Being a landlord takes a business like mind because that's what it is.....business.
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.
DAVIS & ASSOCIATES
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!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783