Rental Property Investor · Cleveland, OH · Member since 2017 · 7 posts · 0 votes
Hello everyone,
I have been house hacking for 3 years and I am in the process of closing on my first duplex. I am very excited about turning up the dial on my Real estate investing. I have been studying master lease agreements, and Lease options. Still a big time beginner and have many questions. Where can I find a Lease agreement, Option agreement? Is it advisable to buy a state specific template to have a document to edit to my specific deal? Should I just get a lawyer? I do not know any real estate lawyers. Thank you BP community, God Bless :)
@Spencer Farrar Well, good news is its your grandmother...but why not be professional from the start? There are many forms available here on BP up at the top there is a dark gray bar, scroll under "tools" you will find "FilePlace" its where seasoned investors come and share such things. BUT, they are unlikely to be state, and county specific as each can have their own laws you need to be knowledgable about.
But, my advise is to revise your question and look for recommendations from investors in your area on RE attorneys who specifically deal with investors and their paperwork.
One dollar invested now will save you $5 in the future. Plus, now you will have something of value to other investors you meet in the area to share for other things you need. It covers you correctly and will get you face time with a new member to your team that you should have BEFORE you start in this profession. Pick their brains and realize you own a business and your lawyer will help you protect it.
In the future you will need to use a lawyer less and less as you become more knowledgable, but as laws change a lawyer will help you keep informed ahead of your tenants.
I will search the FilePlace :), Find RE attorney (new member of my team). @Meghan McCallum Thank you very much for your insight. I will be sure to put it to use.