How Smart Landlords Handle Rentals

[PEERless]

See Bankrate.com's article, How Smart Landlords Handle Rentals. What do you think?

• Never accept a credit report that a tenant brings you
• Never listen to sellers as to what the expenses are
• Ask for a copy of a bank statement
• Buy adequate insurance and require renter's insurance
• Write your own lease
• Deal with lead, mold, and other hazards before there is a problem
• Consider a property manager
• Join an association
• Get an adequate deposit, before move-in, in cashier's check, certified check, money order, or cash

Form leases from an office supply store are tempting for beginners. I copy-paste all the best parts from dozens of lease examples I found online, but I add plenty of custom clauses that deal with property specific issues. I also bind a copy of the lease with a copy of the CC&Rs and cleaning and maintenance suggestions.

 

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[NoMoneyDown]

One idea is to use a lease that Realtors(r) in your state use. It has already gone through all the hassle of being scrutinized by lawyers. You will still need to double-check with your state laws, though, for proper figures to use and/or if you need to change it.

 

[PEERless]

run your lease by an attorney before you use it

When using copy-pasta, you're drawing from leases that have already been run by attorneys. True, you need to pay attention to local laws, but that's easily circumvented by Googling "idaho lease" etc.

***Official Advice*** Pay a crack team of attorneys and experts enormous fees to ensure your lease is legal. Pay whatever it takes. Take no shortcuts.

[Off the Record: If you are new landlord and don't have money to burn, there are many corners that can be cut with the help of the internet.]