Property Manager · Troy, NY · Member since 2017 · 204 posts · 81 votes
We are closing on our first property Friday and have plans to rehab and rent it ASAP. We have drafted (and re-drafted and re-drafted) our first lease using the NOLO landlord book and other resources. Is there anything you have added over time you wish you had included in your first lease?
Evergreen Park, IL · Member since 2016 · 138 posts · 59 votes
9y
There is a lot of stuff that should be included over the NOLO. Not so much from a legal aspect, but more from a rules and regulations aspect. For example, do you allow ball playing in the yard , what about tenant and guest parking? What happens if they leave stuff in the garage or unit after move out? If you have a wall AC unit, is it your responsibility to repair it? From a legal aspect, NOLO isn't horrible like many would have you believe. We ended up having our lease reviewed by an attorney and the difference was negligible at best. You end up paying for peace of mind (which, granted is worth something) that it is a valid lease. If u were to be leasing commercial or something more complicated, that is when I would really worry, but just my 2 cents.
Property Manager · Troy, NY · Member since 2017 · 204 posts · 81 votes
9y
@Jeremy Marek This is super helpful. Any resources you recommend in addition to having our attorney look at it? He looked at an earlier draft and didn't add much value. The core of our lease seems fine, but it really is the rules and regulations that are lacking.
I was looking through threads for this exact question - we're purchasing our first quadplex, and I was wondering what your own answer to this question is a couple years under your belt! Advice?