Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

43
Posts
13
Votes
Scot Sorenson
  • Minneapolis, MN
13
Votes |
43
Posts

I bought the BP lease and its more complicated then I thought.

Scot Sorenson
  • Minneapolis, MN
Posted Aug 7 2019, 17:51

Hello all looking for some help.  I bought the BP lease for Minnesota thinking they would have simplified everything.  Turns out its way more complicated to fill out then the current lease my PM is using. My PM is no longer around. I went to BP support and they just told me to go to the forums.  Can some one shed some light on how to fill this thing out? Or do you know of a good resource for a place for me to go to get my questions answered?

example 1: Premises ___ from twelve o'clock.  What do I put in that blank?

IMPORTANT: THIS LEASE IS A LEGAL DOCUMENT WHICH HAS IMPORTANT LEGAL CONSEQUENCES

2. Term. In consideration of the mutual covenants and agreements herein stated and subject to the terms and provisions of this Lease, Landlord leases the Premises to Tenant __?_ from twelve o’clock noon on September 1_, 2019_ (“Lease Beginning Date”) until 11:59 p.m. on _August_31, 2019_ (“Lease Ending Date”).

I feel like I would have to post every question I'm having like this.  So far not impressed with there lease or the support I've gotten.  This is my first lease with no PM.  Not liking this part.

IMPORTANT: THIS LEASE IS A LEGAL DOCUMENT WHICH HAS IMPORTANT LEGAL CONSEQUENCES

(E) Rent (including any Additional Rent) is due on the first (1st) day of each calendar month. Time of such payment is of the essence of this agreement. Any payments paid after the _?_fifth__?_ day of any calendar month shall be deemed late. Any late payments shall be charged an 8% ($__? 8% of rent?_______) late fee for the first day rent is late. All late fees shall be deemed Additional Rent payable by Tenant.

Also The lease only gives me spots for 2 tenants to sign.  I have 3.  Can I add one or do I have to have the 3rd one sign a whole different lease?

Any help would be great.  I'm getting ready to look elsewhere for a lease which sucks because I really like BP.

@Account Closed
 

Loading replies...