Guide to becoming a landlord in NYC

If you want to move to NYC you will need a lot of money to settle and start a life there. You can save money by hiring affordable NYC movers. Finding good and reliable movers is the most important thing of every move. Once you move and settle in, a good idea would be to find a way to make money. If you have some money you want to invest why not consider becoming a landlord in NYC. This is a sure way to make some money and to have a steady income, provided you find responsible and honest tenants. In addition, we will give you some info on what your responsibilities of a landlord would be. Moreover, you will also get some tips on becoming a successful landlord.

NYC skyline - becoming a landlord in NYC
If you are becoming a landlord in NYC you have to know your responsibilities

What are your responsibilities after becoming a landlord in NYC

First of all, if you are thinking of becoming a landlord you should choose a real estate in a good location. This is a sure way to attract potential tenants. Everyone wants to live in a good location in NYC and if you buy a place like this success is guaranteed. You will have to commit yourself to maintaining the place and to be available to your tenants. If you are ready to invest time and money then becoming a landlord in NYC is the right decision for you.

How to start?

After choosing the right location you should choose the right real estate. If you are buying a co-op or a condo you should be aware of all of the rules and regulations and try to follow them. With a co-op, you will be subletting. However, with a condo, you will be renting it to a tenant. It is much easier and more stress-free to rent a condominium in NYC. You will be more independent as a landlord. However, in a co-op, the board might refuse your potential tenant and this could be a headache. You will have to

  • Fill and sign a rental application form and get it approved
  • Get the approval of the board
  • Get the approval of the management company

You have to follow the rent rules of your state

You are allowed to evict your tenant if he doesn’t respect your agreements or the contract. However, you will have to respect the state rent rules. According to the New York State Laws on Termination for Nonpayment of Rent, you would have to give your tenant three days to pay the rent or move out. Be sure to follow the rules and procedures. You have to follow NYC laws if you are becoming a landlord in NYC.

green house keychain and two keys
Follow the rent rules in NYC

You need to prepare a lease or rental agreement

It will be your obligation as a landlord to give your tenants a written lease or a rental agreement and they need to be legal. If you are renting a home to someone you need to provide all the paperwork and a legal contract. Moreover, you should state for how long the tenant can stay in the apartment. In addition, you also need to state the sum of money he or she will have to pay for rent every month. Your tenants should know all of their responsibilities as well as rights after they read the lease or rental agreement. In addition, this is important because if something goes wrong you will be legally protected if you are becoming a landlord in NYC.

You have to make sure your housing is habitable

As a landlord, you have to make sure your housing is habitable and in good condition. There is a clause in the NYC law that is called the implied warranty of habitability and you have to follow it. Moreover, you have to provide the basic things for your tenants like electricity and heating. If a heater breaks you are responsible for repairing it. If you refuse to do so then your tenants have the right not to pay rent until you do that or to pay the rent minus the costs needed to repair the heater. In addition, maintenance and repair of everything in the apartment is your job. If you want to make the apartment extra beautiful and homey you might add in some artwork you already have. You can hire good NYC fine art movers to transport the pieces that will make your apartment fabulous.

Tips for being a successful landlord

  • Never rent to family and friends. This is a trap. Moreover, you could get into a situation in which you will have to choose between what is good for business and the relationship with that person. Just don’t get into this kind of a situation.
  • If the tenants are late with the rent, always make them pay the late fee. Most people will spend money on other things and be late with the rent. Moreover, with this fee, you will motivate them to prioritize paying the rent.
  • You should always stay organized. In addition, have all of your papers neat and organized. Always know what is going on with your maintenance agreements and contract.
  • Always set your hours. Make sure your tenants know you are only available at certain hours, for example between 9 AM and 16 PM. This is important because you will set some rules for your tenants. They need to respect your time.
hand signing something and a bunch of keys
Set your policy and offer quality service after becoming a landlord in NYC

Offer quality and stick to a policy

Do not make up the rules on the go.You should make a policy for your tenants and you should stick to it. For example, if they ask to pay the rent in chunks there should be a clear rule in your policy that states if this is allowed or not. Your tenants will not ask you to break your rules if you give them a clear policy to follow. And to sum it up, you have to offer a quality place and service if you want to attract quality tenants. If you have quality place your tenants will respect you and you will get to keep them there.

If you want to be successful after becoming a landlord in NYC you should know and follow these rules and guidelines.