3 mistakes I made early as a small landlord in NYC

[Parris Taylor]

1. Underestimated how slow rent clears vs how fast mortgages pull and the resulting cash flow drag it creates. 

2. Thought tenants would respect "text during business hours." They don't. 

3. Assumed lease renewals would go digital. Nope, still driving across town with a pen. 

Curious if these headaches are just NYC quirks or if everyone else deals with them too.

[Jonathan Taylor Smith]

@Parris Taylor... Each valid concerns that can cause problems for new landlords. Have you made corrections? For example...

1. I set my mortgages to auto-pay 3 days before a late fee would hit, which tends to be after the 20th of the month; whereas my rents clear well before that (even those who pay late).

2. Tenants do not have my cell number. And I make sure those who obtain it somehow (usually my lapse) never get satisfaction from texting or calling me directly. All will get the same response of "Thanks for letting me know - but I need you to open a ticket on that in the portal." - But I would make an exception to that for FIRE.

3. If they cannot sign the lease digitally or otherwise make use of online tools, they'd better get a family member or friend to aid - otherwise they do not qualify to rent from me, as I'm leasing properties in 2025, not 1995.

I find that you get from tenants (and people in general) what you accept. I set my standards and tend to stick to them. Most people thereby get on my page. And those who won't would have just been problematic to my life anyway.