How do retirees rent in this area?

[EANJ]

Originally Posted by blueskies2023

Most have substantial income, investments to live quite well but cannot SHOW a paystub. Aside from airbnb, what would one do?

How? A landlord -- a good one -- will run a (comprehensive) credit and background check. They may ask for financial statements, the first two pages and/or schedules from a tax return, and so on and so on. It is not difficult to establish income for a retiree. No different than a bank would do. Thanks.

[EANJ]

Originally Posted by recycled

Retirees (like me) show landlords copies of their 1099-INT (interest income), 1099-DIV (dividend income), 1099-R (retirement income including corporate pensions, 401K distributions and IRA distributions) and SSA-1099 (social security benefits statement) form.

All of these are official forms that are issued annually to both the individual recipient of the income and to the IRS by financial institutions, corporations that pay pensions and by the social security administration. I am a retiree and this is how I prove my income stream to a landlord. Never been turned down to rent an apartment for lack of verified income - I earn more as a retiree from all of my retirement income than 98 percent of "W2" workers.

Landlords don't want to see a copy of a "tax form". How do they know the information that somebody hands them on a "tax form" is real and was actually sent to the IRS? I can write down a whole bunch of good looking numbers on a tax form and print them out, but that verifies nothing.

For our rentals (in FL) and retirees, we ask for a 4506 (I think that's the form) to request a copy of the return FROM the IRS. We accept a wage and earnings transcript as well, or a "filed" copy of a return from someone's IRS account (if they have one).

[MOforthewin]

Originally Posted by cfbs2691

I was in your shoes a few years back. I got a statement from my bank proving I had plenty of funds available to pay rent

Only issue I see, if they see you have $$ would they add a bunch of junk fees?

[MOforthewin]

Originally Posted by blueskies2023

Yes easy to show any statements. The owners landlords management companies do not care about liquid cash or savings. THEY WANT PAY STUB COPIES, current.

They're dumb then. How do they know you're not a "broke millionaire?" You know people who make 130k a year but loaded up in debt buying or leasing 85k cars and the such. If you showed you had 200k in your checking account I'd like that far far more because I know you save money, not blow it. I'd take that over a w2 form.

Things are changing now though with many people, especially the younger generation doing self employment, side gigs, and making a majority of their income via cash and not getting a W2.

I have a relative who's a property manager. The complex is downtown Tampa and a lot of the condo renters are tech people, self employed techies who make like 150k a year but don't have a W2 and make a lot of their money in cash as free lancers.

If you're self employed and make a profit you get slaughtered by the IRS. I don't know of any self employed person who reports their actual income. Always doing max deductions possible for everthing for business expense. More profit you show, more you pay! It's horrible.

[EANJ]

Bottom line -- if you are qualified, and you are dealing with an amatuer, inexperienced landlord or management company, then you have nothing to worry about.

In addition, if you are dealing with a professional, experienced landlord or management company, then, you have nothing to worry about.