Who else has used the Bigger Pockets Pro Plan Lease?

Question

Hi all,

Our real estate agent provided us a free previously attorney approved lease, but I noticed it's outdated (example: it mentions 3 day notices but WA requires now a 14 day eviction notice for non rent payment).  I updated those specific issues, since I'm aware of the local housing laws so that isn't as big of a deal.

But the lease doesn't include some key things, which I know the BP authors have recommended (examples: no large vehicles in parking; no storage on lawn or driveway; quiet hours, etc.).  In wanting to incorporate those, and since I had the suggestions originally from BP, I'm guessing their paid leases that are attorney approved would be worth it?  Hiring an attorney to review it sounds like it would be expensive?

Wondering if others have used the BP paid leases and if it was worth it? Or if anyone had issues with them?

John Wright · Answer

@Kim H. I usually require security deposit immediately and the first months rent before the move-in date. I think the lease should itemize the security deposit AND have a separate section on how the deposit will be held, handled, and returned. Every state has specific deposit rules that you need to be familiar with so check your local ordinances. I think the most important thing to do is to actually go over the entire lease with the tenant before moving in.

John Wright · Answer

@Kim H. Hi Kim I have used the state specific leases included with a premium membership (if that is what you are referring to). No lease can cover every possible tenant/landlord scenario but I think it’s important to have the most common scenarios in the lease so that tenants know your experienced, professional, and that you will treat your rental like a business. With that said the only thing that I added to the lease was a specific termination fee if a tenant wants to end the lease earlier than the expiration date. You could also write up a “house rules” document separate from the lease in order to cover property specific items such as common areas, disputes with neighbors, quiet hours , etc.

Kim H. · Answer

@John Wright, Thanks for the follow up! I think I’ll upgrade my plan so I can access the lease.

Do you have a specific document you use for “holding agreement”? As in, a holding deposit fee if a tenant wants you to hold the property? Or do you have them sign the lease and require the security deposit immediately to hold it?