What Are the Risks of Being a Landlord in NYC?

Nick at Hauseit (https://www.hauseit.com) introduces a handful of the risks associated with being a landlord in NYC. Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
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The first risk is that your tenant will not pay you rent, and it is very hard in NYS and NYC to evict a tenant. It can take a year or sometimes two years, and it can cost you tens of thousands of dollars.

The second risk of being a landlord is that your tenant will not allow you to enter the property. This becomes a huge problem if you are trying to find a new tenant, and it will ultimately cost you some period of vacancy.

The third risk of being a landlord in New York City is that you are subject to an ever-increasing number of rules and restrictions. For example, notice periods for non-renewals and notice periods for raising rent above a certain threshold. It gets quite tiring to keep up with all the new laws that are being passed, and therefore the risk is largely on the shoulders of landlords in NYC as opposed to tenants. But who doesn't want to own one or two or three NYC apartments?
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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