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Coach
Lmao and you’re in nyc wheee tenants can screw you for a long time
Keeping in mind that New York is one of the least landlord friendly states, I would go the route of STR tapping into the professional market of traveling nurses or the likes. Usually 3-6 month contracts and rent payments are typically made through an agency vs from the individual. Less hassle than AirBnB or having a long term tenant, giving you more peace of mind and flexibility. That said if you go that route you’d need to have the place fully furnished and stocked. Check our furnished finders to get a sense of the comps
Can’t prevent it, it’s the risk for this investment, every investment has its risks, like stocks. That’s one reason why I prefer stocks.
Bigger risk is having the apt empty for 1-2 months between tenants
Coach
If it came down to it, evicting someone in NY is a lengthy process that can leave you paying your loan, taxes, insurance, and utilities while they’re freeloading. It’s imperative that you really vet people and have a local contact to check-in or do any repairs/maintenance.
As a nyc resident and landlord of out of state Realestate. I have several friends who does what your mentioning. Keep this rule in mind. Rent to highly qualified people with great credit. You will protect your downside that way. If you make a decision that is in any way to help out someone struggling you will get burned. People with great credit will not do anything to jeopardize it. Lastly don’t rent to first timers. It’s a learning curve you don’t want to deal with as a first time landlord.
Ensuring you’re doing adequate due diligence on potential renters is key. Also, it depends what your goals are from a financial perspective. NYC can be tricky for investment properties. I’m a real estate agent in NYC (former consultant) so happy to answer any questions you have. Let me know if you want to chat!