All Forum Posts by: Kim Meredith Hampton

I like to do one year leases, you never know who you’re getting as a tenant. They may be a huge pain in the butt, late all the time, problem children, maintenance monsters, etc…. If after one year they’ve been great, then maybe consider a longer lease. 

There has been on occasion where the market is extremely slow and takes a long time to fund a tenant, I might put an offer in the back of the lease for another year at 2-3% increase for year 2

To verify international rental applicants, landlords can utilize a combination of standard tenant screening methods and specialized international verification services. This includes verifying identification, credit, employment, and rental history, potentially through international credit agencies or by contacting previous landlords abroad. Here's a more detailed breakdown: 1. Standard Tenant Screening:

• Verification of Identity:This involves requesting a copy of the applicant's passport and visa (if applicable) to confirm their identity and legal status.
• Verification of Income:Request pay stubs, bank statements, or letters from employers to verify their income and employment status.
• Verification of Credit:While traditional credit checks may be difficult without a U.S. Social Security Number, international credit agencies or credit reporting services can provide information on an applicant's credit history abroad.
• Verification of Rental History:Contact previous landlords or property managers to obtain references and confirm the applicant's rental history.
• Background Checks:Run background checks to ensure there is no history of criminal activity, evictions, or other issues that could pose a risk.

2. International Verification Services:

• International Credit Agencies:Companies like Nova Credit offer international credit reports for landlords screening foreign-born tenants.
• International Tenant Screening Services:Services like Applycheck and Global Verification Network specialize in background checks and screening for international applicants.
• If the applicant has rental history in their home country, landlords can attempt to verify this by contacting their previous landlords or property managers.

3. Additional Considerations:

• Since most international tenants and students don't have a U.S. Social Security Number or Individual Taxpayer Identification Number (ITIN), additional documentation may be required to verify their identity and credit history.
• Consider requesting a guarantor or co-signer who is a U.S. citizen or permanent resident to help ensure the applicant's financial stability.
• Landlords may opt to require a higher security deposit from international tenants as an added layer of protection.
• Some platforms allow international applicants to create a Renter Profile, which can include 5 years of residence history, employment history, and income verification.

By utilizing these methods, landlords can effectively verify international tenants and make informed decisions about renting their properties.

@Jacqueline Pino Are you collecting all of this for a specific reason, or is this what you have always required? I mention this, because occupancy rates are down, specials at apartment communities are increasing. Please keep this in mind when negotiating renewals, giving non renewal notices etc… Vacancy really hurts that bottom line

unfortunately we have become FBI investigators. We always have to double check names and numbers, check pay stubs, look up numbers for verifying employment, verify landlords etc….

@Joe S. You are correct, if they get official transfer papers, you have to allow that to happen. I would maybe do a one year lease, then you can relook at the market rents next year, and how they have been as a tenant in taking care of the property and that rental payments have been on time. 

James, it’s great until it’s not! it’s government at their best!!!😳 They can sometimes be the absolute worst in their tie up of red tape when it comes to initial inspections, move ins, move outs and renewals. When I have an investor purchase a house with an existing section 8 tenant, i always inform that be prepared to not get rent for 3-4 months because of how messed up they are!

Be patient, but in this circumstance, you must escalate to management/supervisor in order to get your money 

Ryan

If you are holding escrow/security deposits and disbursing funds to owners, then you will need to hold a brokers license, and reconcile your escrow and trust account monthly 

Hi Ryan,

Congrats on building your portfolio. First thing is that you will need a Florida Real Estate License, then join a brokerage for two years, after the two years you can get your Brokers License and open your own company. Florida Law requires that you work underneath a Broker for two years before you can open your own. 

It would be good to ask around and interview a few brokers and see if you can operate under a Broker and are able to take all of your accounts with you after two years.

Joining the National Association of Residential Property Managers is also a great way to expand your knowledge, network with other professional property managers, obtain more training and education and find every vendor under the sun to make your property management successful. I am actually one of the past State Presidents of Florida.

Best of luck

Guts in the toilet

AC filters

Replace bulbs with LED

Change batteries in smoke detectors

Pressure washing

Clean out aerators on all sinks

Clean out dryer vents

Seals around doors sometimes dry out

Mike

I find most multi family deals in C areas that are in the verge of gentrifying or in tertiary markets like you are looking at! Obviously, we need to focus on who we elect into office and fight for the rights on zoning, even though you get negative feedback for density and ADUs. You will see more of these types of changes coming out of government, we can’t build all A properties at ungodly numbers for dirt and building costs! We also need municipalities look at tax incentives for builders. There is not a one answer fits all