Hello Frank, In order to answer your question we would need to know more information such as your property's zoning. Some R1, R2, R3, R4-1 and R4A districts in the city are designated as Lower Density Growth Management Areas, where residential developments are required to provide more parking spaces, larger yards and more open space. Designated areas include all such zoning districts in Staten Island and in Bronx Community District 10.... more
I presently have a property in Florida that I rent out. I listed it through a real estate agent she found a tenant and took care of the lease and coordinating getting the keys to the tenants. I would also recommend having the tenant provide a credit check and references, first months rent and security deposit of another months rent. In some parts of Florida, it is customary to charge first months rent, last months rent and a security deposit before the tenants even move in. (They can get their credit report at www.freecreditreport.com) I don't have a management company manage this property because it is a condo and very easy to maintain from a long distance.
I have also had additional properties, duplexes and single family home, that I rented in the past. In that case I had lived in the area and had contacts that helped me manage the property from a long distance. I didn't use a management company then either. I would however recommend a management company if you don't live in the area and have no contacts in the area. They could help you maintain the property and collect your rent which is critical. I would also make yourself aware of tenant and landlord rights in the state you decide to buy in, a good management company could help you there as well. One other thing to consider if you are looking at condos or certain developements, make sure you can rent the property and it doen't need to be occupied by the owner.