Owning a rental property may be an ideal way for an individual to diversify his or her portfolio. In some cases, landlords will choose to live in their New York homes alongside their tenants. However, some choose to rent an entire property to tenants while living elsewhere. These individuals are known as absentee landlords.
Absentee landlords can still be quality property owners
It’s important to note that an absentee landlord may still be capable of providing quality service to tenants. For instance, a corporate entity that owns a home or commercial property may have a support team in the area where that property is located. Therefore, they can respond to a tenant’s needs in a timely manner regardless of where the business is headquartered. Individual landlords may also have connections that allow them to respond quickly to emergency situations even if they are hundreds of miles away from a rental home or building.
Landlords may benefit from staying close to their rental units
Property owners are encouraged to live as close as possible to any residential homes or commercial buildings that they own. This is because it can be easier to inspect them for damage on a regular basis. It may also be easier to deal with tenants who may be intentionally damaging a home, using drugs or otherwise violating their lease agreements.
A landlord who fails to abide by local, state or federal law may be vulnerable to civil penalties. Tenants may also be vulnerable to civil or other penalties if they fail to abide by the terms of a valid lease. Those who feel as if their rights are being violated may wish to take legal action as quickly as possible to avoid fines, eviction or other negative consequences.