I am currently looking to rent one of my units. I have had a few people come by to veiw it. One thing i had noticed is a new trend. 5 out of the 16 veiwers said "Oh yes i have a job... i work for Uber." or "...of course my husband is employed... he works for Uber." Though i respect anyone making a living, i see this as a side hustle and not any form of steady employment to count on. Has anyone had similar experiences? Is "I work for Uber" the new "I'm Unemployed"?
Haven't noticed that here, but this is the sticks compared to California. I doubt it would fly here.
If someone has Uber as their primary job, yes they're unemployed. If someone has a different job and does Uber on the side, that's different. Uber isn't consistent in pay and you shouldn't rent out to someone who Ubers as their primary W2 job,
@Steven Scott Look at their pay history and be consistent in your criteria. If your criteria states that you need to see the last two years tax returns for non-W2 income including their schedule C then require that of everyone. If your criteria is that you average the last two years NET income from their schedule C - Then just make sure you do that for everyone with a schedule C.
Make sure that your criteria is that you are able to verify the income from the income source. If your criteria is that you can't verify it and then you don't count it, just be consistent. When you verify income, ignore the contact info the applicant gave you and call a number from the website of the company.
Ask for 2 years of tax returns.
My opinion is Uber is valid employment! I ask for tax returns and since their pay isn't direct deposited into a bank and I know they are paid directly into their Paypal account I ask for their account print outs to verify how much money they make in a months time. The amount has to be closely consistent. I've rented twice to Uber drivers in 3 years and have had no problems or regrets. Here in the DC metro area the income requirement is 40 times the monthly rent. Below link to Forbes.com and California law saying Uber driver's are employees not Independent Contractors.
I'd treat it as any other independent contractor position, and ask to see proof of the income. In my area it's possible to earn a decent income working for Uber, but unless they can show the docs there's no telling if they made $1 or $1,000.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing