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Updated almost 8 years ago on . Most recent reply

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16
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Bill Zepeda
  • Rental Property Investor
  • Brentwood, TN
5
Votes |
16
Posts

Verifying Income for applicant

Bill Zepeda
  • Rental Property Investor
  • Brentwood, TN
Posted

Hi All,

I have an applicant that is a subcontractor and wants to use bank statements to verify income.  I'm concerned about the validity of this and I'm curious if anyone else has encountered this situation.  My first instinct it to ask for tax returns.  Any suggestions are greatly appreciated.  Thanks in advance!

Bill

  • Bill Zepeda
  • Most Popular Reply

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    Matthew Paul#2 Contractors Contributor
    • Severna Park, MD
    7,442
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    6,878
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    Matthew Paul#2 Contractors Contributor
    • Severna Park, MD
    Replied

    i love the self employed , Usually tax returns show it all . But bank statements work also . Most self employed are hustlers , go getters , they WANT to work . Some months are slow and some are busy .  I look at credit score in addition , that shows a lot . Do they pay their bills ?   Your regular hourly employee can hear , 2 simple words " You're Fired" . And only 1 person has to say it . Then they are searching for a job . Most ( not all) self employed are self reliant , they will do whats necessary to pay the bills.  

    I have 2 tenants that are self employed . Both are my best tenants . 

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