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Author Topic: What's needed to verify self-employment?  (Read 1157 times)

Offline Aikin

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What's needed to verify self-employment?
« on: July 31, 2018, 05:52:58 pm »
Hello, it's been years since I had to verify a self-employed applicant.  I remember eventually talking with a person from the IRS about the tenant, but do not remember the process.  Can someone help me with the process?

Offline javipa

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Re: What's needed to verify self-employment?
« Reply #1 on: July 31, 2018, 07:50:15 pm »
So, what if you can prove he's self-employed, or not?

I don't understand.

I've managed rentals for over thirty years, and barely confirm employment by a third party, much less a self-employed person.

I would say 'most' self-employed people have hiccups in their credit.

You'd do better just getting a huge deposit that would provide incentive for the tenant to behave ...like taking care of the house, paying on time, and leaving the place clean, etc.

Credit ratings tank.  People lose their jobs.  They get injured.  Crap happens.  Then what?  You've got a three hundred dollar deposit?  A deadbeat tenant will walk from that and leave owing you several hundred dollars in the hole.

So, a wiser move is to create an insurance policy against losing to those events by insisting on a large deposit. 

Otherwise, amateurs, and those who don't have a lot of experience in reading people, and won't require a client to put up something they don't want to lose ...like money ...will settle for temporary job and credit histories as a qualifier.  That's just dumb.

If you're in a region that limits deposits to multiples of the contract rent, than simply raise the contract rent to whatever makes sense in relation to the deposit that you want, and then offer a discount to the market rent for on-time payments, but still base the deposits on the higher contract rent.

For example, in one area it's illegal to charge more than one times the equivalent rent in deposits.  Fine, I just double the contract rent from $1500 to $3000 which makes my $3000 deposit requirement legal, and then offer 50% discount for on-time payments.

This assumes no job, credit history, or verifiable self-employment etc.  l never disqualify anyone.  I just charge higher deposits. 

As a result, my evictions history is nil.  Never mind evictions are proof the manager/owner is either an amateur, or a boob, or both.  Ever hear of 'cash for keys?'  This works with default victims of all stripes.  Unless you're just in the mood to spend hundreds of dollars chasing and screwing deadbeats?

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Otherwise, look up the tenant's business name on the state's business registry, or get a copy of a business check, or their business license, or look up his website.  Just keep in mind that none of those verifications trumps a big deposit.
« Last Edit: August 01, 2018, 10:10:33 am by javipa »
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