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Dukesofcalm, Both Buyer and Seller in Brooklyn, NY

How do you know if you are ready to be a landlord?

Asked by Dukesofcalm, Brooklyn, NY Tue Mar 5, 2013

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Hello, only you know if you're ready to be a landlord. You have to take a look at how you deal with people in your current life. If you are a yes person, people pleaser, hate confrontation, don't like asking people for things, put things off to the last minute and not fond of doing business and not that responsible then maybe your personality might be right for being a landlord.

Being a landlord takes a business like mind because that's what it is.....business.
0 votes Thank Flag Link Wed Mar 6, 2013
I don't think you ever know. Being a landlord is not easy. It is a hard business sometimes. But it is worth it if you work it right
0 votes Thank Flag Link Wed Mar 6, 2013
When you are organized, have the capital and the patience.

Luke Constantino
Realtor
Coldwell Banker Reliable
(212) 300-3919 lukeconstantino@gmail.com
7428 5th Avenue Brooklyn, NY 11209
0 votes Thank Flag Link Wed Mar 6, 2013
when you ready to make some money!!
0 votes Thank Flag Link Tue Mar 5, 2013
when you feel that you want to make some money!!
0 votes Thank Flag Link Tue Mar 5, 2013
WHEN YOU WANT TO GET LESS SLEEP, PHONE CALLS AT ODD HOURS, HEADACHES, PEOPLE CURSING YOU OUT OR YOUR BANK ACCOUNT DWINDLING. :-)

JUST KIDDING...SORT OF. BEING A LANDLORD IS NOT EASY AND NOT FOR THE FAINT HEARTED. BE CLEAR THAT YOU WISH TO OWN, AND ARE PREPARED TO TAKE ALL THAT COMES WITH IT. REPAIRS, TAXES, INSURANCE, UTILITIES, IRATE TENANTS, TENANTS NOT PAYING, MORTGAGE, FINES, ETC.

TATIANA DAVIS
DAVIS & ASSOCIATES
0 votes Thank Flag Link Tue Mar 5, 2013
Dear Dukeofcalm:

That is a personal decision that only you can make. I do want to say, that it is hard for "nice" people to be landlords. Like they say, nice guys finish last and if you are not careful you can get hurt. As a landlord you need to always be in control. You need to make sure you have an iron clad lease stating the penalty for late payments of rent and breach of the lease. You need to give a one year lease and in most cases raise the rent every year to keep up with the value in today's rental market.

If the tenant fails to pay the rent you may need to evict them and this will take time and money. For that reason you want to make sure the tenants are people that will be good tenants and pay the rent. The way you do that is by checking out their credit report to make sure they pay their bills and also find out their income and job history.

If you want, contact me direct and I can give you some more pointers. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Mar 5, 2013
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