You've just taken the leap into the world of real estate investment by snagging your very first rental property in the Big Apple. But hold onto your hats, because this is just the beginning of your exciting journey into the lucrative world of real estate.
From navigating the bustling market to handling quirky tenants and everything in between, get ready for a journey filled with challenges, triumphs, and plenty of rent checks.
And we've got the 411.
Let's go through what you need to do as a first-time real estate investor in New York.
Get Tenants
You'll need to start by getting tenants for your rental property. Use lots of different channels to advertise your New York rental property, such as online rental platforms, social media, local classifieds, and real estate websites. Use good photos and thorough descriptions to showcase your property's features.
Create a compelling and informative online listing for your rental property. Highlight key selling points, such as location, amenities, size, and any recent renovations or upgrades. Include contact information and clear instructions for scheduling viewings.
Consider offering promotions or incentives to attract tenants, such as discounted rent for the first month, waived application fees, or including utilities or amenities in the rent. Highlight these offers in your advertising and during showings.
Maintenance and Repairs
Schedule regular maintenance tasks according to your maintenance plan. This includes taking care of HVAC systems, checking for plumbing leaks, testing smoke detectors and carbon monoxide detectors, inspecting for pest infestations, and maintaining common areas.
When you initially buy a New York property, do an inspection to identify any existing maintenance issues or potential problems. This includes checking the roof, plumbing, electrical systems, HVAC, appliances, and structural elements.
After, conduct regular rental property inspections to identify maintenance issues early and fix what you find. Schedule inspections at least annually or more frequently as needed based on property condition and tenant turnover.
Hire a Property Management Company
Consider bringing in property managers to help you out with your rental properties.
Property management companies typically have established tenant screening processes in place. They can conduct background checks, verify employment and rental history, and assess creditworthiness to find reliable tenants.
Property management companies have protocols in place for handling emergencies such as plumbing leaks, electrical problems, or security issues. They can respond quickly and bring in professional help to minimize damage and ensure tenant safety.
Financial Management
Make sure you're staying on top of your new rental property finances. Develop a comprehensive budget that outlines your expected income and expenses for the rental property.
Include mortgage payments, property taxes, insurance, utilities, maintenance costs, property management fees, and a contingency fund.
Implement a system to track all income and expenses related to the rental property. This can be done using accounting software, spreadsheets, or financial management apps. Categorize expenses for accurate reporting.
Start Off as a New York Real Estate Investor Today
There's a lot you need to do as a new real estate investor in New York. Use these tips, and you'll be successful in no time at all.
Are you ready to hire a New York property management company? Check out PMI New York City. Our franchise has decades of success helping landlords like you succeed. So don't wait.
Give us a call today.
