Income verification

[Tim Wilkinson]

Hi all,

I have a prospective tenant (a couple) that are both self-employed. Both parties (unmarried) gave me a copy of their experian report: 738 and 698, which is a good enough score, but I didn't pull the reports. However, I asked for income verification from their agent. I said schedule C would work, but I didn't say it needed to be from a CPA. I did receive a copy of Schedule C, which showed about $150,000 net profit for 2015. It was not from a CPA. In fact, I could create the same document for my company in about 10 minutes. I know their schedule C can be verified from IRS, but it takes too long to get them approved in time. 

They seem like good tenants. When I asked for the last three bank statements before I approve, the agent emailed me and said they wouldn't be providing any more personal info. They also informed me that they have been doing rentals for 15 years and they would approve this client in a minute. 

Am I wrong in wanting more validation of income?

[Neil Schoepp]

@Tim Wilkinson

Let's first start with this. If it's not verified it doesn't exsist. 

I look at it this way. When a prospective tenant contacts me there are "hoops" they must jump through to get approved. Sometimes it's one or two, other times more. Sometimes those hoops are created by me just because, sometimes the situation calls for it. At any time they do not want to comply with my requirements they are free to walk I will gladly find another prospect. It's better to pass on someone your unsure about then have to deal with them in two months. 

They produce or they walk. Protect yourself.