Durham, NC · Member since 2016 · 125 posts · 42 votes
As of today, I've been told my offer has been accepted for my first investment property! Exciting. However, I'm hustling to get everything in order to fill it.
The house is move in ready as of now, and I won't be closing until the start of January. In the meantime, I'd like to get all my ducks in a row.
I'm getting pictures of the property, posting them on zillow, facebook groups, and putting out signs pointing out the house for rent.
Questions:
- Are there recommended websites for putting together a lease agreement? Making sure everything is covered.
- What are the recommendations investors here have for tenant screening? Outside of verifying income. Are there certain resources that cover all needed areas for this, as well?
I realize I'll be looking for tenants outside of peak rental time. Should I change my strategy from what it would be if I was renting it at a more popular time? Would consider opening it up for shorter.
Investor · Englewood, CO · Member since 2015 · 158 posts · 140 votes
9y
You are creating a legal contract. It's one of those things that is best left to an expert.
I believe in using a lease a lawyer drew up. My guy has been doing it for years and it costs one hour to get a lease specific to a property. That way, if there is a problem with anything, it falls back on him.
Real Estate Investor · Abington, MA · Member since 2011 · 356 posts · 114 votes
9y
You should be able to find state specific lease agreements on websites like legal zoom. I would speak to local landlords and see what they like to include that is not included in the state specific agreements. Any additions you should run by your attorney.
Set your parameters for choosing a tenant before you start taking applications and run that by your attorney too. For example you may pull a credit check and decide up front that you are not renting to anyone who has a FICO score below 650. If you have a solid list then your denials will be hard to challenge from those who feel you are discriminating. I am sure people with more experience will be by to post their suggestions as well. Happy Investing !
San Francisco, CA · Member since 2016 · 238 posts · 204 votes
9y
@Ben Kirchner - Congrats on your first rental property.
(1) Use a State-specific lease. You can check out LegalZoom or RocketLawyer.
(2) You will want verification from their former employer and landlord. You will also want to pull credit and background check (although you can't "blanket discriminate" against someone with a criminal history).
(3) This is a very smart question to ask ... and yes, you want to change it over to a summer turnover. Try to get the tenants to sign an 18 month lease ... or a bit longer so that you are getting closer to a summer turnover.
Investor · Englewood, CO · Member since 2015 · 158 posts · 140 votes
9y
You are creating a legal contract. It's one of those things that is best left to an expert.
I believe in using a lease a lawyer drew up. My guy has been doing it for years and it costs one hour to get a lease specific to a property. That way, if there is a problem with anything, it falls back on him.