Renting an apt in Miami - what do condo boards look at when interviewing you? (sale)

[BillS111]

Moving to Miami soon, and i realize that a lot of places, the condo board or HOA will interview you. Is this just to make sure you are 'normal'? Do they look at anything beyond my credit report?
Thanks!

[Enigma777]

It depends on the condo--the condos all have basically the same basic requirements but have a variety of different requirements and the owners have d their own requirements. Some owners/condos want income verification, or bank statements, background checks, references, car registrations/insurance, copy of drivers license. Some owners are more strict than the condos and vice versa.

Most of the time if the owner approves you, it doesn't matter what the condo board says.-- they'll go along with it unless you are a convicted felon. But you still have to submit all the documentation and pay a ton of fees. Application fees, move-in/move out fees, elevator fees, key fees. They really hit you up front. Also have to interview you. I found the condo rental process more complicated than selling my house. It takes a couple of weeks to a month in some places to get in. Bigger ones use "Tenant Evaluation" outsourcing and you will find yourself handing over all of the info necessary for identity theft to all kinds of people--realtors, condo offices, evaluating companies. If you have a good realtor, they can make the process smoother, but a bad one can make it worse.

Apartments are a little easier and quicker to move in, but then you have to deal with property management companies and their employees.

[BillS111]

Originally Posted by Enigma777

It depends on the condo--the condos all have basically the same basic requirements but have a variety of different requirements and the owners have d their own requirements. Some owners/condos want income verification, or bank statements, background checks, references, car registrations/insurance, copy of drivers license. Some owners are more strict than the condos and vice versa.

Most of the time if the owner approves you, it doesn't matter what the condo board says.-- they'll go along with it unless you are a convicted felon. But you still have to submit all the documentation and pay a ton of fees. Application fees, move-in/move out fees, elevator fees, key fees. They really hit you up front. Also have to interview you. I found the condo rental process more complicated than selling my house. It takes a couple of weeks to a month in some places to get in. Bigger ones use "Tenant Evaluation" outsourcing and you will find yourself handing over all of the info necessary for identity theft to all kinds of people--realtors, condo offices, evaluating companies. If you have a good realtor, they can make the process smoother, but a bad one can make it worse.

Apartments are a little easier and quicker to move in, but then you have to deal with property management companies and their employees.

Thank you! Great info. The reason i ask is i have no 'official' job, so that's my only real concern. I am working on my own startup, so i have zero income (for now)...... i do have lots of money in the bank, in case they look at that (enough to cover several years worth of rent)

But surprisingly, the LLs i've talked to so far said they dont care about income, only credit rating. I even volunteered my bank statements, and they said they dont need that. Maybe i got lucky in who i talked to. My FICO score is 800, so no worries there. No crim record either, so no worries there.

What type of references? I have lived with my parents for the last 5 years.

[Enigma777]

Originally Posted by BillS111

Thank you! Great info. The reason i ask is i have no 'official' job, so that's my only real concern. I am working on my own startup, so i have zero income (for now)...... i do have lots of money in the bank, in case they look at that (enough to cover several years worth of rent)

But surprisingly, the LLs i've talked to so far said they dont care about income, only credit rating. I even volunteered my bank statements, and they said they dont need that. Maybe i got lucky in who i talked to. My FICO score is 800, so no worries there. No crim record either, so no worries there.

What type of references? I have lived with my parents for the last 5 years.

Any references--friends, etc., although I heard of one who wanted rental references, etc. You're lucky if you haven't run into the 'income verification' people--even some realtors wouldn't show places without income verification. A high credit score is good, along with bank statements reflecting liquid assets, and really a problem only arises if you want the same condo that a fully employed person also wants. Otherwise credit score and the ability to write a number of checks up front, no arrests or evictions, should be fine. Some of the regular apartment buildings also required income verification. The ones that have few apartments available are stricter than the ones with a lot of apartments available. If you are dealing directly with the LLs and no realtors are involved, it might be easier. Also if someone really wants to get their place rented, they are more lenient. Frankly, there seems to be an abundance of rentals despite what I've read. The sale prices are still too low for some to sell and get their equity so they rent it out. Apparently selling to an investor is easier if it comes with a tenant in place.

[BillS111]

Thank you Enigma! So it sounds like i'm in pretty good shape, but should be prepared for possible difficulties related to no regular job.

Interesting that there are an abundance of rentals. I hope that holds over the fall and winter months. Is Miami a seasonal rental area? or is it pretty much the same year-round?