The signed lease for each unit
The increase notice sent to the tenant
Bank statements showing rents received
The three documents
- The signed lease for each unit
- The increase notice sent to the tenant
- Bank statements showing rents received
The rent roll
It summarizes leases on one page. It must match the signed leases.
Vacant units
An empty unit is declared as such. An invented rent will be removed in review.
The verbal lease
A verbal lease is valid, but proves nothing to the lender.
Ask the seller to confirm it in writing before the transaction.
What bank statements show
They confirm the lease rent is actually collected.
Frequently late rent also shows, and weighs in the review.
Arrears
A tenant months behind reduces the income counted.
Building a reliable rent roll
- Each unit number
- The tenant name and lease date
- Monthly rent and its due date
- Services included in that rent
- Any deposit paid
That table must match the leases, line by line.
Keeping the documents
Keep every lease and notice for as long as you own the property.
They serve the next refinancing as well as an eventual sale.
Well-kept tenancy records speed up every later step.
