All Forum Posts by: Carlo D.

@Carlo D.  I just want to bring up one other factor, if the unit is small say a studio or smaller 1 bed you might consider furnishing if the area is right for furnished rental.  You can right size the furniture and decrease some of the wear and tear of moving things in and out. You tend to get traveling health workers or people relocating.   What does the co-op allow as the shortest lease?

 Hire a PM co and stay out of there way, YES that simple :)  

DO NOT try and go it alone, especially in NY . TERRIBLE state to own rentals.. 

Congrats - first step is always the biggest!

 1. Best route here would be an agent/team that specializes either with working with landlords OR working in the area where the condo is located. 
2. I have heard mixed reviews about Redfin and it seems you'd be working with another Realtor. I do believe your apartment will still be posted on all platforms including the ones you've mentioned.
3. You do not need stessa or the other platforms for the services mentioned above. Your Realtor will cover that. What you would want to look into is a platform (i.e. Stessa, rentredi) to help manage things once you've already obtained the fully-executed lease. Being that you're already paying hoa/common charges at the condo, your maintenance would already be covered. This would leave you with mainly only having to deal with rent collection. Honestly... if your condo handles maintenance directly with tenants, you may not need a service at all! You could just have, in your interview/screening/lease process, a standard operating procedure for the tenant to follow regarding rent payments (i.e. Zelle). This could automate rent collection for you. If you still want to be totally hands off, look for a service provider that charges a minimal amount for the services you DO need.
4. Realtors can still use their own service provider. Our NYC leasing specialists use a tenant screening service called RentSpree which is totally hands off for our investor clients. As mentioned in #3, you'd still want to look into services post closing BUT it may not even be necessary depending on the condo.

Hope this helps!

 Hello Carlo and congratulations on your upcoming closing!

Regarding the rental, your agent can:
- market (aka List) your rental unit
- facilitate showings
- pre-screen tenants
- follow-up on applications
- coordinate tenant interviews
- coordinate lease signing

Depending on local demand, you may be able to have the tenant pay the broker fee to cover the services above. Other submarkets have "no fee" rentals which means you'd pay your Realtor instead.

Regarding software, I've heard great things about Stessa and Rentredi but have not personally used them. Our clients really like Hemlane.

All the best to you as you head towards your first NYC condo investment!

Abel

As Eric said it just depends on your market.

In my market I know a few areas that do really well furnished. Houses that will rent for $2,500 unfinished will go for $3,500-$4,000 furnished.

Renting unfurnished means less money to spend to get the unit up and running. Also if you go unfurnished you'll never need to worry about your dining chairs falling apart, couch getting stained, coffee mugs breaking, etc.

I'd talk with a local realtor who knows the rental market really well and get their feedback.

Furnishing it will require a lot more capital. To justify it, you need to see what you can rent it for furnished. Otherwise, keep it un furnished. 

 Hey Carlo, the MTR would typically be anything for minimum 30 days or multi-months, like here in FL for example we do a lot of seasonal rentals of a few months at a time. Some even do furnished MTR just over 6 months to avoid tourist tax as well. Whereas LTR is your typical long term rental with an annual lease term in place. What will be your strategy here? And what type of property is it?