There’s a Catch-22 to entrepreneurship. Entrepreneurship gives you more freedom than you can imagine, but some of the current systems in society make it a real pain. One of those systems is housing. If you’ve ever tried looking for an apartment as a freelancer (as I have recently) you may have noticed it’s not that easy.
Apartment hunting for freelancers comes with some headaches. Depending on the landlord, they may make you jump through hoops of fire to prove your income. It’s understandable, but it’s a huge pain. By being prepared ahead of time you can make it a little more manageable. Here’s the information you’ll need to help you out.
Financial Documents
While employees have W-2s they can show, it’s not so easy with freelancers. We probably have a mess made up of 1099s, statements, stubs and invoice payments. While it’s always important to keep these things organized for tax time, it’s especially important when it comes to freelancing and apartment hunting.
Tax Returns
While tax returns are a financial document, they warrant their own section. A tax return can give your potential landlord a broader picture of your financials including how much business revenue you have and what you’re paying yourself in a salary.
You could try your hand at taxes on your own, but if you plan on renting an apartment (or buying a house, getting a loan or doing anything financial really) it may be beneficial to hire an accountant who can work with you year-round to stay on top of things.
Client Contracts
Another document you may find helpful when freelancing and apartment hunting is long-term client contracts. This is further proof of having regular income instead of sporadic client payments. It helps show stability which is something landlords will be looking for.
Cash
Okay, this isn’t a financial document but it certainly helps. Want to get an apartment faster? Have some cash to put down beyond the initial deposit. This may require you to save some money ahead of time, but that’s okay. People can barely resist cash payments because they’re getting the money right away.
Savings Account Information
Having a hefty savings account can also help you get an apartment. This shows potential landlords that you’ll be able to cover rent should a client payment not come through. Again, it may take time to build the savings you need, but it will make your life easier when freelancing and apartment hunting.
Tips for Apartment Hunting as a Freelancer
Freelancing and apartment hunting sounds like a pain in the behind. It’s because it can be a pain when you have to consistently prove your income. Fortunately, there are some things freelancers can do (aside from having the appropriate financial documents) to help get their application approved.
- Find an independent landlord. In other words, someone who is renting out a place on their own.
- Enlist the help of a real estate agent. They’ll know which listings are more friendly to self-employed individuals.
- Keep your documents organized (already discussed in this article)
Final Thoughts
Apartment hunting for freelancers may be difficult, but it’s not impossible. By using the tips above you’ll improve your chances of getting a place of your own. It’s all about staying organized and being strategic with listings.
