proof of income
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proof of income (by Sarah [FL]) Jun 13, 2019 11:32 PM
       proof of income (by Robert J [CA]) Jun 14, 2019 1:29 AM
       proof of income (by JKJ [MA]) Jun 14, 2019 5:24 AM
       proof of income (by plenty [MO]) Jun 14, 2019 7:03 AM
       proof of income (by Oregon Woodsmoke [ID]) Jun 14, 2019 9:51 AM
       proof of income (by BRAD 20,000 [IN]) Jun 14, 2019 10:03 AM
       proof of income (by S i d [MO]) Jun 14, 2019 10:24 AM
       proof of income (by Vee [OH]) Jun 14, 2019 10:49 AM
       proof of income (by small potatoes [NY]) Jun 16, 2019 11:42 PM

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proof of income (by Sarah [FL]) Posted on: Jun 13, 2019 11:32 PM
Message:

What constitutes proof of income? Do you just accept ANYTHING as “ proof”? I do not accept co- signers. If a relative says they will pay xxxx monthly to their son or daughter who cannot afford the place on their own, what do you say? --76.242.xx.xxx




proof of income (by Robert J [CA]) Posted on: Jun 14, 2019 1:29 AM
Message:

Proof of income:

a) pay stubs with a pay check attached

b) bank statements showing bi-weekly deposits

c) tax returns

--47.156.xx.xx




proof of income (by JKJ [MA]) Posted on: Jun 14, 2019 5:24 AM
Message:

Dido what Robert J said, I personally don’t accept co-signers, but I know others on here do, especially if the property will be rented to students. I’m sure they will give you more insight. --71.248.xxx.xxx




proof of income (by plenty [MO]) Posted on: Jun 14, 2019 7:03 AM
Message:

I have a simple answer "no"

No cosigners.

--99.203.xx.xxx




proof of income (by Oregon Woodsmoke [ID]) Posted on: Jun 14, 2019 9:51 AM
Message:

I don't accept tax returns unless it is one that the applicant signs the form that lets me get the tax return directly from the IRS. I just assume that would take too much time.

I can take a set of tax forms off the internet and fill them out with any figured I want. That doesn't mean I have sent those figures off to the IRS.

I will very rarely accept an extremely qualified cosigner. If an applicant doesn't have enough income to pay the rent, it is a "no"... with a possible exception for a a student with good grades and a real major, not a kid going to school to party. --98.146.xxx.xxx




proof of income (by BRAD 20,000 [IN]) Posted on: Jun 14, 2019 10:03 AM
Message:

Sarah,

We want paystubs as proof of income. We verify by calling the employer but the large companies no longer reply.

We offer the review a cosignor but seldom receive a cosignor’s application so the main app usually deadends.

Recently received an app with an atty app attached as a cosignor. That atty was already barking orders with his app. Denied because we do not accept legal professionals.

BRAD --73.102.xxx.xxx




proof of income (by S i d [MO]) Posted on: Jun 14, 2019 10:24 AM
Message:

I require pay stubs from the most recent 4 week and/or two months of bank statements. I then contact the company to verify:

A) the company is real

B) the income is reasonable

Brad hit the nail on the head that many large employers will give you the run-around and/or refuse to discuss a team member's salary. Or they'll force you to "TheWorkNumber" which will charge you an insanely high fee to get employment confirmation.

But the creative entrepreneur does NOT allow that to shut him/her down. Here's what I do now.

Me: "Hi, I am calling for an employee reference for Adam Smith, can you help me?

HR: "Well, all I can say is he works here. I cannot give you any salary info."

Me: "I understand you have an obligation to protect your employee's information. We do the same at our company. What I would like to know is this: Mr. Smith states that he is a (positions) and has worked for your company for (X) years. Can you confirm that?"

They will USUALLY give me that much info. Then I follow up...

Me: "And he wrote down $XXXX.XX as his monthly salary. I know you cannot give me specific info as to his salary, but if we were not talking about Mr. Smith, can you tell me that for any person who works at your company and who has his title and has worked there for about that length of time, is that a reasonable amount?"

MOST OFTEN this takes them off guard and they'll say Yes or No. Only 1 or 2 times have they absolutely refused to give me any more info, in which case the burden of proof goes back to the applicant. It is THEIR JOB to prove to MY satisfaction that they earn the money they claim to earn, and if they can't....that's their problem.

I take co-signers, but I have them apply, screen them, and have them sign the lease like anyone else even though they are not a resident. That makes them responsible not only for rent, but also for damages and lease violations as well. Incentive for them to keep on the person who does not qualify by themselves. They must own local (in state) real estate, have squeaky clean credit, and make at least 6x the rental income so they can cover their housing costs plus the rent in case the primary applicant fizzles out.

I only take co-signers for "fixable" issues like lack of land lord history or lack of 90 days minimum on the job. Basically, neutral stuff they haven't had the chance to acquire yet, such as first time renters and/or college students who may not have a job but have plenty of grant/scholarship money coming in. They aren't garnisheable, but their parents probably are, so Ma and Pa have incentive to stay on Junior to do things right!

I do NOT take co-signers for unfixable things like bad land lord history, criminal history, or evictions. --173.20.xxx.xxx




proof of income (by Vee [OH]) Posted on: Jun 14, 2019 10:49 AM
Message:

If a relative wants to prepay 8-10 months and sign as a tenant that works for me, I have the extra name to give police to entangle if there is a criminal investigation. --76.188.xxx.xx




proof of income (by small potatoes [NY]) Posted on: Jun 16, 2019 11:42 PM
Message:

Fool me once,

I am parting ways with a tenant that had no rental history and I used the co-signer for that reason. It was the step mother, should have questioned why it was not going to be the dad. Anyway it's a niche providing apts to young tenants and works well. BUT this tenant was a small PITA always the syrupy "i don't mean to bother you voice" and only had legitimate calls. Yet if I contacted them there was outrage. "i'm at work and can't take calls" or "it's my day off and I'm entertaining friends". Always indigent when I'm trying to make contact (your guest is blocking another car, for example). So when the tenant decided to not renew because they thought I intentionally trapped them at day one by planning a rent increase, I didn't loose any sleep. I called the step mom to say what's up w/ your step child and she was quick to admit that said child is a major crank. Ha! In the end the apt is clean, I'll rent it for more and be done with that family.

So Sarah if you don't take cosigners then their statements are meaningless unless you put them on the lease. 4 pay stubs minimum, with at least 1 year on the current job. Not sure how Robert gets them to show a check attached to the stub. I call the company and verify. Target and such will not do this so I discount that and ask for double deposit. --100.2.xx.xxx



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