My wife and I recently took over the property management of our investment property and wanted feedback on what items we should write into our lease to best protect our interests. Interested to see what's worked/didn't work for you in the past.
Look forward to everyone's feedback! Also, let me know if you'd recommend posting this in another forum as this is the "Starting Out" board.
Not knocking you for taking over management of your property but this is a prime example of why professional management matters. PM's have leases professionally drafted to protect the interests of the owner and client already. My lease has been tested in court hundreds of times and runs circles around anything a homeowner could produce on their own (unless they spent thou$ands in attorney fees).
In any case since you are in Texas, the TAR lease agreement is incredibly thorough and covers a ton of stuff. Get a copy from any Realtor in Texas and use that as your starting point.
Hi @Angela Ferrell ,
Congrats on your decision to manage your investment property! Starting out with a good, state specific lease is important and a good opportunity to connect with a local landlord/ tenant focused attorney. Our attorney put together a lease review checklist, I'd be more than happy to share it with you. If you want to send me a PM, I'll be happy to send it to you. If you have any other questions, please let me know.
Thanks for the feedback so far.
Robert - totally agree with you and it was not our intention to create our own lease. We ended up taking on the property management as the company we used did not have our best interests at heart and we're capable of managing the property on our own. We decided to use the Texas Apartment Association (TAA) lease contract as that's what our prior management company used. To clarify, we're looking more for any additional "amendments" you wrote into a lease as a best practice to further protect your interests.
Meghan - we evaluated an attorney drafted lease, but it was fairly pricey and decided utilizing lease forms that have been previously used and are widely accepted was more appropriate. As I'm a Project Manager in my day job, I'm interested in the checklist you mentioned and will PM you.
Thanks for the feedback!
Watch your state laws!
A thread on this topic. :)
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