10 COMMANDMENTS OF SUCCESSFUL LANDLORDING
I. THOU SHALT HAVE A WRITTEN LEASE
Even if it’s only a month to month tenant, when it’s in writing, there’s no dispute about the deal.
II. THOU SHALT CAST OUT A TENANT BEHIND MORE THAN ONE MONTH
Once they go more than one month in arrears, it is highly unlikely that they will ever catch up.
III. THOU SHALT NOT ACCEPT SECURITY FOR RENT
Do not let a tenant use their security deposit in lieu of the final month’s rent. You never know what damages to the property exist that security can help pay for.
IV. THOU SHALT OBTAIN A CREDIT REPORT ON ANY POTENTIAL TENANT
Do not rent to bad credit risks.
V. THOU SHALT NEVER USE AN INTERNET FORM LEASE
Often these legal “mad libs” forms have clauses which run contrary to your state law.
VI. THOU SHALT OBTAIN JOB AND BANK CONFIRMATION
Get bank statements, W-2s, Tax Returns and 1099’s to see if the prospective tenant is ok.
VII. THOU SHALT NOT GIVE THY TENANT THY HOME PHONE NUMBER.
Unless you thrill to three o’clock in the morning calls about plumbing problems.
VIII. THOU SHALT KEEP RECORDS OF THY DOINGS
Paper is better than memory, especially in landlord tenant court.
IX. THOU SHALT BE FAIR IN THY PROVISION OF HOUSING
As a landlord you cannot discriminate against tenants by reasons of race, creed or color.
X. THOU SHALT SEEK OUT THE AID OF THY LAWYER IN ALL THINGS
Self represented landlords screw up all the time. It’s complicated law. You need counsel.
If you keep these commandments ye shall enter the kingdom of landlord heaven, with paying tenants, and a lot less problems. A word to the wise is sufficient.
Since 1981
Representing some of New York’s most intelligent clients.
W. ADAM MANDELBAUM ESQ.
Justice Never Sleeps
About the Author
W. Adam Mandelbaum is a New York attorney based in Oyster Bay, Long Island, who concentrates on the area of landlord tenant law, family law, and business litigation. Reach him at http://justiceneversleeps.net.
516 624-0240
nylawman@justice.com
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