Monday, November 21, 2011
The New York Times runs an article designed to help first-time landlords navigate their rights and obligations:
Five suggestions for beginning landlords.
KNOW YOUR RIGHTS Will your building allow subletting? In condos, generally the answer yes. For co-ops, well, it’s complicated.
LEGALESE Don’t make it up as you go along: standard lease and sublease forms are available online. It may be wise to line up a lawyer before problems develop.
MR. FIX-IT Compile a list of trusted tradespeople, and make sure they’ll come at all hours of the day or night.
PICKY, PICKY Friends, colleagues and acquaintances are usually a safer bet than strangers as tenants. A broker can take a lot of the emotion out of the screening process.
THE LITTLE THINGS Build a relationship with your tenants by picking up checks in person, or allowing them to manage minor repairs on their own.