September 19, 2008
Proving income, Rental, Small Business
No Comments
Over the past few months I have been getting a number of questions from people who are considering becoming landlords. One question that is asked pretty regularly is, “How much should I rent my house/condo for?”
My answer is always, “This is not my area of expertise but many people go to a great local website for Calgary and Edmonton called RentFaster.ca.”
It won’t tell you how much you can rent your place for but it can serve as a good way to find out how much comparable properties are renting for.
Check it out if you are considering getting a revenue property.
All the best.
Jason
September 9, 2008
Employed Persons, Proving income
No Comments
Income Verification
When getting financing from a lender the easiest way to smooth the entire process is to get all required paperwork to me as soon as you can. If possible even before you submit anything to the lender.
One of the typical lender conditions we need to satisfy is “Income Verification”.
For employeed people this typically means a recent pay stub and a job letter .
The paystub is easy to satisfy. Simply send it to me and usually this condition is met.
The job letter is also easy but brings one other person/department into the process. You need to request a job letter from your boss or your employer’s HR department. This job letter must show your job title, your start date and either an annual salary or an hourly salary with the number of hours you work per week. It is also best if it is on your employer’s letterhead.
Most HR departments can put this information together for you in a business day or two.
I suggest to all my customers to get this data as soon as they can. By getting easy paperwork together at the beginning of the process everything will go significantly smoother.
If you have any further questions about this or any other topic please contact me.