Drawing Up New Lease for Good Existing Tenant

[Mitch Price]

Quick Question:

I need some good resources/ online property management sources for drawing up a new lease? I have the previous lease from the previous owner, which isn't too bad. Meaning Im not going to change too much from that one to this new one (I am raising the rent, but other than that most of it will stay the same) Im just wanting the best option for a good new lease and possibly an online property management resource to use. And if it is worth it?

- What are good sources for drawing up a lease?  (Georgia specific would be great!)  

- Websites? Online resources?

[Mitch Messer]

Hi @Mitch Price and congratulations on having such an excellent name!

I can certainly make some suggestions on a Georgia-tested lease, but I've gotta say this first...

If you're raising the rent anyway, I would strongly urge you to consider adding in enough margin to have the property professionally managed.

Property management is where most buy-and-hold investors lose their shirts! Doing it poorly will make you not want to get up in the morning, and most landlords do it very poorly.

Rather than trying to source and then assemble all the key components of a comprehensive and bulletproof property management system (e.g., lease management, repair management, payment processing, lease renewal management, etc.), find someone who already does that and then let them do their job.

That way, you can focus on your job: finding great deals!

You probably won't listen; I certainly didn't, twenty years ago, when I was told the exact same thing. But, you really, really should!

That said, Dyches Boddiford is an old-school Atlanta-based investor and real estate trainer with impeccable paperwork. Google him for his website, then go buy whichever incredibly underpriced course of his that has his Lease Agreement. Run it by your favorite attorney and then study every paragraph until you know it like the back of your hand.