Tips to rent in NYC if you are a non-US person

Tips to rent in NYC if you are a non-US person

  • Adib Mansour
  • 09/26/22

Adib talks about what are your options if you want to rent in NYC:

- Documentation to have ready.

- Using personal and third party guarantors.

- Best practices to stay away from scammers, and more.. πŸ“ˆIf you are interested in the real estate market you can see our latest analysis and reports in our website 🧐 Let us know if you have questions! #realestate #NYC #agentsofcompass #thriveatcompass

Transcript:

Hello my name is Adib Mansour I am an agent at the Thrive Real Estate Team at Compass so I wanted to talk about a young professional who's a foreigner with a good job in New York and trying to rent an apartment I've been getting a lot of clients that are calling and saying hey it's not easy what do I do so let's talk a little bit about that and talk about what does it take to get a rental in New York City the first one is to be prepared with all of the documentations and all your International papers all your assets in foreign countries have all of that information ready because you're going to need it first to prove to the landlord that you do have the means but also if you're using a third-party guarantor they need this information a personal guarantor a lot of the people that have been getting phone calls from saying hey my parents have a bank account in say in Lebanon or in Europe would that be is that enough it is not enough because your personal guarantor has to have a still a local bank and a local address in the tri-state area the other solution and a lot of people are using third-party guarantors some of these companies as an example are Insurent, Rhino and The Guarantors these are the top three companies that are out there they guarantee your lease for the entire apartment not just per person this fee is paid to them prior to execution the execution of the lease agreement for the landlord if you have roommates all of the renters should be filling out the application online it's a fast application it takes about half an hour to to for them to check the information and get back to you and hear the things that they require from you Insurance requires that the non-us young professionals have a salary of a minimum of 27.5 times the monthly rent or cash liquid assets of minimum of 80 times the monthly rent in your country insurance please guarantee only the apartments that they represent so if it's if you don't find a an apartment that it's in their database there are also other ways around it and maybe we can get the apartment that you like approved as a foreigner you have to be able to navigate and make sure that you're not scanned unfortunately there are scammers out there so the first thing that you would do is get a reputable real estate agent that is a revenue agent rebny stands for the real estate Bureau of New York now if you're a foreigner working you have to make sure that your Visa is updated because your rental is dependent on the validity of that Visa the work visa also something that you I'm sure you've heard it I've heard it from some of the people that are calling me saying hey you know the landlord wants me to pay five months in advance or a year in advance that is illegal they cannot ask you for that as of 2019 that law changed to protect the renters and so you're only obligated to pay the first month and a security month and usually the landlords or the listing agents will ask you for a bank check remember that you you should not wire or pay in cash if you have any questions about any of this information feel free to give me a call or you can email

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