Contact Us for a Free Consultation (516) 714-5763

Blogs

Thinking About Becoming a Landlord in New York?

Posted by Melvin Monachan | Mar 19, 2020 | 0 Comments

If you are thinking about renting out that apartment you have outgrown here in New York, there are several important considerations you should mull over before deciding to take the plunge. Being a landlord is not for the faint of heart.

Being a Landlord is a 24/7 Job

Being a landlord doesn't mean you earn a little extra income every month. Issues will come up, and unfortunately, they always seem to happen at the least convenient time. Appliances break, accidents happen, and Mother Nature can cause havoc. You need to consider that a tenant might call to report that the basement is filled with water after a heavy rain or that the old furnace has quit working when it's in the middle of a cold February night.

Repair and Maintenance Funds

Speaking of broken furnaces, you will need to have an emergency account available when something does go wrong (because it will). Renters may not care for your property the way you would if you were living there, and they can cause unbelievable damage either because of negligence or simple oversight.

You might also find that after one tenant moves out, you will need to either paint the entire apartment or replace carpet or flooring. Just as you routinely maintain your own home, your rental will have maintenance costs.

Whether it's normal wear-and-tear that causes a middle-of-the-night emergency or something a tenant breaks, you are ultimately responsible to cover the costs.

A New York Landlord's Job Has Many Aspects

As a New York landlord, you will wear many different hats. You will need to

  • Advertise and market your rental;
  • Investigate and screen future tenants;
  • Understand real estate laws;
  • Collect rent and balance your books;
  • Make repairs yourself or hire a contractor to make repairs; and
  • Become an expert negotiator.

Understanding New York Landlord Laws

Are you prepared to understand the legal complexities of your rights as well as those of your tenant? Being a landlord means you will want to be very familiar with New York's landlord laws. You will also need to thoroughly understand state and federal Fair Housing Laws. The best way to protect yourself is to hire an experienced and knowledgable attorney like Melvin Monachan.

Melvin Monachan Is Here to Help

Melvin Monachan has a reputation for helping New York landlords for many years. If you are thinking about becoming a landlord and have questions about the process, or if you are already a landlord and are having problems with a tenant, Melvin Monachan can provide sound, trusted landlord/tenant advice. Initial consultations are always free, so either call 516-714-5763 or fill out a contact form today.

About the Author

Melvin Monachan

Melvin Monachan is the founder of The Law Office of Melvin Monachan, PLLC, a full service, real estate law firm representing individuals, investors and corporate entities in all aspects of real estate law. On the transactional side, Melvin represents purchasers and...

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Our Commitment to Excellence

"We understand that a real estate transaction is typically one of the largest financial transactions of most peoples lives. That is why we take the time to properly guide you and keep you informed about the process every step of the way."


Location

Menu