Lease Document Question

1 Reply

Hello,

I recently purchased my first property and am currently marketing my place for renters, however I do not have a Colorado rental lease agreement document yet.

I have been looking at the BP CO document for $99.  Has anyone bought this? Any other suggestions? I will be housing hacking so these will be room lease agreements. 

Let me know your thoughts! 

Thanks,

Cameron 

Congratulations! A lease is extremely important. You can find several good lease examples just by doing a search on google for colorado residential lease. I just did search myself, been a while since I looked. I saw a couple from property management companies in Colorado you can use. It would be a safe bet they have been reviewed by a lawyer. It was kind of how I developed mine. Years ago I used a property management copy to take care of some of my units, so I had copies of the leases. When we parted way I took the contract and modified it a bit to fit my properties. Over time I added things in as they came up, and I've since have had it reviewed by a lawyer about a year ago. Its very similar to the ones you will find by doing a search. As for the BP CO lease, not sure about it. I asked to read it, but was told I have to buy it and that it has a money back guarantee. I'm guessing it's pretty decent since BP is based in CO. I'm guessing though you may not have a lot of money since you are just starting out so a freebie off the net should work just fine. Just review it and make sure you are following local and state laws, federal as well. You can check the colorado tenant landlord handbook for a bit of guidance there, or ask a mentor to look it over once you have it. As for using a lease for rooms, I would use a standard contract. Just make to sure to have a way to easily and properly ID the rooms. You could label them, or use location like, 1st floor east facing without en suite bathroom bedroom for example. Good luck and I'll try to help answer any follow ups.