Setting up first deal

4 Replies

Hi,

I just purchased my first rental property and am trying to get all my ducks in a row. First I'm working on the lease agreement. Does anyone have tips for St. Louis real estate lawyers or setting up the first lease in general? 

Also, I've come across a website called cozy.co which seems really helpful for screening and collecting rent. Any downsides to it?

Thanks!

Lee

why not get a lease from a local property manager? 

Hi Lee,

For about 12 years, I've used a slightly modified version of the lease from the landlord's guide on St. Louis City's website. My iPhone isn't letting me paste here, but just Google "St. Louis city landlord lease" and the first hit is "Inforent: A Landlord's Guide."  Click that and there's a list of helpful docs including a lease, rental application, lead paint disclosures, etc.  Also check out the Missouri Landlord-Tenant Law booklet in the same Google search. 

I've never used cozy.co but have been happy with TransUnion SmartMove for screening -- I think there's an affiliate link on Bigger Pockets. For rent collection I've just started giving my tenants deposit slips for a deposit account I set up at Bank of America. That way, I get an instant record of payment, the tenant gets a receipt, and they can make the deposit at any Bank of America branch. 

Hope this helps. 

Paul

Good to see someone from StL on here.  I live just south of St. Louis and I have a property manager I use that sets up the lease and finds me a tenant for my properties then I take over after they move in.  It's been a great system for me and saves me the time and hassle of moving someone in.  It also gets me the most updated lease every time a new tenant moves in so I don't have to buy or rework one.

I'm in st louis if you need any help. 

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