Re: self employed income - Landlord Forum thread 339708

Re: self employed income by MrDan (Georgia) on October 8, 2015 @22:36

A tax return will only show what the applicant made a year ago.

We request their annual 1099 (equivalent to W-2), certified copy of IRS-1040, and letter from accountant (preferably CPA) which should state nature of business and income holdings, annual income expected for current year, amount of annual personal income applicant takes from business, and bank references, credit report, etc.

You can do a quick search on line to your 'Secretary of State website' to see if they have a DBA or LLC/CORP filing and are in good standing. Or contact your county/city for any required business information. If they are a valid business they must be licensed in order to conduct it.

You can request last 3 months of personal bank statements (not business bank statements because the tenant's business is not signing the lease, the business owner - the person is signing the lease so you want to verify his personal income). If the business owner does not have a personal bank account in which he deposits personal income, than the business owner's income cannot be verify and therefore does not qualify to rent.

You can also require that the tenant be in business a minimum number of years (We require two years minimum)

Any combination of the above, plus a credit and background check should provide you with the information to make a sound rental decision.

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Re: self employed income by Anna on October 9, 2015 @10:14	[ Reply ]

How do you get certified copy of IRS-1040?

Re: self employed income by Patty on October 9, 2015 @11:44	[ Reply ]

You have your applicant provide it. They have to get it from the IRS.

regarding rental history by Anonymous on October 9, 2015 @10:35	[ Reply ]

What does your written rental criteria say about 'rental history'? Is 6 months rental history acceptable or do you require 2 years worth of rental history? What defines rental history? Living with parents and paying them rent acceptable? What about previous home owner who is now applying to rent? What is bad rental history? Is it defined as any eviction eliminates the tenant(s) application? Late payments? Failure to abide by the lease or rules? What does your written criteria state? What's your answers for the above questions? Do you need to put all details on your written CRITERIA?

Re: regarding rental history by Anonymous on October 9, 2015 @11:53	[ Reply ]

Didn't you say you already had written criteria that you used?

Re: regarding rental history by Anonymous on October 9, 2015 @14:36	[ Reply ]

Criteria can be changed, right?

Re: regarding rental history