{"id":27169,"date":"2019-02-18T16:57:10","date_gmt":"2019-02-18T16:57:10","guid":{"rendered":"http:\/\/themediabeast.com\/resources\/?p=27169"},"modified":"2019-02-18T20:21:24","modified_gmt":"2019-02-18T20:21:24","slug":"property-managers-must-verify-income-scott-properties","status":"publish","type":"post","link":"https:\/\/themediabeast.com\/resources\/property-managers-must-verify-income-scott-properties\/","title":{"rendered":"Why Property Managers Must Verify Income – SCOTT PROPERTIES"},"content":{"rendered":"

Why Property Managers Must Verify Income<\/strong><\/p>\n

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Charleston property management companies know that verifying income is essential to finding the right tenants to lease homes. Skipping verifying income can be tempting if you\u2019ve already run a credit check and the prospective tenant has cash on hand for the deposit and first-month rent. While keeping your properties occupied is the goal of Charleston property management companies, leasing to a tenant that cannot afford to live in the home can become your worst nightmare.<\/p>\n

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How Much Income Does a Tenant Need?<\/strong><\/p>\n

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The general rule is that your rent should only be one-third of your income. You will need to verify that your tenant makes at least<\/em> three times the amount of rent in gross income annually. Keep in mind that some tenants may not have a traditional source of income that meets these requirements such as a salaried job; however, Charleston property management companies can also consider a co-signers income as well as student loans or grant money that the tenant uses for their expenses.<\/p>\n

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How To Verify Income<\/strong><\/p>\n

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Most people have a traditional job that offers them a paycheck. Charleston, property management companies, can take copies of the paystubs to determine if the tenant meets the income requirements. If the tenant is self-employed, cash or commission-based employee, retired or a student, you will need to verify income in other ways such as:<\/p>\n