Hi Christina,
I am the CFO for a Pinellas Property Management in TB FL and I use the following methods when verifying income for military personnel. Be advised, military personnel are not bound to lease agreements if they get orders to PCS to another base (permanent change of station) or deploy. Otherwise, we have had some excellent experience with active duty military, traditional reservist/guardsman, and veterans.
1. LES (Leave and Earnings Statement): This is the military equivalent of a pay stub and provides detailed information about a service members pay, allowances, and deductions.
Generally Applicants must submit:
2. Bank Statements: Reviewing bank statements can provide additional evidence of consistent income and display how much cash they have in reserve. In Tampa it's common to find an entrepreneur that is running there own business and this allows me to verify how much cash they have on hand and assists me in calculating their debt to income ratio.
3. Tax Returns: Request copies of the individual's previous years tax returns will confirm there yearly income and account for expenses and liabilities.
4. Previous Landlord: Speaking with previous landlords can provide insights into the individuals rental history, payment habits, and overall behavior as a tenant. It's particularly helpful to inquire about the promptness of rent payments and the condition in which the rental unit was left upon vacating. In addition, I often request to visit there current residence to see how they take care of the property.
5. Background check: I always perform a background check. This can provide the applicants criminal/credit history.
There are no guarantees, but performing due diligence, an assessment of character, and affordability is what keeps up in business. Let me know if this was helpful or if there is anything else we can help with.
