All Forum Posts by: Eddie Memphis

The best place to start is your lawyer's office. He will have an area specific lease that can be tailored for your property and your needs.

Using a lawyer will be more expensive but removes a layer of liability from you.

The lease is the most important document you will have as a business owner. Ensure it is prepared correctly.

What is the damage? The HOA has insurance for "studs out" meaning the building exterior. Any internal damage is your responsibility. Call your insurance company and make a claim. Your tenant's renter's insurance will cover their personal property.

You did require your tenants to have renter's insurance, right?

No.

Always, always require renters to have their own insurance.

Daniel,

Get a lawyer. He will have a lease specific to your area and can add anything you can think of. It is worth the few hundred dollars it will cost you, not only for a correct document but also he will be responsible for any errors.

It is good to have a lawyer on your team. You will likely need his advice in the future.

This is a reason to have an umbrella policy that raises your personal liability in case you get sued. Ask your agent to quote one for you.

Kate,

This is none of your business. You supply a place to live. You are not an arbiter. 

The need to settle their own dispute like adults.

Spray foam or steel wool.

It's usually not much trouble. Pretty easy in most states.

As for taxes, ask your accountant. You have one, right? 

If not, you should for exactly these questions. It is well worth the few hundred dollars now that can potentially save you many more in the future.

Garen,

Look at it from a renter's view. Are you likely to rent a place that has a big hole where there could be a clothes washer? Doesn't seem very homey, having to go to the laundrymat.

Or will you pay a bit more to have your very own brand new appliances, right in your home so you can wash a blanket when the baby barfs on it?

I consider in unit washer and dryer a must. I supply. I install. I have happy renters.