Rental Property Investor · Scottsdale, AZ · Member since 2019 · 15 posts · 13 votes
Hi everyone!
New investor in Scottsdale, AZ looking for advice. I'm putting my Old Town condo (1b1b) up as a residential LTR and want to make sure all of my bases are covered. I have been recommended a variety of different options on how to proceed. I of course need a lease for tenants and am looking for advice on how to proceed.
- Has anyone used the Bigger Pockets one approved for AZ?
Just in case you don't get a better answer, I paid for the biggerpockets Ohio lease and was surprised at how comprehensive it was. I am using it with a couple minor modifications about things that don't apply to my situations. Has not been tested in court yet though :)
Just in case you don't get a better answer, I paid for the biggerpockets Ohio lease and was surprised at how comprehensive it was. I am using it with a couple minor modifications about things that don't apply to my situations. Has not been tested in court yet though :)
@Lacey Daebel The Arizona Association of Realtors Lease is by far the most commonly used and tested lease in Arizona. As a result, it has the most court testing and precedence in my opinion. It's not perfect, I add language and an Addendum to it but it's a great start.
@Doug McVinua I was recommended to use this one from a realtor, it does look thorough. I was concerned using it myself being an unlicensed landlord and if I would run into issues with that. Thank you for your advice!
@Account Closed Awesome! I'm happy to hear the positive feedback on the lease. Thanks for your insight!
The Ohio biggerpockets lease had a few mistakes, especially a major one concerning the writer not understanding how interest may be due on a a security deposit; their calculation was wrong and I emailed support about it--someone making a major mistake like that is a big issue to me, as any lawyer or real estate agent from Ohio would have easily caught it. I asked for a refund. I combined a few apartment complex leases and had a real estate attorney edit from there. Much better result overall.
The Ohio biggerpockets lease had a few mistakes, especially a major one concerning the writer not understanding how interest may be due on a a security deposit; their calculation was wrong and I emailed support about it--someone making a major mistake like that is a big issue to me, as any lawyer or real estate agent from Ohio would have easily caught it. I asked for a refund. I combined a few apartment complex leases and had a real estate attorney edit from there. Much better result overall.
Thanks for this note, I am going to check that myself. My understanding is that you have to pay 5% (i think) on anything above an amount equal to the monthly rent?
so if rent is 500 and deposit is 700, you have to pay 5% on the 200 difference..
Hi Lacey, unfortunately, I haven't so I will defer to others on this. However, I will say that there are some options out there that allow you to pull your local residential lease based on your property's address. Once that lease has been pulled you will be able to customize it with your own custom lease clauses and renter rules. Again, a lot of great options out there. @Lacey Daebel