The Empty Pockets Guide to Moving to New York City

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I will manage the rental myself but have hired an agent to do all of the pre-rental work — money well spent. My question is around converting a house into a rental property and dealing with the city ordnance. Some towns have different rules for rental properties than owner occupied. Is there a way to check out which towns are more difficult than others? Love this write up saving it under my favorites to refer back to …. My husband and I are considering renting out our home and moving to a better area. If that makes since … Could you give me any advice?

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That can be tough, when the house is nicer than other ones in the area. Typically, people DO pay a little more for nice, but not a lot more.

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So, look at the nicest comparable rentals on Craigslist and see what they are going for — and maybe try to push it a little higher by emphasizing how nice it is. Hope that helps some! Thank you SO much for this post! My husband is being relocated for his job to an area where the homes are not appreciating, so we want to keep our current home and rent it out. This is all so new to us and this covered all the basics and answered a lot of me questions.

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Great article! I am looking into renting out my townhouse and buying a single family, so this answered a lot of my questions, especially about the deposit fee and background check. I can even furnish it. Can you please give me some ideas on how to go about it. Would really appreciate your help. Thanks Pam. You posted this on my newbie page today, and this is a transparent way to show someone new to the scene how much thought and detail must be put into renting. As a recent college grad with no credit, I like how you mention that credit is not important as the other things. Has all the information for me to feel i can do it myself without going with property management company.

First I would love to say that this article is fantastic and I wish i had read this before starting. I have a question about Child Support and Spousal Support. One woman brought me a copy of the court order. It shows she receives quite a bit of money from her ex, but should that money even be considered income? What if the ex stops paying her. Would that be a reason to deny her application? Valuable information! Thanks for a very informative article. I have never rented property before, and the task before me is daunting, to say the least. Her home was built in ; and she lived in it until about a year ago, when she had to move closer to me.

Also, a silly question, maybe: Am I supposed to go in and paint all her walls white, like they have been in every place I ever rented? She has a single kitchen sink, with no garbage disposal. Is it necessary to install a garbage disposal? Thank you for valuable information. I am new to renting houses. It was my parents home and decided to use it as an investment property. I plan to come back to your site often. I have so much to learn about being a landlord. Brandon, awesome and helpful post bro! I was thinking of leaving washer, dryer, dishwasher, and fridge all are in good condition.

The Empty Pockets Guide to Moving to New York City

How about plumbing, would that be our responsibility too? Thanks Joey! Also — some tenants, because of the cost, will refuse to report problems because of it, which can lead to greater problems later. So, yeah — you could do it, but there is some risk. Great article, really helping me get ready to be a Landlord. I really like how you pre-screen possible Tenants too. Everyone can easily follow your tips because these are so simple, easy and informative.

I am so inspired to read your points and I will follow it practically. My question is if i have multiple people who qualify on paper but there is one applicant i like over the others how do you deny the others since they all have ability to pay and good credit? First of all, I am so happy with all the knowledge shared in BP!

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I have been actively reading since last week and am addicted to this site because of the shared knowledge. I am a venti coffee Starbucks plain Jane gal because that helps me count calories! I feel guilty when I get the fun extras…. Today I found a new duplex and called to inquire about price etc. In talking with the builder I expressed interest in renting the units duh and then I asked about recommendations on prop management in area, local TX Real Estate lawyers, and so forth.

She was extremely helpful. In conversation, I told her that I would be the property manager and she asked if I belonged to an established association so that I could legally run credit checks when screening applicants. Typing this out, does my management company need to join an association? What are the renters responsibilities and what is the landlords?

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How can they keep out of each others personal space? Does the landlord have the right to enter the rented house?

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How is the rent divided for the separate living spaces? Who is responsible for maintenance, upkeep, and repairs? If there is no existing contract, and this is a future situation, then you can add guidelines and address those questions in the contract. I live in TX and called the state to ask and gather state specific info. I hope this helps.


Best of luck! Thanks so much for the article! What about the realtors that ask to help rent your home? Is that a good idea? Do you both screen the applicants? If I accept them as tenants, the screening fee is applied toward the 2nd months rent. Postlets a Zillow subsidiary, I think lets me create nicely formatted listings with pictures and descriptions, and then post to Craigslist and cross-posts on Zillow rentals. Thank you!! This article is top notch! Thanks, Adam. You need to get the lease signed a month or more before the tenant is moving in, and probably while the old tenant still lives there.

Otherwise the new tenant can bail out and you have a vacancy. Thank you for sharing this article. It helps me a lot and the other people who wants to learn some basic tips or ideas about how to rent my own home. Keep up a good work and very helpful articles like this.

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If not, what would you suggest as a better multiplier? I found this extremely helpful. This is odd because this is the poorest neighborhood in the city. Average income is no where near 3 times this amount. And credit checks would be a waste of time. I am so relieved to have found this article tonight!

My husband and I are working through different options we currently have on the table; one of them involves renting a house out! I had absolutely no idea what we would be committing ourselves to. I am going to print up your wise words-of-advice and if we decide to rent out then your words will be at my fingertips! Thanks so much! Hello, we recently rented out our second home to a family friend in September of this past year.