HI I'm becoming a first time long term landlord in WI. (We short rent 2 properties now) The house we are purchasing is going to come with a month to month. The current owner is using a property manager. I would like to deal direct with the tenant. Is there a way I can get a lease for my state without having to buy one? I would appreciate any help! Thanks, Tracy
In my opinion Tracy anything that is written by people with depth of knowledge on the state statutes you are going to have to pay for. It offers you so much piece of mind to get it from a source like Wisconsin Legal Blank. Yes it costs money but they have a reputation for being legally upheld leases in court. The last thing you want is a lease with illegal clauses in it. SO personally I would just pony up the money.
@Tracy C., If you are looking for cost effectiveness, I think Wisconsin Legal Blank will be the way to go. I don't see any attorney being able to help for less money. Wisconsin Legal Blank has an attorney draft their documents if that's your concern. They are drafted by the #1 real estate attorney in Milwaukee.
@Tracy C. - Corina is spot on! The leases are cheap and excellent; written and updated every year by the #1 authority on the subject Tristan Petis. And they are very inexpensive! Complete no brainer.
Order the small lanlord kit in US letter size with acrbon copies.
You can terminate the old lease with propert notice and then offer to sign a new lease with you. WLB has all forms you could ever need.
Sometimes its best though to do some updates and find your own tenant; existing tenants tend to have seniority issues, they have been there longer than you.
Marcus, Actually we would like to keep the current tenant for awhile. And they have said they want to stay. We are buying the house to Short term rent it but thought for now while things are getting cancelled to just keep the long term tenant in there for now. The rent is on a higher dollar level so I don't think it would be easy to find someone quick. The current owner is using a property manager and we want to go direct with the tenants. Once the property sells the contract with the current owner and their property manager cancels out right? Then we immediately approach the tenants right? The current owner has about 35 long term rentals and is buying and selling properties all the time so their property management company should be used to this happening with him.