Has anyone had any success with new immigrants? Or anyone on government (social?)assistance? Does the assistance work like disability where you get paid directly by the government body or not? How do you screen new immigrants as well? Is this 2 strikes too risky? Have yet to meet them & they said 1st & last was no problem & they were staying at a church for a month now so really new to the country? What do I say, ask for?? thanks for any help/input.
New Immigrant tenant or on government assistance
- Thread starter donksky
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I would stay away from new immigrants.
Too many unknowns.
Too many unknowns.
Donna,
As a child of two parents who were new immigrants to this country and lived with church members, I have to say I am a little offended at the previous answer to your question. While I understand that there is risk, the truth is there is risk to any tenant, no matter how "new" they are to the country. There are always "unknowns" about any tenant, and it is my belief that these "unknowns" are the reason why not everyone gets into real estate. My parents and their friends were all new immigrants who never took being in this country for granted and without the help and generosity of the people they first met when they got here, would not be the successful tax-paying home-owners they are now.
With regards to the new immigrants you are screening, I would recommend getting more details with regards to jobs and how they will be paying their rent. If you are being paid directly by the government body, that is a definite bonus. Even better if they already have jobs. My experience with tenants on social assistance (not new immigrants and we were not paid directly) has been split right down the middle. One set of tenants were absolutely awful and the other, although they pay late occasionally, always pay their rent. Make sure you meet them and their family and use your own judgment. Think about the type of tenants you want for your property and see if they fit that criteria and if you do end up accepting them (and should do this with any tenant), make sure you outline the rules very clearly (i.e. you will send a notice the day after rent is due if rent is not paid).
Caitie
As a child of two parents who were new immigrants to this country and lived with church members, I have to say I am a little offended at the previous answer to your question. While I understand that there is risk, the truth is there is risk to any tenant, no matter how "new" they are to the country. There are always "unknowns" about any tenant, and it is my belief that these "unknowns" are the reason why not everyone gets into real estate. My parents and their friends were all new immigrants who never took being in this country for granted and without the help and generosity of the people they first met when they got here, would not be the successful tax-paying home-owners they are now.
With regards to the new immigrants you are screening, I would recommend getting more details with regards to jobs and how they will be paying their rent. If you are being paid directly by the government body, that is a definite bonus. Even better if they already have jobs. My experience with tenants on social assistance (not new immigrants and we were not paid directly) has been split right down the middle. One set of tenants were absolutely awful and the other, although they pay late occasionally, always pay their rent. Make sure you meet them and their family and use your own judgment. Think about the type of tenants you want for your property and see if they fit that criteria and if you do end up accepting them (and should do this with any tenant), make sure you outline the rules very clearly (i.e. you will send a notice the day after rent is due if rent is not paid).
Caitie
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Sorry, I should have explained.
I avoid all applicants with bad credit, short credit history or no credit history at all. I was not suggesting I would not rent to immigrants. I would not rent to someone with little or no credit history. New immigrants fall into that group.
It is about risk not Country of origin.
Am I wrong about there being a lot of unknowns and therefore high risk.
I avoid all applicants with bad credit, short credit history or no credit history at all. I was not suggesting I would not rent to immigrants. I would not rent to someone with little or no credit history. New immigrants fall into that group.
It is about risk not Country of origin.
Am I wrong about there being a lot of unknowns and therefore high risk.
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Hi Donna,
10 years ago a common practice in high demand areas was to charge for the entire year in advance plus last = 13 months in advance!
Why not suggest that to them too.
That`s what I had to do when I came to Canada 10 years ago - around $13,000 lump sum to rent 1-bdr apt with my ex close to Eglinton & Yonge in Toronto.
Cheers,
Neil
10 years ago a common practice in high demand areas was to charge for the entire year in advance plus last = 13 months in advance!
Why not suggest that to them too.
That`s what I had to do when I came to Canada 10 years ago - around $13,000 lump sum to rent 1-bdr apt with my ex close to Eglinton & Yonge in Toronto.
Cheers,
Neil
- Joined
- Oct 22, 2007
- Messages
- 2,798
My husband and I moved to New Zealand a few years ago (thank goodness we`re back!) and I don`t know what I would have done if no-one had given us a chance just because we had no history there.
I have rented successfully to young people with their only references being their parents (of course I had a guarantor agreement in that case). And I have rented unsuccessfully to 40-year-olds with excellent references and great jobs.
My limited experience shows that great references don`t necessarily mean great tenants, and therefore a large portion of my decision is based on my gut.
As for people on assistance, my experience has also been split down the middle. It seems that more often than not, people that require assistance fall into a slightly lower tenant profile. That being said, they also have so many doors slammed in their faces that some would likely make excellent tenants for anyone that would give them half a chance. I prefer to focus on the latter. But be sure to confirm all payment amounts and details with the assistance agency first. There can be a delay before you recieve the first payment, but do not let a tenant move-in until you have written confirmation from the agency that the money is coming.
Regards,
Sherilynn
I have rented successfully to young people with their only references being their parents (of course I had a guarantor agreement in that case). And I have rented unsuccessfully to 40-year-olds with excellent references and great jobs.
My limited experience shows that great references don`t necessarily mean great tenants, and therefore a large portion of my decision is based on my gut.
As for people on assistance, my experience has also been split down the middle. It seems that more often than not, people that require assistance fall into a slightly lower tenant profile. That being said, they also have so many doors slammed in their faces that some would likely make excellent tenants for anyone that would give them half a chance. I prefer to focus on the latter. But be sure to confirm all payment amounts and details with the assistance agency first. There can be a delay before you recieve the first payment, but do not let a tenant move-in until you have written confirmation from the agency that the money is coming.
Regards,
Sherilynn
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A 50% or higher failure rate to me is rather high risk for any business.