Just Finished My Rehab Time to Rent?

[Randy Campbell]

So I just spent the last 4 months rehabbing a previously foreclosed home in Central KY. I’ve put a lot of time and money into doing so and have built great equity in this property already. My Question now is this what’s my next move. I have spent months trying to educate myself on the process of managing it myself and looking into the pros and cons of utilizing a property management company. I would really like to manage it myself but the legalities of doing so kinda have me a little scared to be honest. For example if I was able to put everything into the lease agreement that I wanted too it would be 30 pages which I completely understand would detour anyone from wanting to rent from me. I know everyone recommends finding an attorney to review your documents but then how do you know your selecting the right attorney. Really wish I had a local Mentor but unfortunately I live in a small town and it doesn’t seem like there is a lot of people willing to help. The legality of it all kinda has me stumped.

[Wayne Holliman]

@Randy Campbell Randy, When we did our first house we talked with several real estate agents about rental property and leases. We live in a very small town outside Birmingham and folks here are pretty laid back. The agent recommended a closIng attorney abd I went and met wIth her. She had a lease that she recommrnded and gave me for free. The attorney will help you with the state rental laws and keep you from having a 30 page lease. You will want an attorney familiar with real estate on your team. They will be handy when you Tenet issues. Talk to bankers and real estate folks about local attorney’s, then go meet them. It’s a free meeting and you are interviewing them. Good luck Wayne