Lease Agreement: Lawyer or No Lawyer
Hi BP, I'm new to REI and just started a rental property company (a LLC). I look to make my 1st purchase in the next 2 months but have a FUTURE question about lease agreement. I like to plan things ahead so I need some questions about leasing. Should I have a lawyer draw up my 1st lease for rental property or should I find one online. Any lease templates you guys/gals recommend? Also, can a lawyer draft up a standard copy that I can use for all my future properties?
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I think the best place to find a great lease is from a seasoned property management company in your area. You can probably buy a leasing package from them or pay a small admin fee to have them write it for you. You shouldn't have to reinvent wheel.
The State Association of Realtors leases in my opinion aren't bad but they are written by lawyers and brokers who specialize in sales. They have gotten better in recent years but they still have holes in them that may leave you on the short end of the stick.