We welcome those who are self-employed to apply for our rental properties. We do require additional documentation for those who are self employed, which can vary depending on the business structure and the type of business (ie service based, versus retail, etc).
When completing your application:
- We are looking for you to report your total take home NET INCOME (ie after all expenses, COGS, estimated taxes, etc).
- DO NOT report your gross sales receipts/revenue as your income
- DO NOT provide home made pay stubs, P&L statements, etc. (only reports generated by a professional accounting software or service.)
If you are a corporation and pay yourself as a W-2 employee:
- You are required to disclose this fact to us. (We do corporates record searches for employers.)
- We will require documentation of at least three years of at least stable profitability (audited P&L, tax returns, etc).
For all other self-employment statuses, we:
- Requesting a copy of your tax returns for the prior 3 years.
- General verification of business entity (business license, registration with the state, etc).
Depending on the type of business and the paperwork you are able to provide, we may accept official IRS tax transcripts for the prior 3 years.
If there is any pattern of decreasing NET income, please be prepared to explain this decrease and how you anticipate it will impact your ability to pay rent.