Hi everyone! I'm starting off in the real estate world after a long time stock market investing and w-2 work. Still doing the W-2 so I can keep steady income.
I'm hoping to find and close on my first deal before the end of the year on a BRRRR house.
Looking to connect and build business relationships with lenders, other landlord investors, wholesales, and pretty much anyone else. Been doing a ton of learning and reading and running numbers, so soon I'll be able to put that into practice.
Question for landlords, how did you come up with your first lease? copy from someone else in the same area, hire a lawyer, PM company, type one up yourself?
Welcome, I’m an Investor and wholesaler in the St. Louis are myself.
First lease can be found In a number of ways:
Lawdepot.com can generate almost any document during the trial basis. I signed up, generated a doc for everything I could think of, and then opted out. Very useful and free
Buy the rental book combo from @Brandon Turner and it comes with a cornucopia of documents for running a rental business. Very useful and they come in word doc format so you can add clauses and adjust terms. The books are also useful
If you want to be super safe, get an rei lawyer to draft one. Relatively expensive but will be exactly what you want and totally abiding the law.
Thanks @Kyle Eckert I'll look into all of those options.
Find a good PM and they should have a rock solid lease that covers every sticky issue they've encountered over time. If you're just starting out, hire a PM while you get a handle on the business. You can always take over and self-manage later on if you find you have the appetite for it. Even if you self-manage, add a 10% management fee when you calc your expenses so you know you could always turn it over to management later and still cash flow.
Any recommended pm in StL?
@Peter MacKercher is our PM and we would definitely recommend his company. Good luck!
@Donald S. Your real-estate agent could also give you the standard lease from the Realtor association.
@Donald S. Don, if you have any questions about hard money lending just from a conceptual standpoint, I would be happy to discuss and point out the pro's and con's. Many investors utilize the power of leverage that hard money can provide to assist them in building their real estate business. Best of luck!
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