Do you ask for payslip/ bank statements from new tenant?

[wll6568]

Hi all, I have a list of people wanting to rent my place. I am just thinking... should I ask for their payslip or bank statements? I am not sure if any will feel comfortable providing that... will they?

 

[Lil Skater]

110% you need to ask, otherwise how do you confirm that their income is correct and that they can afford the property?

 

[Xenia IM]

Most tenants are accustomed to providing that as they would have been asked before if they had applied for other properties!

 

[Scott No Mates]

I get both where I can. Most usually come to the opens with a complete package - 100 points of ID (passport, licence, Medicare, statement/bills), ledger, reference contacts, payslips & bank account statements.

 

[wll6568]

Oh , ok then. Haha. I wasn't sure cuz I thought it's very personal, at least I myself would feel uncomfortable providing that to anyone lol.

 

[Scott No Mates]

Oh , ok then. Haha. I wasn't sure cuz I thought it's very personal, at least I myself would feel uncomfortable providing that to anyone lol.

Geez wll, are you seriously prepared to accept someone on face value? You have invested $x00,000 in a property in one hit and you don't want to vet someone who may not be able to provide enough information to allow you to make an informed decision on whether they can pay the freight or their previous rental history?

 

[wll6568]

Geez wll, are you seriously prepared to accept someone on face value? You have invested $x00,000 in a property in one hit and you don't want to vet someone who may not be able to provide enough information to allow you to make an informed decision on whether they can pay the freight or their previous rental history?

Ya, I know. I will ask for them.

 

[Rixter]

Ya, I know. I will ask for them.

From your questions, to me it feels like you're inexperienced in land lording?

If so, have you thought about having a Property Manager look after the property for you?

Maybe worth giving it some serious consideration? For the sake of less than 10% may provide you some peace of mind.

 

[Hooray]

If you can't handle asking for payslips and bank statements..... how you going to do inspections, withhold bond, say they cant put stuff on the walls, and all the other nasty stuff?

 

[Cassandra]

If you can't handle asking for payslips and bank statements..... how you going to do inspections, withhold bond, say they cant put stuff on the walls, and all the other nasty stuff?

Spot on. Payslips are an absolute must.

 

[Brady]

If you can't handle asking for payslips and bank statements..... how you going to do inspections, withhold bond, say they cant put stuff on the walls, and all the other nasty stuff?

Spot on, even more so how are you going to increase the rent in them next year!

 

[sydprop]

Spot on. Payslips are an absolute must.

This depends on your market. Certainly important where you are concerned about tenant cash flow. At the medium to mid-upper end it is just not done.