So I will be closing on my first multi-family home (triplex) just outside of St. Paul, MN at the end of November. My wife and I will be occupying one unit and we have tenants in place for the other two units from the previous owner. I've been going back in forth on how to draft a lease agreement for my future tenants. I've heard many people who simply purchase lease agreements from OfficeMax (approved by a Minnesota attorney). However, I've also heard that many would recommend having an personal landlord attorney draft or look over my lease agreement...? Are both of these routes acceptable? Or is one better than the other? Or are there other routes to take?
Any advice/recommendations would be very helpful.
The first step is to research your state laws and know the steps for evictions,security deposits , late fees etc A standard lease that is state specific is your best bet to begin with . Go interview property managers,realtors,and local investors in your reia group This way you will understand what you want in a lease Then and only then if you feel you need a lawyer then your money would be better spent.Honestly a state specific lease from your realtor board should suffice
I live in Minnesota and had to look into this a few months ago. The state of Minnesota actually has a generic lease agreement that is pretty darn good. I’ll try to send a link once I get to my computer.
Updated 6 months ago
I uploaded the MN Standard Residential Lease Agreement. Go to the tools bar at the top and go to the file place. I named it "MN Standard Residential Lease Agreement".
If you are new to being a landlord I would look at the MN Multi-housing calendar and try to attend a principles of property management course the next time it comes up. They also sell lease forms you can use, you don't have to be a member to purchase forms.
@Samuel J Claeson I have seen the advice to just go to office max many times. It is incredibly awful advice. Those leases are not satisfactory for MN law. This lease is free and written by the MN bar association. It's a great lease to start with and then add clauses, which ideally you would have reviewed by a landlord law attorney. https://eforms.com/download/2015/11/minnesota-stan...
I have been using the one Tim described but have not had to test it yet.
Mmha is the one we use.
Thank you all for the helpful advice and resources!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.