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  • Buy-to-Let

    Renting to International Students

    Does anyone have experience of letting to International students (undergrads or postgrads)

    What reference checks do you do?

    What deposits do you take?

    What rent up front do you take?

    Anything else you watch out for in terms of checks etc?

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    Yes   I do this a lot   Works extremely well   Best thing is to get them to pay rent upfront...as you cannot credit check them   And check where they are living now if already in UK and check with their current landord   I have half my portfolio rented out this way - and the rent is guaranteed by foreign Govts in rich oil-producing states   Much better than renting to poverty-stricken British people!!!!   And as the UK£ is so weak they are less price sensitive   But you need to offer good quality accommodation in the right areas as the people I serve are quite picky  
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    Yes, we do, and have had very positive experiences.  One of our students at our apartment in Camden was the daughter of the Singapore ambassador!Make sure you have a rental guarantee from the parents.Our international students were in our flat for 4 years, and did not miss a payment.  They were exemplary.  They were replaced by a new set of international students, who have just left, and they were fab too!
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    Would agree with everything Douglas says. 
    But also I am interested in what course, what university and general gut feel.
    I have never had a problem with students doing hard work degrees at sensible universities. These guys all have a future to look forward to and not paying your rent doesn't fit in to this.
    I have only taken mickey mouse tenants doing mickey mouse courses at mickey mouse universities where the parent pays and the parent is solid as a rockDouglas Pointing said:

    Yes

     

    I do this a lot

     

    Works extremely well

     

    Best thing is to get them to pay rent upfront...as you cannot credit check them

     

    And check where they are living now if already in UK and check with their current landord

     

    I have half my portfolio rented out this way - and the rent is guaranteed by foreign Govts in rich oil-producing states

     

    Much better than renting to poverty-stricken British people!!!!

     

    And as the UK£ is so weak they are less price sensitive

     

    But you need to offer good quality accommodation in the right areas as the people I serve are quite picky

     

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    Homelet used to do referencing/rent guarantee insurance for international (non EU) tenants. I'm not sure if they still do but it's worth checking out.Howard said:
    Would agree with everything Douglas says. 
    But also I am interested in what course, what university and general gut feel.
    I have never had a problem with students doing hard work degrees at sensible universities. These guys all have a future to look forward to and not paying your rent doesn't fit in to this.
    I have only taken mickey mouse tenants doing mickey mouse courses at mickey mouse universities where the parent pays and the parent is solid as a rockDouglas Pointing said:

    Yes

     

    I do this a lot

     

    Works extremely well

     

    Best thing is to get them to pay rent upfront...as you cannot credit check them

     

    And check where they are living now if already in UK and check with their current landord

     

    I have half my portfolio rented out this way - and the rent is guaranteed by foreign Govts in rich oil-producing states

     

    Much better than renting to poverty-stricken British people!!!!

     

    And as the UK£ is so weak they are less price sensitive

     

    But you need to offer good quality accommodation in the right areas as the people I serve are quite picky

     

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    'My nationalities come in waves'

     

    Next will be Mexican, I guess?     

    Nick Parkin said:

     

    My nationalities come in waves - 3 - 5 years ago it was all HK, now it's Swiss & Luxemburg. 

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    Like it!
    Once had an international student from Lahore, Pakistan,Howard said:

    'My nationalities come in waves'

     

    Next will be Mexican, I guess?     

    Nick Parkin said:

     

    My nationalities come in waves - 3 - 5 years ago it was all HK, now it's Swiss & Luxemburg. 

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    One of my nicest tenants was an Iraqi. 

     

    He was a trainee doctor (cardiology, IIRC).

     

    His name was Hussein Hussein.

     

     

    Rob Hubbard said:

    Like it!
    Once had an international student from Lahore, Pakistan,Howard said:

    'My nationalities come in waves'

     

    Next will be Mexican, I guess?     

    Nick Parkin said:

     

    My nationalities come in waves - 3 - 5 years ago it was all HK, now it's Swiss & Luxemburg. 

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    Professional student and residential lettings in Liverpool.
    http://www.topproperty-services.com
    Twitter: @ToppropertyUK

    If anyone cares...

     

    If a tenant pays more than 2 months in advance, they get an automatic right to sub-let without the landlord's permission. Most tenants will not know this and very few landlords realize there is a law concerning this. 

     

    John CoreyFollow me on Twitter-> https://www.twitter.com/john_coreyhttps://www.ChelseaPrivateEquity.com/blogLondon RE meeting, 2nd Tuesday of the month -> meetup.com/real-estate-advice

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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    John I know why you say "if anyone cares.." You are making a very important point and I hope that people do take it on board.

    I warn landlords about creating a premium tenancy all the time but they don't seem to see the point.

    It is common on my patch for those who let to students to take big deposits and rent termly in advance (thus creating a premium tenancy with the consequences that you have made clear. It is also common for a group of students to fall out mid term but they remain in the property because they don't think that they have an alternative. If these young people only knew that the landlord had created for himself a situation where they could break up with some or all of them moving out and putting in their place occupiers who the landlord did not even know!

    This is of course true for any tenant and landlords need to be very cautious.

    My experience of international students is that they are much better behaved than UK students and I never have any concerns about the fact that I cannot take a guarantor because they have never let me down.John Corey said:

    If anyone cares...

     

    If a tenant pays more than 2 months in advance, they get an automatic right to sub-let without the landlord's permission. Most tenants will not know this and very few landlords realize there is a law concerning this. 

     

    John CoreyFollow me on Twitter-> https://www.twitter.com/john_coreyhttps://www.ChelseaPrivateEquity.com/blogLondon RE meeting, 2nd Tuesday of the month -> meetup.com/real-estate-advice

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    Follow me on Twitter @landlordtweets

    I've been approached by a few international student groups but have always shyed away due to the lack of parental guarantor. Thanks for the tip John, as I'm sure a lot of others on here didn't realise that either.

     

    So what is the way to protect yourself with foreign students if the rent up front doesn't work? A big (6-9 months rent each) deposit properly secured say with mydeposits? Would that still work as mydeposits only seems to work with a UK address?

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