Paying rent on time is the responsibility of every tenant, but since not all of them are reliable, landlords want to know that the people they are letting into their properties can keep up with the responsibility with minimal financial troubles here!. 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. Keep reading to know more on the proof of income you should provide.
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.
Tax returns is the second document on this list and one that is highly reliable proof of income; with this, your potential landlord can view your yearly income to gauge whether you can pay the rent for the property or not. The tax returns is especially important for independent contractors or freelancers who may want to rent a property but do not receive the weekly paycheck; it helps in providing an accurate record of your income for those requiring it.
You should also get a copy of your bank statements when it is time to rent and you want to prove your ability to keep up with the monthly rent. 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; 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.