Anyone here familar with renting out their home? (Islip, Ronkonkoma: apartment, renters)
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I'm thinking of renting out my property. Can anyone tell me where I can get information on the proper licensing to rent out a home, or basically any information about renting out your home legally in NY State.
I'm thinking of renting out my property. Can anyone tell me where I can get information on the proper licensing to rent out a home, or basically any information about renting out your home legally in NY State.
It's not just about NYS laws - there are County/Town laws as well. Where are you located?
On Long Island, in some Towns you need a permit whether you rent an apartment or the entire house; in others, you only need a permit if it's an apartment.
It's not just about NYS laws - there are County/Town laws as well. Where are you located?
On Long Island, in some Towns you need a permit whether you rent an apartment or the entire house; in others, you only need a permit if it's an apartment.
Think long and hard before you rent out your home. I can pretty much guarantee it won't be in the same condition as you left it when your first set of tenants move out.
Do yourself a favor and take out a few landlording books from the local library. Learn about becoming a landlord and all the risks it entails in the state of NY. Most of the rental laws favor tenants; there are very few protecting landlords. You don't want to learn about becoming a landlord the hard way.
The whole key to landlording is finding really good tenants. People who aren't professional tenants, people who will pay the rent on time every time, non-destructive people, etc., are who you want as tenants. Most tenants don't care about taking care of your property. And most will hate you for being the owner and not them.
Another word of warning: kids do lots of damage, however legally you can't discriminate against them. So if you come up against tenants with kids and you don't want to rent to people with kids, find some business reason not to rent to them. Maybe their credit isn't up to your standards, maybe their income isn't high enough, etc. You get the picture. You, as a landlord, can actually be sued for not renting to families with kids if you give any reason that isn't a business reason, such as you don't like them, or you can predict that they will cause damage. That won't fly in a courtroom.
No pets, no smoking ought to be considered as well. Nothing illegal about asking for that. Pets do plenty of damage, but I'm convinced that an out of control child will create more damage than a pet.
Again, think long and hard about this undertaking. It can be a nightmare and you can lose lots of money and end up with a tremendous amount of aggravation and stress. Landlording is nowhere as easy as it looks.
If you were to become a commercial landlord - that's a different story altogether. It's easy to get rid of bad tenants in that case. They don't live in a commercial space, and a judge is very quick to execute an eviction order because of the space not being residential.
I totally agree with the above. We have done it for about 10 years and are getting out of the business now.
If you go into it with your eyes wide wide wide open, dont believe anyone, dont listen to your heart and dont listen to any sob stories. Admit that your house will NOT be in the same condition that you gave it to a tenant and be prepared to do lots of repairs inbetween tenants ; I mean a few thousand dollars worth ; then go for it.
Change your homeowners policy to renters policy. Get the permit and do everything by the book.
Dont expect the rent on time every time, dont expect the house to be lived in as if you lived in it. We returned two security deposits in 10 years and maybe 6 tenants total. Two of them cost us a fortune in repairs.
If you do end up renting your house out, make sure you take out all the furniture. You don't want you tenants using your furniture and messing it up. Either store it at a nice place to protect it or put it in the house you move in to. You will have to take care of a lot of other issues that come with random people living in your house and not taking care of it as if it was their house.
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.
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