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REAL ESTATE How Smart Landlords Handle Rentals

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PEERless

Bronze Contributor
Jan 23, 2008
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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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JScott

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Aug 24, 2007
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  • Write your own lease
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.
Keep in mind that there are some lease clauses that may be legal in one state and illegal in another. So make sure to run your lease by an attorney before you use it...
 

NoMoneyDown

Contributor
Read Millionaire Fastlane
Aug 28, 2007
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Round Rock, TX
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.
 
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PEERless

Bronze Contributor
Jan 23, 2008
1,469
106
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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.]
 

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