Hello! First buy and hold property...

6 Replies

Hello Everyone!

I have been loving getting acquainted with the BP community. Between the podcasts and blogs there is so much information and such a great network. 

We are in the process of purchasing our first buy and hold property in Northern Colorado. I was wondering if anyone had a resource they would recommend for all the rental paperwork, lease, application, etc.?

Thanks!

Jennifer

Hi Jennifer S. , this is exciting news! I have friends that are also new landlords in Ft. Collins, I'm in Pueblo. I would love to help if there are any questions I can answer for you or point you in the right direction! 

Promotion
RentRedi
Smart Tech For The Smart Landlord
The Smart Way To Manage Your Rentals
Enjoy growing your portfolio without paying more for it. Unlimited units & easy-to-use apps.
Get Unlimited Units

hi,

Turbotenant.com worked great for me.  Was free and easy to use. Once you have hand picked potential tenants, they can log into the site and pay $35 for credit and background check (extra 10 will include the eviction check). They can also fill out a applicant form which includes all the important info you need (references, etc.). The site also advertises the prop perty for you for free. I was really impressed with the simplicity of the site.  For lease, I bet someone on this site will have a template or else spend the 75 ish on a lease template specific for Colorado.  These can be easily found online with a search.  I also recommend having potential tenants answer simple 5-10 questions to help you pic which tenants to like before they spend 35-45 on the application.  Questions about pets, confirming they can pay deposit up front, their income, their occupation, etc.

Jennifer S. in reality you only need a lease if something goes wrong. That said, Murphy's law prevails. I would not suggest getting a lease off the internet. Colorado has some laws that require certain items to be included in the lease. Unless you know the law, you won't know if the free internet lease has the needed items. 

To start with a lease, I would recommend that you contact a local attorney that specializes in landlord representation. Get them on retainer and they should share a copy of their lease with you or point you in a direction to get a good one. Don't put together a lease and then ask an attorney to review it. That will cost you a fortune.

@Jennifer Slaughter

Great job on your first rental property.

I have a few lease options rented out right now and have just used a lease I made on lawdepot.com and also a random website I found on google for background searches and eviction history.  How did you find your rental?

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you