Verify Renter Payment with airSlate SignNow

Verify tenant currency

- Hey everybody, I'm Mack from Rentspree, here today to talk through the 10 methods that landlords can use to verify proof of income. Let's start from the top, shall we? Number one, the W2 tax form. This is showing applicant's income from the previous tax year so it should give a good insight into what your applicant is earning this current year. The second proof of income type is the 1040 tax return. Now, this one gives a clear snapshot into an applicant's wages and gross income from the previous year. Number three is the 1099 tax form. Now, this one is used by independent contractors or contract workers that cover their own employment taxes. Number four is bank statements. Now, these are the official summaries of somebody's financial transactions. Now, these are really informative to the landlord because it gives a comprehensive picture as to how somebody spends their money. Number five is a Social Security statement. Now, this relates to Social Security benefits that one receives from the government as either their main source or supplementary source of income. Number six is a pay stub. Now, pay stubs are a very easy way to verify recent payments but are also easier to forge than other documents. If concerned, a landlord should verify this with an applicant's employer. Number seven is an unemployment statement. Now, that unemployment statement is a document from either the state or federal level proving income up to a certain point in time due to job loss. Number eight is a severance statement. Now, a person will receive a severance statement due to termination from a job. Really, the only time that a severance statement is helpful in this scenario is if a possible tenant is applying for a short-term lease. Number nine is a workers' compensation statement. Now, as you can probably guess, this relates more to an employee that has been hurt on the job, the pros of this being that there is a steady form of income over time and it's easily verifiable, the cons being that at some point, this compensation will end. The 10th proof of income type is a letter from the employer themselves. Now, this letter confirms employment status but it also confirms income statements that are placed in the application themselves. All right, so those are the 10 ways that landlords can verify proof of income. If you have any other questions, drop them in the comments below and visit rentspree.com if you are a real estate agent, a landlord, or a property owner to learn more about how you can streamline your rental business.