Tips for Landlords
If you are a property-owner in Rochester renting out space to tenants, you might understand how stressful it can be. Here are a few tips for landlords, compiled by our experienced Rochester landlord tenant attorneys. Contact our office today.
Tips for Landlords | Consult with an Attorney
If you are just beginning to invest in rental properties and are looking to get advice on protecting yourself from lawsuits and other problems, you should first consult with an attorney. An attorney with experience representing real estate investors can advise you on the advantages and disadvantages of the various forms of ownership (i.e. partnerships, corporations, LLCs, etc.). An attorney can also inform you about the various forms of financing, including seller held mortgages, along with how to make the best use of leases, tenant security deposits, and contract of sale contingencies.
Tips for Landlords | Consult with a Building Inspector and Accountant
Building inspector (town, village or city) can provide information on:
- Building code violations for a particular property;
- Maximum number of tenants permitted in a building;
- Whether alterations you intend to make will be permitted;
- Requirements for smoke detectors and certificates of occupancy;
- Zoning information.
An accountant can advise you on:
- The tax aspects of various forms of ownership;
- Suggestions on record keeping;
- Tax deductions, capital gains treatment, tax shelters and rehabilitation credits;
- Tax filing requirements;
- Annual reporting of security deposit interest to tenants.
Tips for Landlords | More Information
- The tax assessor has information on the assessed value of the land and buildings, when the assessed value was last increased, whether there are any assessments for special improvements and details of the building.
- An insurance agent can advise you on umbrella policies, worker’s compensation insurance, boiler and machinery coverage, renters’ insurance, rental loss coverage and the necessary amount of fire insurance and liability insurance coverage.
- A banker can provide information on special mortgages for investors, closing costs, the amount of down payment required and special security deposit accounts.
- An environmental consultant will do an investigation to determine whether there are toxic wastes or hazardous materials on the premises.
- Other experts include utility companies which can advise you on energy savings and separate meters; real estate sales agents; the police who can provide advice on making your buildings more secure and home inspection companies.
If you have found these tips for landlords helpful and would like more information, please contact our office today to consult with an experienced Rochester landlord tenant lawyer.
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