NY is still great but landlords need to:- proceed with caution- read Brandon Turner's books - implement strict requirements and systems for tenant screening and property management

I just viewed what looked to be a beautiful 3 unit in the photos a few days ago, but when I got there it was apparent the building had a natural gas smell in the basement, plus the owner pays all heat for the building since there is only one furnace.

But we had to submit plans with it labeled as an office, because my jurisdiction requires bedrooms to be 150 sq ft, and my office (due to moving a wall) is 135 sq ft.More importantly, I think this layout would turn off a lot of people.  

I usually start with something like this:“We require a 550+ credit score as well as a current job paystub or a co-signer who meets these requirements.

If you can't rise up to what is required, find dependable people to fill in the gaps. 

Here are some steps to get started:Market Research: Identify areas with strong growth potential, low vacancy rates, and high rental demand.Financial Analysis: Evaluate the cost of construction, potential returns, and your financing options.Legal Considerations: Understand the zoning laws, building codes, and permits required for new construction in your chosen area.Sustainability: Consider incorporating green building practices to increase the property's appeal and long-term value.The Bottom LineWarren Buffett's investment in new construction underscores a broader trend in seeking alternative avenues for growth and diversification.

Money had to be invested upfront, but the return has been great.For me an investment is required to meet several criteria.

I say generally because not all lenders are the same and some do have a minimum interest requirement.3.

These loans almost always require a personal guarantee.

get rid of him. send him whatever timely notice is required, that his lease is ending and he'll be moving out.