[Girly TT]

We are in negotiations on our first income property, just waiting for final inspection now before signing papers.

But I'm a bit concerned about tenant lease agreements.

My mom has had rental properties for quite a few years now, and I've seen her deal with some real pain in the ass tenants, etc.

Is there a place to download a pretty solid lease agreement that covers most bases, that I can download and print out? Or is it really something I should pick and choose from sample agreements and write my own up?

 

[Justin D]

If you're concerned I would have your attorney draft one for you.

 

[s_runner01]

Have an attorney draft up a solid agreement (and it's a tax write off for you )

 

[DialM]

Also, what is legal varies from state to state, and sometimes by city. See if there is an apartment owner's association near you, and join it. They will have forms, and references to local attorneys, etc.

 

[DTS-Photo]

Research the state's tenant/landlord laws. uUually their is a boilerplate you can utilize and modify to your needs.

But as stated, lawyer is always the best option, and it is a true business expense.

 

[slik560]

Great advice above - actually, do both: find a template generic lease and then have your attorney review it. It would save him drafting time and you would get your agreement form quicker. I've got a sample I could send, but it's for Kansas.

 

[Lmal355]

we manage about 800 Units grade B residential housing in NY/NJ. Pm Me i can send you some PDF's

 

[s2kstephen]

I had a fellow RE investor whose a realtor write up mine and had it reviewed by an attorney.

One item I've found to be particularly helpful with SFH/TH residence is to place the responsibilities of any repair under $250 the tenants responsibility. That excludes common sense items or non-essential upgrades(ex. a/c unit, appliances, weather damage or wanting to upgrade a thermostat, adding screens, etc). It hopefully places a little more responsibility on the tenant to keep the residence in good working order. I don't want my maintenance guy getting a call at 2am because the sink if dripping, a light bulb is out, etc. So far I've had good results.

The other method I use to inspect a home to see how the tenant are doing upkeep; I have a friend who does pest control and I have him "spray" the home 2x a year. He makes a full inspection of the house to see if there is any unreported damage, either by the tenants or just wear and tear, and then reports to me. He'll will actually spray chemical's if needed.

 

[Thiassi]

I have had a few. I am also working on one now to rent next month. There are lots of websites where you can pay a fee for background checks and lease documents.

 

[mindpro]

In most agreements, you need to make sure you collect some advance payment as a security in case of damage. When buying or giving out your property on rent, it is important for you to read the agreement properly.