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Posted by: headm on: January 11, 2021

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

Given the troubles that landlords go through dealing with tenants who refuse to pay rent, you can understand their reservations about letting just anyone into their property which is why they need proof of your ability to pay rent now! Before a landlord allows you to rent his or her property, you must provide proof of income which should be at least three times the monthly cost of the property as discussed on the website. For the landlords to be sure about your potential to pay rent, you are required to produce the documents shown on this homepage. You will learn more on the proof of income examples listed below.

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. Hunting for a house or apartment means you will be dealing with different landlords and their many demands which is why it is safer to obtain a paper check stub just in case although most companies have embraced the paperless system.

Tax returns is the second document on this list and one that is highly reliable proof of income; with this, your potential landlord can view your yearly income to gauge whether you can pay the rent for the property or not. 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.

You should also get a copy of your bank statements when it is time to rent and you want to prove your ability to keep up with the monthly rent. 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. In case you are self-employed and you want to rent a property, there are a different set of documents you can collect to proof your worth to a landlord, and they include ledger documents and bank statements among others. These are some of the documents you need to prove your financial health to a potential landlord.

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