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. Having proof of income examples that show your ability to pay rent will simplify the renting process which you can read more on below. 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.
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. 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. 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. You can also get a letter from your employer, confirming current employment and the level of income that has been mentioned.
You can also use social security documents as proof of income and ability to pay rent but only if you live on social security payments from the government. 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.