Do You REALLY Want to Become a Landlord in NYC?
Being a landlord can sound quite appealing, especially in a high rent place like New York City. But is it something you actually want to do? Here are some questions you should ask yourself before you move ahead.
Your Building’s Rental Process
If you’re renting in a condo or co-op, are you familiar with the application and fees? Do you know how long the process takes? What about how long you’re allowed to rent, if you’re in a co-op?
For more details on what you should know, check out my post Thinking of Subletting Your Apartment? Here’s What You Need to Know.
Property Management and Tenant Issues
Keep in mind that you’ll be responsible for handling the maintenance requests and issues the tenant might face. Will your building super be willing to help out to some extent? Are they even allowed to? Do you have reliable contractors you can contact to help you? Do you have the funds on hand to address a major repair if one comes up?
What about hiring a property manager? Could you afford the additional fees? Keep in mind a great property manager can handle anywhere from a handful of items to the whole process for you. So the extra cost might be worth it!
Rent Payment Issues
What if your tenant has issues paying the rent? Would you be in a position to help them with any concessions? This is especially relevant given the current pandemic.
What if the apartment remains vacant for longer than you anticipated? Do you have enough capital to weather several months with no rental income?
Thinking about these things carefully can help prevent your dream of being a landlord from becoming a nightmare.
Have more questions about being a landlord? Contact me!