[msnln]

I have three rental properties. One I had over 10 years (others I had 8 years and 5 years) and so far I have not had any problem, other than gaps between leases when I do not get paid rent. I think the key to having a successful rental property is having the right agent. I have RE agent, whom I have worked with for over 5 years and she is just great! When she finds a potential renter for the property, she get standard rental application, past year's tax return and previous two pay stubs from the potential tenants. She then runs a credit check on them and bring me the package for me to review. She reviews the file and does not even bother bringing the file if she does not feel comfortable. I had one tenant that had made improvements during her stay and when she moved out, insisted she repaint the premise saying she wanted to leave it in original move-n condition!

To find the right tenant, I have had property vacant for up to six months but I think that is a lot better than finding a tenant from hell and having to go through the legal process to remove them. The process can take over a year and once the process is started, you can pretty much kiss any future rents good bye. If you know what you are getting into and find the right tenants, I think it is a good investment. But before buying an investment property, you need to run the numbers to see if the venture is profitable. With high RE prices, I don't think positive cash flow deals exist right now, especially here in NY area.