How to Prove your Can Pay Rent
Given the troubles that landlords go through dealing with tenants who refuse to pay rent, you can understand their reservations about letting just anyone into their property which is why they need proof of your ability to pay rent now! A potential tenant should have an income that sits at three times the monthly rent of the property before they are allowed to rent as you will see if you click here. You have to assure a potential landlord of your financial health by providing these financial documents. Continue reading to discover more on the proof of income you will be required to provide before renting a property.
Before renting a property or when you are looking at potential properties, ensure to bring along your Pay Stub which you can obtain online or from your employee regardless of full or part-time status. There are software resources that will allow you to create paper check stubs when you require a physical copy but it is not always necessary since most things are going digital but bring your Pay Stubs is necessary when hunting for a house.
Apart from Pay Stubs, Tax Returns is another reliable document you can use for proof of income; unlike the Pay Stubs, this document provide a detailed view of your yearly income and since it is a governmental document, it is highly reliable. Pay Stubs are reliable proves of one’s ability to pay rent but since not everyone receives the standard weekly paycheck, tax returns documents really come in handy for such potential tenants.
The next on the list of these documents is your bank statement; this enables you to provide a detailed record of your income as well as many other business interactions; it shows all incoming and outgoing transactions. When you are providing bank statements to a potential landlord you should know you are there is a chance that some transactions may be misidentified. If you are dealing with a landlord or any other individual requesting proof of income, a letter from your current employer is an opportunity to provide a strong reference as well as proof; it confirms your current employment status as well as level of income.
Social security documents usually come in handy if you are looking to rent a property but you live on payments from the government; they are applicable forms of income and the documents recording the payments you receive are valid proof of income. Employed or not, you need to convince a potential landlord that you can pay rent monthly which s why the ledger documents, 1099 form from the IRS, and bank statements are important for the self-employed individuals. Now you know the documents you need to your worth.