Get your mortgage paid by renting to foreign exchange students. How to find the best money tenants.

by | Indy Anna, Real Estate Investing, Uncategorized

Get your mortgage paid by renting to foreign exchange students. How to find the best money tenants.

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This is a quick video I made about  a Hero’s experiment…

Get your mortgage paid by renting to foreign exchange students. How to find the best money tenants.

Indy Anna Explains…
– I have been renting and working international and foreign exchange students and we have a great process that can help real estate investor make extra money.
– Today I’ll show you 3 ways to find the best tenants and 5 ways to make sure you get the most money.
– I’ll also go over how you can use them to rent out your personal house and pay off your mortgage faster and/or use them on your rentals or even “rent” out your students because they are so valuable.

So I have working with international or foreign exchange students and here is the basic process in three steps:
1.) You need to get a good process of finding and screening the best foreign exchange students.
2.) Next make sure you provide extras and bonuses so that you are the preferred property these folks. (most of these families are rich)
3.) You want to have a plan of using these tenants for your own house, a rental or for the rentals of others. Know exactly what you need them for because that will make planning easier.

Here are three ways to find the best tenants:
1.) Start talking to local universities, colleges and schools and let them know you’ll rent to their students, specifically international and foreign exchange.
2.) Do the same with churches and other religious groups, especially places like temples and Mosques where it is more likely they know foreign exchange students.
3.) Make a list of all the ESOL (English as a Second Language) and other centers in your area and let them know as well.

So far I’ve never had to do all three and I’ve placed over 150 tenants, so this part is easy.

Now for your plan if it is your own personal house:
– If you want them in your house get a mortgage schedule and determine how much faster you’ll pay off your mortgage with 50% every month. This should be your first goal, at least 50% of your mortgage payment in rent. You want to have this number to start.
– It may make sense to pay down your mortgage with line of credit or credit card and then use the rent to make the credit card payment, this is part of “Velocity Banking” that we’ve covered before.
– The point is that your family may be inconvenienced so you need to know this is worth it and have a solid plan before is good so you know exactly what rent you need.

If you are doing this for other properties:
– You need to make sure you have done the math and made the other preparations below.
– If this is your rentals you have more control, if is for an investor you need to know they will follow your directions.
– The reason we can make so much money doing this is because I screen for the RIGHT people AND we provide a killer experience.

Five things to do make your rental rock, this is why you can charge more, have a long and profitable relationships and get paid by other investors to set this up for them:
1.) Offer lyft/uber so that your tenant don’t need a car or need to learn to drive, they can be driven or “chauffeured” everywhere. This will be obviously added to the rent or with an account that is settled once a week with parents for example.
2.) We also have in-person or Zoom/Skype English lessons available for each tenant.
3.) I allow for “sublet” so if they want to visit their family they can find another student for a few months and I help screen them, advertise and protect their belongings while they’re gone.
4.) Also we contact local charities, religious groups, organizations, etc. that match the target’s ethnicity so that they will be welcomed from day one. We also line up side jobs with those groups as well so they can work part time and make friends with familiars.
5.) By signing the lease with a school contact or the parents we try to get to know the families as well and report to them on the progress, grades and overall well being of their student. I have many families now who consider me and others on our team as part of their family. These are foreign families with a lot of money and some of we have done other deals with. I never knew this could be such a goldmine.

I have a few co-workers who have done this:
– One of them now as her entire mortgage payment covered by the tenant I found her and they get along great.
– Another has about 70% of their mortgage payment made and the students mows the lawn LOL.
– A few others have similar successes and so far no problems with bad tenants.

You can do a month-to-month lease or 2-3 months at a time:
– Don’t be difficult about this, often they can be nervous and not knowing what to expect.
– I ask for Visa, Citizenship papers, proof of school enrollment, GPA and report cards (you want honor roll students), the bank account info and 12 month history on it, family contacts here and abroad, ideally a group call with the family (I can show them the unit and the area and also get to know them), employment status, etc.
– The lease and paperwork stuff is all the same and I make adjustments based on the particular case for the entire checklist and ALL the paperwork you can get it for FREE just go do the BigReia.com link in the description below.

So to summarize and recap:
– We went over the three step process to pay your mortgage off faster and/or build a side business with international students and foreign exchange students.
– I showed you three ways to make sure you have plenty of good applicants and then I told you what I require to screen them.
– We also went over five ways to provide “A Beautiful Experience” so that you can charge more money and build a better, deeper relationship with these (often rich) families.

Hope that helps guys.

Thanks so much!  = )

Make the Universe Smile.

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Thanks so much!  = )

Make the Universe Smile.

~ Indy Anna
Love (at) BigReia.com
(YES that's my actual Direct Line and I really do answer lol, so please text me first Thx!)

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