More and more frequently, I am getting applicants who own property elsewhere that they are not selling and have chosen to rent. Their credit report comes up with their mortgage obligation on that property....how do you verify additional rental income to cover that expense? Do you
1) request copy of their lease with their tenant;
2) request information from their property manager
3) request income/rental verification from their tenant
I have been offered copies of their tenant's lease with the caveat that they had not run a credit report on the tenant. I don't want that information in my file on the tenant for security/confidentiality reasons.
I have been offered copies of their quarterly financial statement from their agent (quarterly?) showing income and expenses. I am more comfortable with taking that as evidence of their financial capability there are no identifying financial information on them.