November 21, 2011
Tips for New Landlords
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.
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Really great article. A lot of new landlords and property managers end up feeling really overwhelmed by all the responsibilities. Before you commit to something like that it's important to do your research beforehand.
Posted by: Clint Rowley | Nov 30, 2011 8:41:04 AM