1. Decide exactly what the project will entail- Deciding exactly what you want repaired, updated or upgraded in advance will help you avoid expensive “change orders”.   Create a comprehensive list of all the work you want your contractor to do.  Be very specific, and set a reasonable budget for the project.
2. Interview Multiple Contractors – Get written estimates from at least three contractors and insist on a timeline for the start and completion date of the entire project as well as major components.
3. Check Licenses - Home improvement contractors in New York City have to be licensed by law.
4. Be Sure To Get References & Check Them –  Ask you friends and relatives to recommend a contractor.  Call each of his references and ask them if they where satisfied with the work done.  Ask to see a sample of his or her work, and don’t forget to check the Better Business Bureau’s website for complaints. 
5. Do You Need A Permit? – Of course any licensed contractor should know whether or not permits are needed for your project, and which ones to be pull if necessary, but its important to educate yourself.  Nothing can bring a home improvement project to a screeching halt like failing to get required permits.    Check the New York State Department of State for the building code at www.dos.state.ny.us.
6. Get It In Writing – State law requires contractors to provide a written contract for home improvement work.  The contract should specify a time line for the work to be completed, a payment schedule, and the specifics of the job such as the types of materials to be used.  Make sure the contract is signed and keep a copy.
7. Never Pay Full Price Up Front – Create a payment schedule that corresponds with project timeline.  Withhold final payment until the job is completed to your satisfaction.

Follow these tips, and you will minimize any problems you might have with a contractor you hire to do home improvement work in your home.

Considering the fact that there are many people unemployed or underemployed, a rent hike for those who can least afford it seems like a hard pill to swallow, however not all landlords are wealthy, and rising expenses makes the increase something that many multi-family property owners need to stay out of bankruptcy and/or foreclosure.

Its a tough situation all the way around for renters and owners a like.

Here are ten items that should be included in a rental lease:

1. Your name (the landlord) and the name of the tenant and anyone else that will occupy the rental property.
2. The address and a description of the rental property subject to the lease.
3. The amount of rent the tenant must pay, when that rent is due, if there is a late fee if the rent is not paid on time and how much will it be.
4. Information about the security deposit such as how much, whether it will be collecting interest, and under what circumstances will it not be returned at the end of the lease.
5. The respective duties of the landlord and tenant regarding the maintenance of the rental property.
6. What will happen in the event that the tenant disturbs other tenants’ “right of quiet enjoyment”.
7. Under what conditions can you, the landlord,  enter the rental unit.
8. Are pets allowed, and if so, what kind, how many and are there size restrictions.
9. What happens if  the landlord dies or decides to sell the building during the lease term.
10. Whether the tenant must pay the attorney fees and costs incurred in a lawsuit that the tenant loses, and whether the landlord will pay the tenant’s attorney fees and costs in the event the landlord loses a lawsuit.

This is just a sample of what can be included in a rental lease.  One of my favorite websites on the web that has fantastic information for landlords is mrlandlord.com.  Its a website by experienced landlords for landlords.  One of the many great features you’ll find on the site is a sample lease.

Of course to make sure that whatever lease you decide to use contains everything you can legally include that is of benefit to you, consult with an attorney.

Happy Landlording…..

Why do I say that?  Well, the definition of a “business” according to Dictionary.com “is a person, partnership, or corporation engaged in commerce, manufacturing, or a service; a profit-seeking enterprise or concern”.   If you own a property and intend on renting all or part of it for a profit (or to be able to make your mortgage payments), then you are providing a service to your tenants for the purpose of making money.  Or in other words, you’re in business!

Well, you might me be asking yourself, “What does it matter?”  Well, it matters a great deal.  If you want to be a successful landlord then you need treat it like a business.  What are some of the things you need to know to operate a successful Residential Property Rental Business.  Here is a list of just a few:

-How do you find good tenants?
-What do you do if a tenant doesn’t pay his rent?
-How many payments can a tenant miss before you can evict?
-Do you pay taxes on the money you collect from your tenants?
-What services are you legally obligated to provide for your tenants?
-What are the landlord tenant laws in Brooklyn?
-Who is responsible for repairs?

These are just a few questions that anyone who wants to rent out residential property should know the answer to.  Unfortunately, I’ve seen many people buy multifamily houses without ever giving serious thought about the difficulties that can come when you have to deal with rental tenants, and that’s a big mistake.

Owning rental property is a great way to generate income now, and build up equity for the future, however it comes with many challenges. Make sure you are up to them by doing your homework before you take the plunge. After all, you’re going to be a business owner, and you don’t want your business to fail.

To get you started, here’s a website, Mr Landlord.com that is chock full of useful information for landlords and landlords to be.