Imagine this…every month a large check comes in the mail or is paid to you electronically without fail. It comes like clockwork and it’s the easiest money you’ve ever made. On the flip side imagine that every month you expect a check and it...
Being a landlord sounds great, especially as those monthly rent checks roll in but on paper, after you weigh all the expenses the returns may not look so hot. With the change in NYC rental laws, landlords are now only allowed to take one month’s security deposit, it is more important than ever to make sure you sign up responsible tenants. However, as a landlord/owner you need to be prepared for rising costs and repairs. Unless the damage was caused by the tenant, the repair will come out of your pocket and eat into your return. Being a landlord can be a full-time job so be aware of your time and decide whether you want this added responsibility or farm it out to a professional who will take a layer of agita away- though it will cost you.
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