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Wow Brian you sound like you have had some headaches with your project, I have looked it over on line at < https://www.welovecostarica.com/members/1477.cfm > and you really did an A1 job.
I am in the business as well in NYC with about 16 years experience and do a lot of rentals to foreigner’s and locals alike. Get an account with equifax and at the least run credit checks and housing checks on potential clients.
You can easily do this on Americans, Canadians and Brits.. team this up with the google search and you have a good start. NYC also has laws very slanted towards tenants and evicting someone will take 6-8 months. Most major landlords here will not take someone who does not have a US SS# etc…If you do not have this they will want either the years rent in advance or 4-6 months security deposit.
I also manage a few buildings for owners and on all lease’s I require first,last and security from everyone. Income must be 40-45 times the monthly rent, you must document your income, show me bank statements etc…no credit I want a minimum of 4 months security. People should be able to show source of income and with a computer you can run credit on anyone.
If there were ‘Ten ‘Must-Do’ Steps’ that you would take BEFORE renting to someone ‘Lotus’, what would they be?
Scott Oliver – Founder
WeLoveCostaRica.comI don’t know if it would be ten but here’s what I do;
Application with references etc..Verify all information.
Run a credit check, housing if possible. Call Equifax see what they offer. I know I can run credit on Canadians/Brits.
Copies of recent bank/brokerage statements; show me the money!
Photo I.D. Passport pref.
Proof of Income; Cpa letter, tax return etc..
For my owners I always ask for two months security and first months rent.
If they can not provide this information I ask why? Then depending on there answer I make a decision on how to proceed. If the credit is recently a mess I stay clear. If the credit is bad but a few years old and they have been up to date for at least two years I may ask for 3-4 months security if income and bank accounts look good.
This may have to be tweaked for Costa Rica, but not by much. Also verify all information you receive as forging documents is very easy.Hey Lotus, I just gotta ask. After you finish with those checks, are there any renters still left standing. It is scary that the situation in NY, or perhaps all around the globe, has gotten to a state where you almost need to give your first born in order to get an apartment. Are people really this sleazy that 3-4 months security is needed? If so, we have gone way down the slippery slope. Remember the movie Pacific Heights?
Believe it or not very few people I deal with here have any problems passing these requirements. Now keep in mind before feeling bad for these folks the average rental price they are paying is approx. $2500-$3000 for a 1 bedroom and $4500-$5500 for a two bedroom, this is average. My last rental deal was for $10,000 per month for a 2 bedroom in a new condo on e. 57th. So don’t shed any tears as most of these people are making in excess off $500k a year and many into the seven figures. I have to protect these property owners as the stakes are high and the courts heavily favor tenants in NYC. If one was to sign a lease move in and decide not to pay rent…we are talking about a 6-8 month period of courts dates etc..to remove them, so you have to do your best to qualify people. And again the majority are great people who make great tenants and neighbors. That said though I have two people who just moved out before there leases were up and used there security deposits as rent and left the apartments in shambles and the owner is stuck dealing with clean up, removing garbage and old furniture and loosing rent as the apartments are vacant, and have to be prepared for the new people. In buildings that the owners leave it up to me to make the final decision I can be flexible, I just rented to a German diplomat…single woman with no credit history here etc..most landlords won’t take a diplomat even with a years rent in advance, I liked Her and felt the German Gov. was good for the rent…we’ll see? When you rent here though it’s really not so bad, credit report, employment letter, bank statement(optional) and you’re in. I mean you really wouldn’t want to rent to someone who could not produce provide you with these documents?
Read Brians “Horror stories” on the home page…I think you have to be extra careful in CR. There are all sorts of people rolling in with dubious backgrounds.
Edited on Jun 03, 2007 06:59
Lotus, I was trying to play both ends against the middle in what I said. I fully respect and understand your duty in protecting the landord. I also cannot shed any tears for renters that have the income to secure such an apartment. The point I was attempting to make was that I was amazed at the tenents, regardless of their income, that will behave as dirtbags and trash an apartment or make a landlord go through the time consuming legal steps to evict. Also it was eyeopening to find out how the rental process has gone from one month’s security to up to four because of the reasons you said about tenant rights and the overall concern landlords have for renting to these types of tenants.
It just appears to me everything is degenerating in our society the longer it is exists.Pura Vida
Alfred I thought your question was very valid…and funny. I hope my answer didn’t come off as being defensive?
Lotus, No, I didn’t think you were being defensive at all. I guess my post was a bit confusing, as I was trying to play something like, devil’s advocate and good cop, bad cop, all at the same time. Sometimes it just doesn’t read like you think it will. I was trying to be funny though.
Al
The first born thing is a frequently heard comment..lol. But to keep things in perspective the majority of people I deal with are great and create no problems. Now you want to apply for a co-op? Lets just say that when you put the whole package together it is about the thickness of a phone book…no kidding!
Wonder how many trees were done in for that package? lol
I guess it’s all about CYA when agreements get written up today. The handshake just doesn’t cut it anymore. Sad really. I remember when most leases were one page. And that wasn’t all that long ago. In a couple of years they’ll have to deliver the agreement on a handtruck.
I’m kind of glad sometimes that I live far enough north of NYC, so the CYA here is not as entrenched, but it is catching on. I don’t know where we’re going with all this legal maneuvering, but I’m sure it is nowhere good.
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