Many clients ask us if we take care of renting the property they bought as an investment. And the answer is yes! We want to help you find the best tenant quickly.
Also, we support them in the search for a new place to live, we guide them step by step throughout the entire process and guide them with the necessary documentation.
WHAT SHOULD I KNOW BEFORE LOOKING FOR A RENTAL?
Before you start looking for a rental property, the first thing we recommend is to seek the help of a real estate professional who can help you throughout the process. Then, know exactly how much your budget is, so that you can determine which areas fit within it.
Main steps when renting:
1. Meet with a real estate agent. This will be your best ally since web pages and online ads must always be verified by your real estate broker so that you do not become a victim of scams or other crimes.
2. Determine budget and location. Prices in South Florida vary depending on the city you select, location and square footage. Rent adjacent to universities, airports and large companies or business centers increases the cost of the property. If you have children, you should take into account factors such as the classification of the schools (A and B are the most recommended).
3. Compile all rental requirements. It is important that before viewing properties, you obtain documents such as your proof of income, payroll or bank accounts to demonstrate to the owner that you have the means to pay the rent, a police record and have at least the first month that will be given as a deposit for set aside the unit.
4. Find properties within your budget. When renting, we must be aware of how much we can pay because that is a variable that the tenant also takes into account. You have to earn at least three times more than what you will pay in rent. If the house costs $1,000, our monthly income (including our spouse’s) should be at least $3,000. Your agent will send you a list of options that match the characteristics they set for the search.
5. Visit properties. The real estate broker will contact the agents of the properties that you liked the most, to make appointments so that you can go personally to see them. Keep in mind that some may still have a tenant in the unit, so it is always recommended to make these appointments more than 24 hours in advance.
6. Make a rental offer. Before placing an offer, the real estate agent will carry out a comparable analysis where he will show you what the last units rented in the community you have chosen have been and how much they were rented, in order to present an
offer that is fair for both the owner as for you.
7. Apply to the neighborhood association or management company. To apply for most rental homes you must fill out an application or form, pay an administrative fee and submit the requirements in writing or by email. That money is not returnable. If the association rejects the request, it will not be returned.
WHAT DOCUMENTS DO I NEED TO RENT?
To rent a home in the American city, the following basic requirements are needed (they may vary):
1. Credit record with score above 620
2. Valid state ID
3. Demonstrate income of at least 3 times the rent value
4. Police record: no criminal record and/or eviction record in the last 3 years
Immigrants who do not have these requirements have two options; Look for a family member or friend who will rent you a property knowing that they do not meet the conditions, or go to a rental community that receives foreign tenants, charging only one month’s deposit (however, not all of them accept foreigners). You should keep in mind that having a bank account with sufficient funds can serve as collateral when proving income.
What is the difference between a RENTAL community and condos?
An apartment rental community corresponds to a group of properties where the owner is only one (person/people/corporation) and rents the units through a management company, which may be its own or a third party.
A condominium also corresponds to a group of properties, but for each of them there is an owner. A single person or corporation can of course own multiple properties. Among all the owners they select a condominium board and an administrative board.
This administrative board in turn has a series of requirements to accept future tenants, which are usually the same as those that the owner requests when renting.
How long are the contracts for?
Lease contracts are generally for twelve months, you also get month-by-month or six-month contracts, but they increase the value of the monthly rent.
Investors like to have a contract that guarantees income for a long period, therefore, the longer the contract period, the cheaper the income can be.
Do you accept pets?
One of the aspects that can make rent more complicated is having a pet. Many condominiums and homeowners do not like their tenants to have animals, because if there is a fine, it falls on the property.
If we want to keep our “best friend” anyway, it is important that he has an up-to-date vaccination record, as well as an identification tag. Some properties allow pets weighing up to 20 pounds that fit into the
small or medium dog classification. Typically, the owner will ask for a non-refundable pet deposit ranging from $250 to $500.
Note: All of the above may vary if your pet has an emotional support or service certificate.
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