Proof of Income on Garland Rental Applications
When you’re a landlord, one of the most important things you need to know about a prospective tenant is their ability to pay rent. One way to verify this is by checking their proof of income. Here’s a step-by-step guide to help you determine if a tenant has the financial means to pay rent. When renting your Garland property, proof of income on Garland Rental Applications is key.
- Ask for pay stubs One of the simplest and most straightforward ways to verify a tenant’s income is by asking for their pay stubs. Pay stubs show the tenant’s gross pay, any deductions, and their net pay. If a tenant is paid on an hourly basis, pay stubs will show their hourly rate and the number of hours they worked during the pay period.
- Request W-2 forms W-2 forms are another way to verify a tenant’s income. These forms show the total amount of money a tenant earned from an employer over the course of a year, as well as the taxes withheld from their paychecks. W-2 forms are typically available from the tenant’s employer or from the Social Security Administration.
- Ask for tax returns Another option is to ask the tenant to provide their tax returns. Tax returns will show the tenant’s total income for the year, as well as any deductions and credits they claimed. Tax returns also provide a more comprehensive look at a tenant’s financial situation, as they show not only their income but also any investments or liabilities they may have.
- Verify employment In addition to verifying a tenant’s income, it’s also important to verify their employment. This can be done by contacting the tenant’s employer and asking about their job status and salary. Some landlords may also choose to run a credit check, which will show the tenant’s employment history.
- Check for consistency When reviewing a tenant’s proof of income, it’s important to look for consistency. For example, if a tenant’s pay stubs show a significant increase in pay over a short period of time, this could indicate that the tenant may have a temporary job or is not being truthful about their income.
In conclusion, checking a tenant’s proof of income is a crucial step in the rental process. By verifying a tenant’s pay stubs, W-2 forms, tax returns, and employment, landlords can make informed decisions about who they rent to and ensure they have tenants who can pay rent on time.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
