Thanks for the info. I too am renting out a unit soon and forgot about the homeowner's insurance plan.

My understanding is that management co's take no more than 10% of rent, seems like a good deal compared to leaving it vacant. Technically, one needs a real estate license to be in that business.

Thanks JerseyMom, for this expert advice. I think I will need to talk to the maintenance company that currently handles my building - I assumed that the super we have living onsite would handle routine matters and be able to deal with any specialized maintenance that crops up, like need for a plumber, as he has for me while I've lived here as an owner. I would continue to pay building maintenance fees while a tenant lived in my unit, certainly.

It does also sound like working through a real estate agent would be necessary to help handle credit checks and such, assuming one would be willing to work with me when I would soon be out of the country. It may end up that I have to leave the unit empty, which seems like such a waste. . . .

I've been thinking about this same thing for down the line if we leave JC and want to keep our place. The best idea I could come up with for maintenance would be to find a local handyman/handywoman that could act as your "super" - fixing problems and such for a fee.

Finding people I haven't yet dealt with.

Hi MCG,

If you're going to be going out of the country for a while, you may want to be careful renting out as an absentee owner. As a former landlord of smaller units, you really do have to be close by to handle the maintenance and renting issues that invariably pop up.

Being a new landlord does have a pretty steep learning curve - and it can be anxiety-inducing if you get the tenant from hell.

Not sure if a management company could take on a one-unit - or if you have a trusted relative/friend to take on your responsibilities in your absence. They would have to have power of attorney for matters related to your rental in case a tenant would need to be taken to court for non-payment of rent, eviction proceedings, etc. Not hard to do, you just have to cross your T's before you leave the U.S.

If you are renting, I highly recommend using a realtor who will conduct a background and credit check on your behalf. Do your due diligence - it is easy to be scammed so be careful.

Check your building's bylaws very carefully about rental regulations and follow them closely to avoid sanctions or fines.

To attract good tenants, make sure your unit looks livable, has basic good appliances (avoid the hassle of repairs - take out an easy maintenance plan with PSEG); and doesn't have anything that could be a hazard to a tenant. Remember working smoke and CO detectors. If the tenant has kids, you will need to have bars installed on the windows - do this ahead of time. Get a roster of trusted contractors in case repairs are needed while you're away (like a good plumber, electrician and/or a handyman that can be a jack-of-all-trades).

Remember to change your insurance to an owner renting out a residence plan - your homeowner's policy won't be in effect if you rent. Also require your renter to have their own insurance policy prior to renting from you.

At the end of the day, you have to think about the costs of being a landlord: the cost of a problem tenant - lost rent; a unit that won't rent; the cost of taking someone to court/recover damages; the cost of a management company; the cost of a new insurance policy; the taxes on the rental income you must declare; the cost of making your unit rentable, etc.

If you're making money, then go for it. If you're going to be in the negative, why bother?

Not sure if Chris Kearns is still doing residential work, but he is at the top of my list as a local realtor for rentals or sales. You might want to call him and chat for some more ideas - a really great guy.

Chris Kearns Linkedin

Good luck!

Hi all,

I'm a new poster but a longtime reader of jclist and am hoping I can get some advice from you about renting out my apartment. Please excuse the lengthy post.

I own and live in a one bedroom near St. Peter's College/McGinley Square, in a building that has 30+ apartments, about half owner occupied, half rented. Laundry in the building and a great super, but that's about it as far as amenities go. It's a nice building, nothing fancy but very well maintained and neighborly.

I'm now considering a job offer that would take me out of the country for at least a year, so I have to either sell or rent my apartment, and ideally do so very quickly, in the next couple of months. I'm leaning toward renting it out but have never rented before, so I'm wondering if anyone here has any advice for a first time renter, especially considering I would not be close by to monitor things once I leave for the job. If I were staying in the area I think I would definitely try to rent on Craigslist, as others here have advised, but since I will be out of the country once the place is rented, and possibly even before, would a realtor be a good idea, and able to handle things in my absence? Or would responsibly renting in this scenario just not be possible?

Second question, I bought the place cheap a few years ago and have been very slowly fixing it up a bit and upgrading. However, the apartment is still pretty rough around the edges. I'm guessing I would need to redo the floors and give the bathroom a facelift, also get a new fridge at the very least. Are there other things I should consider to try to attract quality tenants? Anyone recommend any handy people who could do this kind of basic facelift work at a fair price? I was laid off a couple of years ago (hence the move for a new job) so my budget would definitely put me in the basic, not too expensive category, but at the same time I recognize that 'doing it right' and paying for good quality is worth it in the long run.

Finally, anyone have any idea what a one bedroom in this area would go for, rent wise? I'll ask other owners in my building, but thought I'd ask here too. The space isn't at all fancy, like I said, but it's not a hole in the ground either - it's a little over 600 sq feet, on the building's top floor, sunny, quiet, a nice street, etc.

Well, thanks for any advice you can provide to a total newbie in this area. If anyone with experience thinks trying to rent from afar would be a total disaster and that I should look into selling instead, I'm all ears. Any advice on realtors is also welcome.