15742108 Essex said: Quote: To the OP - if they are purely looking at your base salary and bonus, that's their mistake. Generally we look at your W2 from the last two years. the 40x multiplier is not a hard and fast rule, just a rule of thumb. With that being said, right now the market is EXTREMELY competitive.

As a RE agent in the city, I agree with your first point. Unfortunately you have people who will not count any bonus and it's really frustrating, even when the W2 shows steady income history.

I had to co sign for my daughters apartment on 86th St. My accountant advised me not to release my tax returns to apartment building. He sent a letter on his stationary with a ball park figure of my assets and a statement that I can afford the rent.