First time creating a Commercial Real Estate Lease
Hello everyone,
I was hoping to get some advice.
THE SITUATION
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My parents have a small commercial property that used to be a bakery/restaurant, which we use as storage but because of finances, we are now currently looking to lease the building to make some profit. They would like for me to be in charge of the leasing process, and don't get me wrong, I'm up for the challenge since I have always been fond of Real Estate (both Residential and Commercial) but I do not have experience in neither. I purchased a "Commercial Lease" made by NOLO from Office Depot, which my dad recommended me to do. His explanation was that what counts are the clauses that you add, that will protect us as landlords but by reading multiple forums about residential lease, I've learned that it's not as simple as adding any clause you like.
I have the following questions and although I'm sure the answer for most of these questions is yes, what I would like to know is if the cost is worth it given our current financial situation.
1. Am I over my head making the lease by myself or should we hire a Real Estate broker instead?
2. Should we hire a lawyer to have a look at the lease?
Any other advice you may have would be extremely helpful! Thank you in advance.