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LLinVA

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Posts: 186
Reply with quote  #1 
How thoroughly do you guys actually check someone's income? I assume we all at least ask what their monthly income is, but are any of you calling employers, requiring pay stubs, or what? 
rp

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Posts: 24
Reply with quote  #2 
Renting to someone who can't afford the rent will obviously be your main problem later on.  In a way, you are extending credit to someone. So, like any institution that extends credit, verifying income is very important.  Yes, you want copies of the last 2 - 4 paystubs, and/ or other documents like disability payment statements, etc.  I usually don't call to verify unless something seems fishy, or its a unique situation.  If you do call, contact the company/ entity using the known main number, not the one on the document you received.  Do look for patterns of unemployment/ no income/ difficult to prove income, which should have very good and reasonable explanations.
AccidentalRental

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Posts: 41
Reply with quote  #3 
I'm usually comfortable with the last 1 or 2 month's of pay stubs.  That along with the credit report, background/eviction check and the last two landlord references is all I usually need.  

I've accepted letters of employment for people who are new to their job and then I've verified with the HR department but otherwise I don't check with the employer unless something seems out of place. 

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jordansand

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Posts: 12
Reply with quote  #4 
I require the following for income verification:
  1. Employed with 3rd party: One pay stub and/or W2 form
  2. Self-employed: Two to three pay stubs and/or W2 form
For someone who is self employed, you want to see consistency over time, which is why I ask for multiple pay stubs. 

I also require the following information from the employment side:
  1. Dates of employment
  2. Employer
  3. Title
  4. Manager's name
  5. Manager's contact information
  6. States annual gross income
  7. Additional income
I require employment for the past two employers and call them to verify.

Also, I use Hemlane to get the applications, pay stubs uploaded, and verification on the qualifications of the tenants.


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