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bpmom
Feeling Blessed
Member since 6/07 2963 total posts
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Buying a rental property
DH and I are considering this - anyone BTDT and can offer advice? It's a home in our neighborhood that we'd like to use as an investment. Any advice appreciated, including info on interest rates and how the process affects taxes.
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Posted 1/26/16 10:49 AM  |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Buying a rental property
Home board?
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| Posted 1/26/16 12:40 PM |
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alexb
LIF Adult
Member since 5/13 960 total posts
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Buying a rental property
A little off topic but i have an excellent real estate attorney that i am working with at the moment. Let me know if you need his info.
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| Posted 1/26/16 6:15 PM |
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nycbuslady
LIF Adult
Member since 9/15 1063 total posts
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Buying a rental property
Whatever you do, make sure you do appropriate checks on your tenants. You need to make sure that you can pay the mortgage even without the rent for a few months. I'm not sure about LI, but in NYC the laws are very pro-tenant. I am in the process of evicting my tenants. They haven't paid since August. They actually have already moved, but haven't given me the keys, so I have to wait another 4 weeks for the City Marshal to get the eviction warrant from the Court. Part of the delay is my own fault because I was nice and believed them, so I didn't start the formal eviction process until I was already out a couple of months rent.
When you have a good tenant, being a landlord is good. Otherwise, it's hell!
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| Posted 1/26/16 9:57 PM |
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bpmom
Feeling Blessed
Member since 6/07 2963 total posts
Name:
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Re: Buying a rental property
Posted by nycbuslady
Whatever you do, make sure you do appropriate checks on your tenants. You need to make sure that you can pay the mortgage even without the rent for a few months. I'm not sure about LI, but in NYC the laws are very pro-tenant. I am in the process of evicting my tenants. They haven't paid since August. They actually have already moved, but haven't given me the keys, so I have to wait another 4 weeks for the City Marshal to get the eviction warrant from the Court. Part of the delay is my own fault because I was nice and believed them, so I didn't start the formal eviction process until I was already out a couple of months rent.
When you have a good tenant, being a landlord is good. Otherwise, it's hell!
Thanks for the replies - these are the concerns I already have and why I'm hesitant to take the leap. Neither DH nor I are fans of confrontation, and I know that being a landlord definitely involves having some uncomfortable conversations with some tenants if things go south. Lots to think about.
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| Posted 1/28/16 9:48 AM |
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