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December 27, 2020

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Proving your Ability to Pay Rent; Top Five Proof of Income Examples

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.

Pay Stubs is the first document on this website that you will be required to provide because it is the easiest one to obtain whether you are a part-time or full-time employee because you receive t every time you get a check. 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.

Apart from Pay Stubs, Tax Returns is another reliable document you can use for proof of income; unlike the Pay Stubs, this document provide a detailed view of your yearly income and since it is a governmental document, it is highly reliable. The tax returns documents have been known to come in handy for potential tenants who do not benefit from the weekly paychecks like the others; if you are a freelancer, you can still prove your ability to pay the rent with these documents.

If you want to show your ability to pay, you can get a detailed statement from your bank, showing all the transactions you have conducted, including the total incoming and outgoing amounts. Compared to the other documents, bank statements come with the risk of some transactions being misidentified. You can also get a letter from your employer, confirming current employment and the level of income that has been mentioned.

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. Employed or not, you need to convince a potential landlord that you can pay rent monthly which s why the ledger documents, 1099 form from the IRS, and bank statements are important for the self-employed individuals. Now you know the documents you need to your worth.

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