Tacoma, WA · Member since 2016 · 13 posts · 3 votes
Hey everybody!
So I am jumping headfirst into renting out my home. I've done lots of research on BP and elsewhere as to what I'll need to do it effectively. I even have some great prospective tenants interested via word of mouth.
Unfortunately, I do not know how to go about getting a contract agreement that I can print out for them to sign. I was recommended to on-site, but I don't see anywhere for a contract I can edit. It looks to me like it's just multifamily/apartments and they sell you software.
Does anyone know where I could download/edit/print a (preferably free) contract agreement to legally protect myself and my property?
Also looking for suggestions on ways to setup online rent payments. Again, the ones I was referred to seem to be for large complexes, or charge really high fees.
Rental Property Investor · Encino, CA · Member since 2016 · 324 posts · 178 votes
9y
OfficeMax and Staples have lease agreements but the best advise would be to pay the extra money and work with an attorney. If you need one just shout out to BP.
Tacoma, WA · Member since 2016 · 13 posts · 3 votes
9y
Hmmm. I will look into that, thank you. I was more looking for something I could edit online and print out. I've heard there are sites you can do this for free.
I'm renting my house due to necessity, and it will not be a high-earning rental. My wife and I divorced and I don't need the house (or mortgage payment), but it's way too early to sell. I would just like to rent it out and re-evaluate sale in a couple years.
Having said that, money is tight, and I am preferring to leave my savings for any emergencies or repairs necessary on the home. Paying a property management company, lawyer, monthly website fees, etc. are all options I'd like to leave off the table, if possible.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
9y
I much prefer the Nolo contracts to any apartment association contracts. The owner I worked for was a member of the local apartment association and could use their contracts for free (included in his dues), but I really hated them. Too complicated.
So, I suggest you pay for this Nolo book that would include the correct contracts/forms for your state:
I highly suggest you only rent your place with a month to month contract. Or, just a short-term contract, 3 or 6 months, but not a full year. That way, if somehow you ended up with a terrible tenant, you can more easily get rid of them.
Also, another great thing about a MTM agreement, is that you can change any terms with just a 30 day notice. Let's say there turns out to be a parking issue, or they allow a friend to move in, or just anything that you forgot to address in your original contract. You can change any terms with 30 days notice, and you don't need to get them so agree or sign anything. You just give them a 30 day notice of change in terms of the agreement.
I only used MTM contracts. I did not advertise a MTM contract, because then you'll get a bunch of people looking for a cheap hotel. If you already have a good tenant in mind, that's great. Sometimes they can fool you, though, so I'd just go with a MTM, just in case.
What they will often be worried about, is you raising the rent, if they don't have a lease. So, in that case, I'd just write into the contract that as long as they were a tenant in good standing, I would not raise the rent for 12 months.
Nolo also has other books regarding how to manage rentals. They're all written by attorneys, are easy to understand, and normally include forms, etc. They're really a great deal. I had the CA one, and it was my bible.
Oh, and I agree completely that it's better not to hire a management company. You seem quite capable of learning how to do it yourself, and then there is no extra cost or dealing with the possibility of a bad manager who may rip you off. Been there myself.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
9y
Also, there is a professional landlord here named Marcia Maynard, I think, who I believe has her properties in WA. It might be OR. I can't tag her, but maybe someone here could tag her. She is a wealth of knowledge and if I have the state correct, she would probably even have a contract she'd let you use.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
9y
Oh, and if there isn't a better alternative, my daughter let her tenants pay her with PayPal. If they choose the option to pay "friends and family," there is no fee for either party. I wrote up a simple agreement for them that said if there were any fees because they paid with a credit card, etc., that the tenant would pay the fee. It worked great for them.
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
9y
I have success using Google Wallet for the one property I manage myself. If you are handling it yourself and do not have much experience, make sure you take the time to prepare a proper application (see forms under Tools section above and modify as needed), find a good screening service (Transunion's Smartmove works well for me, with applicant paying them directly), definitely call/e-mail the previous landlords and verify employment. There are many people out there who look for inexperienced landlords who won't check up on them, then move in and take advantage, stop paying, move a whole other family in, etc.
Also, I second @Loren Clive's recommendation above regarding Cozy.co. Cozy provides a screening service ($40 fee for the applicant - however the credit report and background check gives you peace-of-mind that you selected a good tenant) as well as online rent payment.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
9y
+2 Cozy... free for landlords, lets you set up leases, add payments/fees.. and is free if your tenant uses a checking account, and only 3% if they use a credit card. My tenants love the flexibility!
Rental Property Investor · Charleston, WV · Member since 2013 · 262 posts · 109 votes
9y
+3 Cozy, only complaint is it may take 3-5 processing before it arrives in your account. I'd take that over paying $9, or anything, a month with many other services though.
Rental Property Investor · Phila, PA · Member since 2015 · 276 posts · 111 votes
9y
Contact a local realtor and ask them for state approved rental forms. Then just add a ton of addendums to it to cover any specific situations. For example, my rental lease has a space to notewhich appliances are included in rental. Our local laws only requires a stove be provided. I added an addendum noting that only a stove was included in the rent. Dishwasher, disposal, fridge, w/d not included as part of the rental. The addendum says essentially I can remove or choose not replace any appliances beside the stove. So if my tenant does not want to take care of my appliances, I have the legal right to remove them. I did pull something from BP that i used as part of the rental process. I believe this site has a files section. Whatever I 'borrowed' was great; I just can't remember right now what it was.
I used SmartMove for credit/background checks. Potential pays the fee.
I went the free and easy way for electronic rent payments. The tenant does an electronic xfer from their acct into a bank account I created for that purpose. The electronic xfer, until just this past month, also had the tenant name attached to the payment xfer info. Electronic bill paying is now a pretty standard offering of most banks. My rent payment comes in as cash on the day the xfer is made.
Real Estate Agent · Palm Springs, CA · Member since 2016 · 81 posts · 112 votes
9y
I would check with the Realtor I have on my power team and ask them for a lease agreement that they should have in their forms software. You may need to scan it into into your computer as a PDF, then it's simple to type in what you need to using a PDF editing software.
Here in Texas, you can go to the Texas Real Estate Commission website and download all the forms the Realtors use for free. I don't see that option on the Washington Real Estate Commission website. The Realtor forms will spell most everything out for you, offer both you and your tenant good and reasonable coverage and be in full compliance with all state laws as they've already been gone over (and created by) Washington State attorneys.
Rental Property Investor · Yardley, PA · Member since 2008 · 1k+ posts · 561 votes
9y
Find a local Real Estate Investment Association. They can help you find a good lease. I bought a lease written by a local eviction attorney...well worth it.
I use eRentpayment to collect rent. Their customer service is great.
I use Rentec Direct to manage the finances. The free version should be just fine for you. I find it very easy to use and understand.