June 7th, 2010
how do I rent property to a foreign tenant?
I am a landlord and was asked by a r/e broker if I want to rent my property to a foreign tenant who is a student. how do I screen such a tenant and ensure he pays rent as he should over the lease?
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Filed under: Rent Property
Risky business. I’d be VERY careful.
ANd if he’s Nigerian, forget it, he’s a scammer.
Probably want bigger deposits than normal.
Make the prospective go through the same application process as anyone else. If the prospects want to give a deposit, only accept cash. Be cautious about accepting money orders or cashier’s checks if they are more than the amount than necessary.
If the solicitation was done via email by someone you don’t know then it’s a scam. Do not respond or give out personal identification. Don’t accept deposits or refund ‘moving expenses’.
If the broker is local or someone you know, screen them like any other tenant. Require a deposit and lease month to month so you can evict if something is not working out.
Watch the foreign check thing – scam. What are you local eviction laws? If it would take 60 days to remove a tenant – get at least that much in cash plus a cleaning deposit with stipulations of $50 late fee for one day past rent and $5 a day for each day after. File eviction proceedings at the first infraction since you will have nothing locally to go after for restitution. This may be overkill, he may turn out to be the best renter ever – you will just have to see.
Good finance question! I know of an organization that gives up to $1500 to people to help them with their rent or mortgage. It’s available in most US cities, I highly suggest you check it out.
Best of Luck.