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CalAttorney2, Attorney
Category: Landlord-Tenant
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing both landlords and tenants in residential and commercial property disputes.
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I live in Florida and I have a potential tenant that is on

Customer Question

I live in Florida and I have a potential tenant that is on a here visa, she will be named on the lease along side her boyfriend. She doesn't have verifiable income and doesn't have a credit history for me to reference. So, I asked her if she could get a co-signor or guarantor. When she answered, she told me she could only use her mother who is living out of the country. Her mother is not employed and is retired and receives her income with her husband through rental properties out of the country.
I need to know how to secure my rental income in case of default if I lease to these tenants.
What would be the best way to handle this situation? Can I get some sort of landlord insurance in case either of them default?
Submitted: 2 years ago.
Category: Landlord-Tenant
Expert:  CalAttorney2 replied 2 years ago.
Unfortunately, there isn't a way to insure against this kind of loss (this kind of investment income is generally not hedged by insurance), but to minimize your risk, if you do choose to rent to these tenants (who are going to be higher risk than those with verifiable sources of income and assets that you can attach through standard collection methods), you will want to be diligent in pursuing late rent payments.This means, if they fall behind, immediately issue your "3 day notice to pay or quit" followed promptly by an unlawful detainer ("eviction") action if they do not pay and a sheriff's eviction.This is going to be the best way to minimize your losses in the event they don't pay.Trying to collect from an overseas debtor for a couple of thousand dollars is going to cost more than it is worth (even if they had assets that you could easily identify and attach overseas).