All Forum Posts by: James Brown

@James Brown He's applying as a single occupant but has a spouse? Confused.

I would get clarity on their situation. Find out if this person will be living at the property by themselves or with someone else. If they are living by themselves then I would ask for a few recent pay stubs as proof of income. If they do not have paystubs you can ask for their supervisor or someone in HR that you can call to verify their employment and salary. If this person will be living with someone else, definitely have this other person apply. Either way you need to have a clear financial picture of all applicants so you can make sure you are protecting your asset; your rental property.

Missing very key info and that is are they both going to be living in your home?  You said you got an application from him...that makes me assume you didn't from her.  As I read other responses this seems to be a question everyone has.  

If they are both living there and both over 18 they both should be named tenants unless there is some extenuating circumstances you are not sharing, so both should fill out an app and both should provide proof of their individual income.  

That is how I would handle it. 

Does he have pay stubs in his name that show how much of the income on the joint return is his?

@James Brown the first thing to understand it the spousal situation. They could be getting divorced, he could be moving for a job or she could be living with him. If they will be living together, she needs to apply to. If they are separated, be aware that income now needs to support two households. Looking at it simplistically, you would cut that income in half. Have a direct discussion with him, because the reality is their income was supporting two people and one household in the past. Now their income is supporting two people and two households.

Ask for pay stubs for "his" job. Scrutinize them as they're easily faked. Do you know why only one of the "couple" is going to be renting?

Would the spouse also be renting/living at the same property? If so, I would have both fill out an application. If both persons meet all other criteria, I would let them sign and agree to the lease. Just make sure you have a joint and several liability clause in your lease.

Yes, I would ask for additional evidence to determine how much of that income is his.

@James Brown

I had a similar situation. Bought a 4 plex in Illinois in ‘17. All were on month to month.

One was paying $25 less than the others. When I sat down on initial meet I explained that to him and he agreed to an increase. Then a few months later another moved out. I did a light Reno ie plank floor instead of the nasty carpet and paint. Raised rent $75. Couple months ago same thing, move out, light Reno, rerent at higher rate. That’s my advice especially with covid: If tenants are paying, keep them. Good tenants are hard to fine. Use natural move outs to upgrade and raise rents.