Landlording in Brooklyn

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Topic: Landlording in Brooklyn

Landlord June 27, 2011 at 4:58 pm

Landlording in Brooklyn

I want to move to Brooklyn area and rent some of the space to help pay for my mortgage. Although I am quite deterred after reading the horrific experiences of strong tenants’ right in New York.
My questions are:
1. How easy is it to find right minded tenants in Brooklyn, probably by Bed-Stuy, 5 blocks from subway.
2. When tenants are not paying their rent, why the landlords are still not favored by law and can evict them without trouble?

Can I get help to understand landlord/ tenant rights there at the NYC Housing Court by Livingston Street? Thanks.

6 Replies Add Reply

Tim

I’ve been a small-time landlord for 35 years and it has not been that difficult.  Be wise and be reasonable.  Check credit reports and “go with your gut” feelings.  Put yourself in the place of any of your tenants when making decisions about them.  Good luck!   (I did have two friends who followed my example but just didn’t have it in them to be a landlord or land owner)

As timber said: if you are cut for it, being a landlord it’s kind of easy.

Finding tenants: in Bed-Stuy and 5 blocks from subway might not be super easy to rent when asking for full market rent. Set rent low, and pick the tenant you like the best.

No rent check: in my  experience, unless you rent to a professional scammer, renters do pay rent. They might be late at times, but they do their best to pay.

Do your homework when you select a tenant:  check credit history, call work, call previous landlord etc.

Finally, make sure you have some cash reserves set aside for when things don’t go as planned and you will be fine.

Good luck.

The nasty stories you read about bad tenants are few….  and very entertaining. However, If you’re a good judge of character ( and pick a tenant with good credit ) you shouldn’t have a problem. I’ve been a landlord for 13 years and never had a problem. 

As others above said. So great to read reasonable & common-sensical responses instead of the ‘all tenants are scum’ vibe we get often. As a landlord (2 fam) for over 20 years, I’ve had no problems of note. And have been social with about half my tenants, somewhat inevitable when you share a garden and an entrance. It’s at least important to have a friendly relationship and communicate clearly if something is needed.

I’ve used Craigs list for my last tenants (before that, ads), never a broker. Also block e-lists / reccs are a good source.
 

Crown Heights, depends on where and how many bedrooms.

rhrh

The advice above is good, but I slightly disagree with “landlord”. I’m in Bed Stuy just over the border from Crown Heights and (knock wood) it has been super easy to rent at full market value. My apartments reflect the price though. I get tenants who appreciate a good brownstone restoration with detail. If it’s an average apartment, you get average rent.

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