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Cam Models Tips for Buying or Renting a New House

Posted on Saturday

I-Camz Tips for Buying or Renting a New HouseA Camgirl or any other self-employed individual, finding a place to rent let alone purchase can be very difficult, depending on where you want to reside. Some areas welcome self-employed individuals as they are considered to be those individuals that will “jump start” economic development in that particular area or neighborhood. In more conservative, blue-collar working towns, being self- employed is somewhat looked down upon.

Of course there are many benefits to being self-employed; such as setting your own hours, choosing your own personal workload. But as to each benefit there are always setbacks. Some of those setbacks may include irregular paychecks and actually proving your income. It’s uncommon that any potential landlord and on any standard rental application that will ask for a solid proof of income to prove that you can actually pay the rent on time. So how do you get approved to rent an apartment, even a mortgage when you technically don’t have a regular paycheck and a solid proof of income?

As many more Americans are becoming more self-employed, it has and is becoming more difficult to rent an apartment, let alone secure a mortgage for a house, especially just starting out. As with any self-employed individual, it takes hard work, planning, and above all time.

This segment is going to be broken down into two parts: The first is going to discuss how to rent an apartment with self-employment income. The second, is going to discuss how to secure a mortgage. By the end of this discussion you will have all the tools you need to go out and secure the home of your dreams.

Before we take the step of purchasing a home, you must start out by establishing both credit and a solid rental history. When you are just starting out on your own, especially being in your late teens early twenties; chances are you have no credit history or any rental experience. These two factors are normal for a young adult. But, it doesn’t stand up against larger, more corporate property management companies. Larger property management companies have more strict guidelines when renting to self-employed individuals. So in this case you may want to rent from an independent landlord.

Renting From an Independent Landlord

With an independent landlord, you have a better chance at establishing a professional landlord/tenant relationship. Also independent landlords tend to be more flexible with payments. This will allow you to apply for a place with a less traditional paycheck; usually if you are a first time renter, it is best to connect with family, friends and other members of your community of any prospective landlords that are willing to rent to self-employed individuals.

Keeping an Organized track record of your expenses

When you are young it is much harder to keep track of your expenses. Let’s admit that when you are staring out on your own with your first job. You are going to spend, spend, and spend. The next thing you know, a couple of days later you are back to zero. Although there is nothing wrong with treating yourself to a little shopping or a night out with friends. But when you are self-employed you must remember that your income is limited. One way you may make $1,500 the next couple of weeks you may not make anything. It’s very important to keep track of your earnings and expenses, so you can PAY ALL OF YOUR BILLS ON TIME. This is the time to start preparing a budget and expenses spreadsheet. If you don’t know how to prepare monthly spreadsheets on your own, there is software available that will show you how. The best software to create and prepare monthly budget and expenses spreadsheets are Quicken Books and Microsoft Excel. These two software programs have layout and basic accounting formulas you need in order to create accurate statements each and every month.

Another important tip to remember is that you don’t have the luxury of printing off copies of your recent check stubs; you will need to keep records of the following items:

Six month record of your bank statements

  • 3 years of tax returns
  • A savings account equaling 3-6 months of rent and bills
  • References in writing from your previous landlords or personal references if you are a first time renter
  • (NOTE: Acquiring tax returns is an annual item to collect. If you don’t have tax returns to print right away, you can start with the savings account and bank statements)

    Understanding Your Budget

    As a self-employed individual, especially when you are a cam girl, your income is more unstable than the person who has an hourly or yearly salary. When renting an apartment or house, it is strongly advised that you make at least 2.5-3 times the monthly rent to properly cover any other monthly expenses that you may have. For example if your monthly rent is $800, you will need to make anywhere from $2000-3000 per month in order to qualify for that particular place. Working as a cam girl, you SHOULD NOT base your income off of your good months alone. This is why it is important to keep your bank statements to gain an average of your monthly income.

    Always stay within your means. As financial guru Suze Orman says, Live below your means but meet your needs.It also looks very good on paper as well as your prospective landlord that you have very little debt and a healthy savings account.

    Purchasing a Home as a Cam Girl

    Once you have a very strong sense of income, mastered your budget, and you feel like you are confident enough to take the next step; and you are looking for something more lavish. You may be ready to consider home ownership. It is recommended that you wait at least 3-5 years before considering securing a mortgage. This is because it takes about this much time to generate a stable income, establish credit and you have gained a better understanding on what it takes to maintain a home (i.e. repairs, taxes, etc).

