Updated about 5 years ago on . Most recent reply
How To Create A Lease For Dummies
Hello! I'm currently planning on buying a rental property in the near future, more specifically a duplex. I was wondering how I would go about making a lease and any other details that should be included.
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- Real Estate Broker
- Cody, WY
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Devonte, the first thing you need to do is educate yourself. Even a perfect lease agreement will not tell you how to screen applications, deal with late or unpaid rent, and the hundred other problems Landlords face on a regular basis. I recommend you build a strong foundational understanding of how to be a Landlord before it eats your lunch.
BiggerPockets has a bookstore that includes a good book on managing rental properties. Or you can buy my personal favorite, Every Landlord's Legal Guide by NOLO. I prefer this one because it is updated every year and includes state-specific laws. They also include some free forms to edit/use and have a great website resource. Reading a book will teach you about 80% of what you need to know, then you can come back and ask better questions to get more specific answers.
As for the lease, there are thousands of different versions. You can't possibly know which one is good or bad because you have no experience. Getting a lease from a stranger on this forum is a terrible idea because you don't know if they are a trust-worthy, honest, experienced Landlord or if they're just passing you something they found for free on the internet. BiggerPockets has already done the work for you and created a Landlord Package that is in compliance with your state laws. It's only $100 or you get it included with your Pro upgrade. I manage 400 rentals, network with thousands of Property Managers around the country, and I've literally read hundreds of lease agreements. Trust me when I say the version on BiggerPockets is better than most and more than sufficient for your needs. Save yourself the trouble and buy what they've already built.
More importantly, educate yourself. The lease is a tool and it's only useful if an educated person uses it.
- Nathan Gesner
