Having a solid lease is your best game plan

Having a solid lease in play from the very beginning for each one of your tenants is the best game plan you can have as a property owner. You want to make sure that your lease is one professionally. This is an extremely important document and should be created by your personal attorney. This is not a document that you want to simply pull off of the internet and call it a day. This lease is the only leverage that you have over your tenant if they decide to stop paying you. The lease also needs to be concurrent with your specific state laws for the state in which the property is located.

Roommates and Lease Agreements

Make sure that if you do have a situation where roommates are sharing a property that you are renting out that they are all held equally responsible for maintaining the lease agreement. This makes sure that both parties are also responsible for their credit as well when it comes to the property agreement. Set standards strictly in your lease agreement for terms concerning smoking inside of the property as well.

Pet Laws and Service Animals

Make sure that you have strict pet laws in your agreements as well. You need to specify the types of animals that you allow to live on your property and also what deposit or pet rent will be charged for the pets to reside there as well. Make sure that you are up to date with service animal laws for your state and follow the correct laws to allow those with proper paperwork to have service animals with them in the properties that they rent.

The importance of being thorough

You want to be detailed, even overly detailed if necessary, when it comes to your tenants and the lease that they will sign to rent one of your properties. You want to be sure to go over the lease with them before they sign so that both of you are certain that there is a clear understanding of the agreement. You do not want to leave any room for any misunderstandings in the future. By being properly prepared, you are in the best position to protect your property and yourself if you have any future problems with your tenants including but not limited to them paying their rent.

Conclusion

Conclusively, a lease agreement is the most important part of the transaction concerning your property and the tenant or tenants that will be residing in it. You need to be fully informed of what they are signing and so do they so that there are no accusations of a misunderstanding in the future. You want to be absolutely certain that your tenants will be in full understanding and compliance with the lease that they sign with your property management company.

You might also enjoy

All About Taxes

While many of the events of last year were unpredictable and unprecedented, we’re now at the time of year when we need to address a very predictable and recurring event: paying your taxes. If you’re a real estate investor, there are numerous deductions you can claim, including some you may not be aware of.
Before I get into the particular deductions, my number one piece of advice is to hire an experienced CPA. While it may be tempting to save some money by doing your own taxes, real estate tax law is extraordinarily complex and you could easily wind up paying more than necessary. It will be well worth your time and money to hire a CPA to make sure you follow the best approaches for your deductions and you take advantage of all of them.

Read More
Scoping out the perfect short sale home

Finding the Right Short Sale Property
If you’ve been considering an investment in real estate or buying a home, you may have found yourself looking at short sale listings. But what exactly is a short sale? A short sale occurs when a lender allows a homeowner to sell their property for less than they owed on the existing mortgage. This process allows the lender and the homeowner to avoid the lengthy and costly foreclosure process. Unlike regular home sales, in a short sale, the lender is actually the one approving the sale

Read More
0
    0
    Your Cart
    Your cart is emptyReturn to Shop
    Skip to content