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! Before a landlord allows you to rent his or her property, you must provide proof of income which should be at least three times the monthly cost of the property as discussed on the website. For the landlords to be sure about your potential to pay rent, you are required to produce the documents shown on this homepage. 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. Thanks to technology, you can now obtain a Pay Stub from the comfort of your home or you can create a paper based one if you require a physical copy to give to your potential landlord.
You should consider bringing your tax returns along if you want your house or apartment renting process to proceed smoothly; since it is a governmental document, it is usually highly reliable. The tax returns documents have been known to come in handy for potential tenants who do not benefit from the weekly paychecks like the others; if you are a freelancer, you can still prove your ability to pay the rent with these documents.
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. Bank statements are reliable way of providing your financial healthy to a potential landlord but it come with a small risk. 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; if you are living on social security from the government, you can use these documents as proof of income because they show that the payments you receive are valid. If you maintain proper bookkeeping and you are self-employed, collecting documents like 1099 form from the IRS and the ledger documents you need to prove your worth will be less sophisticated and time-consuming. These are some of the documents you need to prove your financial health to a potential landlord.