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Old 11-05-2011, 09:32 PM
 
Location: Long Island
9,038 posts, read 18,371,432 times
Reputation: 4745

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Quote:
Originally Posted by NSHL10 View Post
You are going to need a property manger since you now live in Fl. Not too cost effective to fly back to LI to do minor repairs for your tenant.
If the OP does live out of state, that would be advisable.
Property Managers charge between 8-10% of the rent. That's for getting everything taken care of, it does not include the cost of repairs, parts, etc.
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Old 11-09-2011, 10:11 PM
sci
 
Location: Hicksville NY
88 posts, read 174,914 times
Reputation: 112
Default Renting out your home

I am a landlord of a few properties so please learn from my mistakes.
Why are you renting out the house, do you plan on moving back in the near future or are you waiting for the market to turn around. If you are waiting out the market my advise is to sell now and forget about the renting. Most likely the value of the house will go down with tenants in it. Are you sure that they will make the house available to be shown when it does go up for sale? Do you have the money available to cover the costs when the tenants don't pay or destroy the house? What do you think will happen when the tenants find out that you are located 1000 miles away? Have you read other posts here as to how long and expensive it is here to evict a tenant? Can you emotionally handle the calls from the tenant over the stupidest things and the sight of your ounce lovely home turned into a crap heap?
If you are leaving town for a short time and are guarentted to return maybe you have some family that could look after the house for you. This would still require you to foot all the bills for the house.
If you are leaving with no reasonable expectation to return do yourself a huge favor and sell it now and save yourself a big headache.
Good luck with your descision
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