Any LANDLORDS out there? need advice?

hi
i am a new landlord in new york. i just spent tens of thousands of dollars renovating the apartment ( renovating and updating kitchen and bath, painting walls, refinishing hardwood floors) . my tenants are moving in today and i want to make sure i do whatever i can to protect my investment. can you offer some tips on protecting my investment. ? for example, should i buy carpets for the floors? mats for the entrance door? how can i protect the new tiles in the kitchen and bath against damage?

thanks

In NY apt.s floors are supposed to be carpeted. As for kitchen & bath that all really comes down to sercuty deposit money,other then simple wear and tear, any damanges found at end of rental,comes out of their sercuty. Just pray you got good tentants. You should have thought it out before blowing to much $ into the apt., rule of thumb in the future : put down comm.grade carpets over the floors. Well worth the money.

I own a couple upscale duplexes in the midwest. It's a little late for you now but the most important thing I've found to protect my investment is to screen applicants very carefully. Check references and past landlords. Make sure to ask about the specifics to make sure you're not just talking to their friend. (Like when the landlord doesn't know the applicant's address or the amount of rent charged for example.) You can also use govt records to be check that the landlord's name matches the owner of record. In our city there's a company that offers on-line credit reports and tenant database. People with good credit have never done serious damage to our properties. Of course, sometimes we have to set empty awhile to find the right tenant but it sure beats having to restore a trashed property.

Have your attorney check your lease to see that it is legal and protects you should you end up with a bad tenant situation.

Lastly, I'm guessing there is a property owner/landlord association in your area. Join it.

I know this is not the type of answer you're looking for but I hope there's something here that helps. Good Luck!

Take photos of the property to document the condition. Create a "condition report" and ask the tenant to sign it. Be sure your lease agreement contains language related to damages. Be certain that the tenant understands the expectations you have regarding the condition at the end of the lease.

You should expect that there will be some wear and tear on the property. Walls will be smudged, pictures will be hung and things will wear. This is why you charge rent.

Do you have the tolerance for this?

HUGE deposit and pray!

You spent WAY to much on this place for it to be a rental. NO ONE will treat it as you do.

Finally you can do all in your power and end up in court over damages and receive not one penny because in the end you can not get blood from a turnip.

Educate yourself or get out of the LL business it is riddled with risks and bad tenants that you as a LL need t know how to handle. The rules are way in favor of the renter.