Hi, I am trying to evaluate the potential tenant to agree into a lease to own contract. I am wondering if there are any legal issues with asking them for their finances pay stubs savings etc. or am I allowed to have them send that to an email address that is mine? How do people who have experience in this usually go about doing this? Just wanna make sure I’m not making a legal mistake
Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
7y
Check with an attorney for local laws; but in my market it's legal to request pay stubs/utility bills/etc. Just be aware that pay stubs can be fake (Google 'fake pay stubs' - it's kind of amazing these websites are legal but I digress).
I typically call their employer (I look up the employer's phone number VIA Google and don't simply dial the number the potential tenant supplied; once connected I ask to speak with human resources) to confirm they work their for the duration they've stated as well.
Did they have to provide a hand written document before these requests? Or can they just respond to an email with my questions?
Jack
In my rental ads I state for the potential tenant to respond with their monthly income, credit score and whether or not he/she has been evicted in the past. 95% of the time I have to ask the tenant for this information, though sites like Zillow Rental Manager are nice because they sometimes include this information (yearly income and credit score) when the tenant contacts you (of course, always get a criminal and credit check to confirm).
I've never asked for pay stubs, etc. prior to the tenant looking at the apartment - I usually request that paperwork with the filled-out rental application (I hand them the rental application if they indicate they're interested in renting).