renting out to an international tenant - any advice?

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    renting out to an international tenant - any advice?

    Hi all

    Ive been really fortunate with tenants for the past few years. rented my property out no voids, no issues or damage to property and rent alway paid early! to a couple of sets of tenants. Both couples have been from the local area. However with my current tenants relocating to another city in next 2 weeks at the end of their tenancy, Ive had no luck with securing a new set of tenants. The market is clearly stuggling in the particluar city I own in.

    2 applications have come through from international tenants, being a particulaly cautious landlord I have alway vetted each applicant to a very high standard, however, it is more troublesome vetting international. One set, a couple who have just relocated from austalia, are keen and are offering 3 months rent upfront on a 6 month AST if that would make me more comfortable, they have references from Oz employers, parents and previous landlord I am checking out. They are both in the interview process with jobs in the city.

    Has anyone else had any experience and can offer some advice? good or bad they wish to share?

    Ive been managing the property myself and reaping the rewards of not paying an agent money for old rope. but am considering going down the agency route now due to lack of interest over last 6 weeks form private advertising

    thanks

    #2
    1. References provided by applicants can easily be forged.
    2. Get all the rent for the fixed term of your AST up front.
    3. Get a guarantor as they will guarantee the contract as well as the rent even though you might collect it all in advance.
    4. Contact their employer for proof of employment when they have acquired jobs.
    5. Take 2 months rent as a dilapidations deposit.
    The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

    Comment


      #3
      Guarantor is preferable but they can't always provide one if from over seas. The only viable option is to pay 6 months in advance, that's what agents will ask them to do.
      <a href="http://www.manchesterpropertygroup.co.uk/" target="_blank">Manchester letting agents</a>

      Comment


        #4
        Originally posted by jrsteeve View Post
        Guarantor is preferable but they can't always provide one if from over seas.
        A guarantor from overseas is as good as an ashtray on a motorcycle.
        The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

        Comment


          #5
          TBH in a struggling rent sector area, a private overseas T is prob as reliable as any home grown candidate an LA may reccommend. All the above, 6 months rent in advance etc is valid.
          I note OP states both candidates are in job interview process. What job? What salary? I may be tempted to suggest a non refundable holding deposit equiv to 1 months rent, to be applied to T deposit if candidate provides a subs Contract of Employment and accepts AST with above conditions. I am sure the Leagles may wish to comment.
          If 3 or 6 month rent is taken in advance, does this define the rent period?
          Alt OP could engage LA on a 'find only' basis.
          Given the OPs recent good fortune I would suggest he is due a realignment.
          Private advertsing - shop window or Gumtree is v risky.

          Comment


            #6
            Originally posted by mariner View Post
            TBH in a struggling rent sector area, a private overseas T is prob as reliable as any home grown candidate an LA may reccommend. All the above, 6 months rent in advance etc is valid.
            As I've mentioned elsewhere, I'm also wrestling with applicants from overseas. They all have jobs (lots of Poles; often recent arrivals; and many are Indians on contract as IT workers for the local large multinational company in my town). Is insisting on 6 months' rent in advance really what other landlords typically do in this situation? Can't imagine there are many takers... that's a lot of cash for most people to find.

            Comment


              #7
              Eric, would it be worth contacting the companys personnel department to see if they would (for certain employees) act as guarantor for future applicants?

              Comment


                #8
                Originally posted by Paul_f View Post
                A guarantor from overseas is as good as an ashtray on a motorcycle.
                Who said anything about an international guarantor? UK guarantor, fully referenced and with signed and witnessed deed of guarantee.
                <a href="http://www.manchesterpropertygroup.co.uk/" target="_blank">Manchester letting agents</a>

                Comment


                  #9
                  Originally posted by Snorkerz View Post
                  Eric, would it be worth contacting the companys personnel department to see if they would (for certain employees) act as guarantor for future applicants?
                  Ahead of you on that one! They don't want to know... I suppose if the company have enough of these people coming over who are able to make their own way, by hook or by crook, then they have no incentive to protect the interests of the likes of me! As far as I can tell, the staff concerned aren't "special", just cheap labour; so anything that would add to the cost of employing them would be seen as counter-productive.

                  Comment

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