New home owner with lots of questions...
Hi, BP community! I am new here on the blog and also as a homeowner. I have some very basic questions, and figured I would throw them out there and see if I can get pointed in the right direction.
1. Where do I find a good lease? Or do I make my own? Is this something I will have to pay for or can I find them for free somewhere?
2. What other documents should tenants sign? If any?
3. Has anyone on the forum had a good experience with furnishedfinders?
4. What else can/ should I be doing to get ready to rent 3 bedrooms in a house where I will also be living in about a month once the rehab is finished?
Thank you for taking the time to read this and answer my questions. If there are any books people recommend for new landlords, I would also be interested in that.
~Arianna
First thing, learn the law. Research your local, state, and federal laws regarding being a landlord. Since you will be living in the house, you are exempt from some of the laws. Find out what you can and can't do, how much of a security deposit you can request, what screening criteria you can use, do you need a rental permit or inspection, etc.
Do not make up your own lease from scratch. Unless you are a qualified real estate attorney practicing in Tucson, you will screw something up. Get a standard lease from something like the Arizona Realtors Association (or whatever they're called) and build on that. Add clauses that make sense to your wants and situation.
In addition to the lease, find out what you need to have the tenants sign. In my area I have to provide notice about lead pain, bed bugs, mold, rent control, sex offenders...
Your state (maybe city) probably has some sort of apartment owners association. Find it and join. They will help answer a lot of you questions.
1. NJ Association of Realtors has a standard lease, which is what we use. Found for free on net. Maybe AZ has an analog. If not, BP sells state-attorney reviewed leases.
2. If you allow pets, a pet addendum.
3. Used FurnishedFinders in my market and it yielded nothing. Different markets yield different responses.
4. Facebook Marketplace is great for us for rooms.
Best wishes!
