Investing in rental property is an effective way of building a solid income or padding an existing nest egg. Everyone needs a place to live, after all. However, without proper preparation, novice landlords may begin to experience costly landlord-tenant disputes. Such disputes can quickly deplete your savings and also make you regret your decision to become a landlord in New York.
In some cases, landlord-tenant disputes may occur despite your best efforts. However, armed with a proactive approach, you can head off many disputes before they even occur. The following tips for new landlords can improve the way you manage your rental properties while also helping you avoid potential disputes.
Be firm about collecting rent
When you allow your tenants to fall behind on their rent, you could experience financial hardships. Make sure to be firm about the rent you are due as well as any late fees your tenants owe. It can also help you avoid legal disputes over late or absent rent payments.
Conduct proper tenant screening
Making sure that your tenants are responsible is always a good idea. However, you must also do your best to ensure that the tenants you choose can make their payments. Consider performing credit checks to accomplish this goal, which can also reduce the risk of a landlord-tenant dispute over nonpayment.
Learn the law
One of the biggest mistakes that lead to landlord-tenant disputes is failing to learn and understand the nation’s fair housing laws. To avoid an unintentional violation of tenant rights, familiarize yourself with these and other rental laws.
Finally, you may want to consider the possibility of working side-by-side with a lawyer experienced in landlord-tenant matters. This single step helps you avoid landlord-tenant disputes and also ensures that you do not make other mistakes that could upset your new role as a landlord.
