What do I want to add to a standard NJ lease?

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What do I want to add to a standard NJ lease?

Michael Wolffs
New York City, NY · Member since 2014 · 155 posts · 41 votes

I'm completing the renovation of my first property.  So, I'm going to be looking to lease the units.  This means I need a lease.   This is in NJ.  A broker I've been working with send me the NJ Association of Realtors standard lease.  I'm sure this is fine as far as it goes.  I'm guessing it likely doesn't go far enough, and I'll likely need a rider to cover more issues.  This brings up a some questions:

- Should I use this lease as a base, or is there a better form lease to start with?

- What items should I add to a standard lease?  Are there are things that usually get left off that need to be covered.

Any help appreciated.  I'm especially looking for help from NJ landlords/investors who have state specific knowledge.

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Al Williamson
Rental Property Investor · Sacramento, CA · Member since 2011 · 2k+ posts · 1k+ votes
11y

I like the Mr. Landlord.com leases, they have some clauses that give your more control over your property. For example, it's good to have monies applied to fees first and rent second. It's easier to evict for rent issues than back fees.

Best to you

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  • Al Williamson
    Rental Property Investor · Sacramento, CA · Member since 2011 · 2k+ posts · 1k+ votes
    11y

    I like the Mr. Landlord.com leases, they have some clauses that give your more control over your property. For example, it's good to have monies applied to fees first and rent second. It's easier to evict for rent issues than back fees.

    Best to you

    2Reply
  • Teresa F.
    Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
    11y

    Hi Michael -- Hopefully some NJ folks will chime in.  Two thoughts --  in DC you have to give 30 day notice prior to filing for eviction unless the lease specifically states that the tenant is waiving notice.  You may want to see if New Jersey has some sort of similar law.  Second, check state, county, and local rules regarding pets.  Certain counties in Maryland have breed restrictions.  When an applicant answers "yes" to pets, they get my pet application which requires a picture of the pet.  At lease signing or move in, I want to see the pet.  Best, Teresa

    0Reply
  • Kevin Hill
    Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
    11y

    Use the standard lease and add an addendum. In the addendum, I would add things like no smoking, no treadmills, etc. I would also put in a provision to allow the apartment to be shown during reasonable hours with notice if they decide to not renew the lease. 

    Also, if the tenant is responsible for example, for the first $100 any repairs.

    You could also provide in the addendum the names and phone numbers of the local utility companies, water, and cable providers that they need to contact to put in their names.

    0Reply
  • Michael Wolffs
    OP
    New York City, NY · Member since 2014 · 155 posts · 41 votes
    11y

    All good ideas.  Thanks.

    Keep 'em coming.

    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    Oh my, that lease has so many loopholes @Michael Wolffs.  I can send you a much better one to work with.  Regular real estate brokers who don't do any buy and hold investing don't add much value when it comes to what really important, like protecting your investment.  Standard leases are basic and meant to get a place rented by realtors quickly.

    862-208-2287Podcast Guest on Show #48
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  • Michael Wolffs
    OP
    New York City, NY · Member since 2014 · 155 posts · 41 votes
    11y
    Originally posted by @Darren Sager:

    Oh my, that lease has so many loopholes @Michael Wolffs.  I can send you a much better one to work with.  Regular real estate brokers who don't do any buy and hold investing don't add much value when it comes to what really important, like protecting your investment.  Standard leases are basic and meant to get a place rented by realtors quickly.

     Darren,

    Please do.  I sort of realized that lease is a bit, um, lightweight.  That's why I'm asking.  Is my email visible?  If so, please email me a copy of what you're using.  We can also talk about this at the upcoming meetup.

    Thanks

    0Reply
  • Chris Townley
    Urban Planner/Designer · Highland Park, NJ · Member since 2015 · 31 posts · 5 votes
    11y
    Originally posted by @Darren Sager:

    Oh my, that lease has so many loopholes @Michael Wolffs.  I can send you a much better one to work with.  Regular real estate brokers who don't do any buy and hold investing don't add much value when it comes to what really important, like protecting your investment.  Standard leases are basic and meant to get a place rented by realtors quickly.

     @Darren Sager, I'm in a similar situation as @Michael Wolffs, and would love a copy your lease also. If you could please send it to me, I'd appreciate it. 

    0Reply
  • Michael S. Helton
    Real Estate Redeveloper · Reno, NV · Member since 2015 · 209 posts · 65 votes
    11y

    @Darren Sager you should do a blog post explaining your lease!  Can I jump on the bandwagon to get a copy?  I would love to see it.

    0Reply
  • Lucy Jacox
    Investor · Little Falls, NJ · Member since 2016 · 1 post · 0 votes
    10y

    @Darren Sager can i get a copy of your lease also? My first tenants just moved out and I my lease didnt have appropiate addendums.

    0Reply
  • Esther Seme
    Member since 2021 · 21 posts · 2 votes
    4y

    @Kevin Hill Thanks for providing you feedback regarding lease addendum. Is this option still current today? If possible, may you recommend a site where I can obtain a lease please. 

    0Reply
  • Esther Seme
    Member since 2021 · 21 posts · 2 votes
    4y

    @Darren Sager This is an old post, but may you please share your lease with me as well? 

    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    4y

    @Esther Seme I don't share my exact lease with anyone anymore since Josh Dorkin highly advised me against it for liability reasons.  Happy to share with you a good base lease if you like that you'll need to modify for your own use. That work?

    862-208-2287Podcast Guest on Show #48
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  • Esther Seme
    Member since 2021 · 21 posts · 2 votes
    4y

    Hi Darren, 

    I’m very sorry for my late reply. I totally understand your reasonings. I will happy appreciate any information you share please. Thank you. 


    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    BiggerPockets sells a Lease Agreement Package for $100 or it's included with an upgrade to PRO (I think). The lease was written by investors and has been approved by attorneys in every state. I have my own that I built myself, but I've read through the BiggerPockets Lease and it's as good as any. 

    Don't get caught up in the idea that you need a 26-page lease that covers everything. If it weren't for the 5-10% that are bad, we could operate on a handshake. Make sure the lease covers the big things and move forward.
    The DIY Landlord Book4.7247 Reviews
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