    When trying to secure a loan for a home especially as a cam girl; understand the reality that you are starting at a disadvantage. Why? This is in one simple word, documentation. For the self-employed individual, the loan process is the same for everyone. You are still going to start with a rate quote, fill out an application, and provide documentation of all your income, expenses, tax write-offs, etc. A major key point to this is that self-employed borrowers will still need to show their 1040s for consideration.

    It is common for self-employed tax filers write most of their expenses off. If you are just starting out this is okay because when you are just starting out, you haven’t generated enough liquid assets (cash flow) as someone who has been self-employed for years. When you become more established try to limit your tax write-offs; the ultimate goal here is to show your actual “net income” or take home pay, after your write-offs. Ideally your debt-to-income ratio should be anywhere from 36-43%. Debt to income is how lenders determine your ability to manage monthly mortgage payments and repay debt. So it is always best to pay your bills on time and keep your debts to a minimum.

    How to increase your chances of being approved for a mortgage or home loan.

    Being a webcam model is considered self-employment. There are several ways to increase your chances of getting a home loan.

    1) Put yourself on a W-2 (hourly) rather than an owner’s draw. An owner’s draw is a withdrawal of your cash or other assets for personal use. In a nutshell, don’t spend you entire profit.

    2) Lower your debt load. Pay off your past due balances and continue to pay your current debts. In this case you may want to consider condensing or consolidating your debts into one set payment per month.

    3) Keep separate business and personal accounts. The saying never mix business with pleasure applies to your bank accounts. If you are hosting a party for your clients or paying rent on a leased space for your business then it’s okay to use the business account for these purposes. If you are going out with family and friends, use your personal account. This will help you keep your statements balanced every month.

    4) Consider making a larger down payment. Traditional lenders and landlords have very strict stipulations when renting and borrowing from self-employed individuals. It always looks very good in the eyes of a lender to be able to offer more money down in order to secure what you want.

    Finally, work with a smaller business such as a credit union. Establishing a relationship with a smaller lender is very rare but a very valuable factor to consider.

    Finding a home when you are self-employed, takes a lot of financial discipline and hard work. If you are interested in jump starting your career in self-employment i-camz.net is the best place to start a career as a self-employed webcam model. At i-camz.net you will have the freedom to set your own hours, make thousands of dollars per week (if you are willing to put in the work), and be on the way to acquiring the financial freedom that you deserve.

    In order to qualify as model for the site you must be 18 years old with a valid government photo ID; a computer with high speed internet, and a webcam with HD streaming capabilities. We accept applicants from all walks of life. We accept gay/lesbian, heterosexual, couples, transgendered, BBW, etc. There is a niche for every one when you sign up with i-camz.

    About I-Camz.net

    I-Camz is the largest webcam modeling site in today’s industry. Our commitment is to provide the highest quality of customer service to our clients. Since 2010 it has always been our goal to provide our models with the support they need every step of the way.

    If you are new to webcam modeling, here is what to expect:

    Our clients (we do provide) select an available model on our website. The model can charge anywhere between $1-1.25 per minute for their time spent. You do have the ability to set your own rates; however when you are just starting out it is always to start out low and work your way up. Once you increase your customer base then it would be suggested that you increase your rates.

    All models that are employed by us are considered independent contractors; you will receive a 1099 for at the end of each year if you earn over $600 per year. Our models typically earn anywhere from $50,000 -100,000 per year. Models can work as many hours as they like at ANY location as long as you have an HD webcam, high speed internet connection, and computer.

    When signing up for this site and any other webcam modeling site be aware of scams. We never charge our models any upfront fees to join our site. Any webcam site that charges upfront fees it is strongly suggested that you steer away from those types of sites.

    Conclusion

    Being a self-employed worker has a lot of benefits as well as its setback. You will have to develop an understanding that you don’t necessarily have a steady income coming in and you don’t have access to print out weekly/bi-weekly check stubs to prove your income. There is software that can help you manage your income and expenses and better determine where you can cut spending and make the proper adjustments to meet your needs and live below your means. Landlords and lenders like to see a financially responsible individual who will pay their bills on time. When you live within your means debt free living is possible.

    Renting or purchasing a home with self-employment income, is much harder thing to secure than a person with an hourly wage or yearly salary. Although it is much harder it is not impossible to achieve. With proper upkeep of your financial records and proper budgeting i-camz.net can make your dreams of independence a reality.