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Re: Which Docs are necessary for new Tenants?
by Garry (Iowa)
on January 1, 2018 @09:56
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Tax returns are really not needed vary often. Usually a LL will want them from a tenant that has his own business, to show if he/she has a profitable business or not. In general, that "profit" is that person's net income for the year, which is what they will be paying their personal/daily living expenses out of (their rent, utilities, food, clothing, etc. )If that small business was not profitable the past year, chances are that you may not get your rent on time, or even at all, in the future. Another doc we LLs usually want, is a criminal background report, which you didn't mention. If someone has various interactions with the law, or recent evictions on their record, why would you want to rent to them ?
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Re: Which Docs are necessary for new Tenants?
by mike (NY)
on January 1, 2018 @10:06
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I was thinking the Tax return would show if an individual [not business] would be owing any taxes and that would be the main purpose of it?
Also my info shows that Credit report would show any evictions?
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Re: Which Docs are necessary for new Tenants?
by Garry (Iowa)
on January 1, 2018 @13:33
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You are right, a tax return would show if ANYONE would owe taxes. Or, if they overpaid their taxes during the year, how much they would be getting back. But that document is a once-a-year event. Why should any LL care if someone had to pay extra taxes, or got a refund. You are more interested in monthly(yearly) INCOME, as that is what they will be paying your rent from. And some people that are in business for themselves, with that as their only income, can do all kinds of fudging/lying, to get you to accept them as tenants. As for a CR showing evictions, it may or may not, depending on how each state sends out their legal docs. In Ia., the evictions show up on the criminal backgrounds.
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Re: Which Docs are necessary for new Tenants?
by Doug
on January 5, 2018 @00:43
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I get the drivers licence to confirm identity and an address. I get a credit report and criminal background check. IF they run a business and would like that income included in the consideration I get 3 years tax returns. No need for all the schedules. I think it's first page and last page or something like that.
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