How does the community handle applying 'rules' for multifamily investing? To clarify, there are several things that a landlord (me) would put in the lease regarding when to pay rent, pet policy, military clauses, etc.
However, I have a duplex that will soon be rented by two tenants and I want to make sure I have a set of rules for each tenant to abide by to 'keep the peace.'
I was thinking of putting a clause in the lease simply stating that the 'tenant agrees to abide by the rules set forth by the property manager' or something to that effect (obviously have an attorney review).
The rules would be guidelines similar to an HOA set of rules like "no loud music or excessively noisy pets, clean up pet waste, no parking on grass, no broken vehicles, etc"
How do multifamily property managers handle these?
Thanks for the help!
@Tim C. In my area a landlord is able to stop at a store that specializes in legal forms. They have a landlord kit that in addition to a lease includes a Rules and Regulations form and a Non-Standard Provisions form. Both these forms consists of a large number of rules and restrictions placed on the tenants, about everyone you can imagine, and they are written to conform to our state laws. It is a lot easier than me trying to come up with my own list of rules. So I guess if I were you I would check if there is a similar store in your area where landlords can purchase leases and related forms.
We supplement our core "Rental Agreement" with several supporting addendum, one of which is "Property Rules". We tailor our property rules to meet our needs and it is always a work in progress. Common sense is not always common, so many of our rules are a restatement of common sense. Many landlording books have examples of property rules and you can also get some good ideas by checking out the rental agreements of other multiplexes in your community.
Marcia Maynard, Fischer Properties | Podcast Guest on Show #83
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