Self employed (by Phil [OR]) Oct 1, 2022 5:21 AM|
Self employed (by RB [TN]) Oct 1, 2022 8:01 AM
Self employed (by Robert J [CA]) Oct 1, 2022 8:32 AM
Self employed (by Jim in O C [CA]) Oct 1, 2022 8:52 AM
Self employed (by Dee Ann [WI]) Oct 1, 2022 9:33 AM
Self employed (by Oregon Woodsmoke [ID]) Oct 1, 2022 11:04 AM
Self employed (by Duplexer [IL]) Oct 1, 2022 2:20 PM
Self employed (by Duplexer [IL]) Oct 1, 2022 5:20 PM
Self employed (by BRAD 20,000 [IN]) Oct 1, 2022 11:25 PM
Click here to reply to this discussion.
Click Here to send this discussion to a friend
Self employed (by Phil [OR]) Posted on: Oct 1, 2022 5:21 AM
Verification on "self employed" applicant. I have nothing against an applicant being self employed. Heck- I was self employed for most of my adult life. What I do require is a copy of the tax statement showing that they paid taxes on what they are claiming they make--just like I have to do when applying for a loan.
How do you handle it? --76.138.xxx.xxx
Self employed (by RB [TN]) Posted on: Oct 1, 2022 8:01 AM
Having (legal) written criteria and the enforcement of it.
Self employed (by Robert J [CA]) Posted on: Oct 1, 2022 8:32 AM
Many times I have real high class degreed professionals wanting to rent some of my nicer rentals, but they too are self employed and think handing me a business card will solve all of their troubles. Not!
I ask for a copy of their signed tax returns filed to the IRS by their accountant, his signature too on the tax return. And a copy of their quarterly estimated tax payments.
This one applicant did NOT WANT ME TO SEE HIS TAX RETURN, has too much private and personal information. Instead he proposed his accountant provide a notarized letter that he made over $100,000 last year, and will provide a series of bank statements showing balances over $100K. He did so and his credit reports showed he was good a gold. Rented from me for 7 years, rent never late. --47.156.xx.xx
Self employed (by Jim in O C [CA]) Posted on: Oct 1, 2022 8:52 AM
At a minimum I get 3 months bank statements all pages and 2 years tax returns all pages. For someone that gets a lot of cash I only go by what they report on their 1040. --99.23.xxx.x
Self employed (by Dee Ann [WI]) Posted on: Oct 1, 2022 9:33 AM
ROBERT: Great criteria for self employed if tax return is too much of an ask. In this era of self employment and side gigs,the truly industrious will be the go tos for landlords. Thanks for the additional ideas! --75.11.xx.xx
Self employed (by Oregon Woodsmoke [ID]) Posted on: Oct 1, 2022 11:04 AM
I need to see financial documents that show income and I also need to see the trappings of a business: business cards, signs on the van, registered DBA, that sort of thing. Depending upon what the business is, I might interview a couple of their clients.
My experience is that genuinely self employed persons don't mind showing how they are going to pay the rent.
It has also been my experience that the majority of applicants who claim "self-employed" are no more than unemployed bums who make a lot of effort to not have to do any work. I have, however, had a few self-employed tenants who were good tenants, but it requires a bit of extra effort on the screening. --76.178.xxx.xxx
Self employed (by Duplexer [IL]) Posted on: Oct 1, 2022 2:20 PM
Self Employed = "Times are tough right now, customers economy weather season yadda yadda You'll have to Work With Me."
If you can financially handle that, then give it a shot.
Unfortunately there are few self employed businesses that have the reliable income of a paycheck backed by FDR's unemployment insurance.
Of course, there are exceptions. I would for instance consider a property manager who owns the properties they upkeep and lease an example of a middle class person reliably self employed. Though Uncle Sam did his darndest to torpedo that during the Pandemic. I'm sure there are some other business also (if you can think of any... please post here! I'd like to swap LOL)
Self employed (by Duplexer [IL]) Posted on: Oct 1, 2022 5:20 PM
OK I mean if they're a licensed electrician or plumber and in the phone book, are open 9-5 weekdays and have tax returns showing yearly income that's one thing.
Lawn mower? That's not going to pay the bills in winter.
Freelance writer? Blogger? Unless they have a bestseller book at Barnes & Noble... nnnah. --162.200.xxx.xx
Self employed (by BRAD 20,000 [IN]) Posted on: Oct 1, 2022 11:25 PM
W2 employment is my security they can be garnished if they fall behind.
Cannot garnish self employed.
I’m with Duplexer. Too easy to fall short for a hundred reasons - recession, got Covid, wife or kid sick, HE got sick, customers not paying, truck stolen with all his tools, turns to drugs, gambles it away, wife divorces and takes his money, runs away with an internet babe, left for Florida to do all that hurricane insurance business…
They can have 3 good years then fall off on the fourth.
Then you are SOL.
These are all real reasons I have lost contractors.
Also, we are often seeing people at their best when they apply. Some cannot keep that up for long or their life changes n
Click Here to send this discussion to a friend
Report discussion to Webmaster