All Forum Posts by: Barry Herbst

Hi,

I would request letters of recommendation from their employer and other sources, and have your property manager speak with each source. But most importantly, you need to know their incomes and credit history. If anything is fishy, have them pay the year up front or move on to other prospective tenants. 

Best,

Barry

Hi all,

As a Broker in Manhattan, we don't use the MLS. If you're in Florida or NYC, I recommend Streeteasy.com.

Best,

Barry

Hi Robert,

Meetup.com is your best bet. 

Best,

Barry

Hi Nick,

Manhattan condominiums. The downsides are the high barrier to entry and time it takes to close, but the re-sale value is always high and time it takes to sell is unusually quick (about 75 days on average), but my listings usually enter contract in under a month. I represented an investor of a West Village condo who closed in January for a little over $1.8mm, and we're about to list the same property very soon for around $2.2mm. I love how there is always a buyer, no matter the market or price point, in Manhattan. 

Best,

Barry

Hi,

You should always accept a security deposit and first month's rent due at lease signing, both payable only by bank certified check. The security deposit is your defense insurance in case the tenants leave the property damaged, don't pay rent, break their lease early, or don't move out. 

Best,

Barry Herbst