Rental Agreement - First Time Landlord
Do you have any examples of rental contracts that you use for your properties? I'm looking into my first rental property and would appreciate some direction in what to include, things to watch out for, etc. Any help is appreciated.
| LUIS COMMENTS... Chance, I'll be more than happy to share the lease I use with you. Click on this link and you can get a copy. |
First thing I would say is to just use my lease agreement as an example because it is written to comply with Georgia law. You being in Texas I am sure you have different landlord/tenant law and as such need to make sure your lease complies with them. If you were to use mine and it's not compliant with your state laws, in case of litigation a judge could throw it out faster than you can say "yihaa" :-)
The next most important recommendation I can give you is education, education, education! Landlording is not easy but it ain't rocket science either. Learn your laws, understand financial analysis for investment properties, real estate marketing, understand home construction and maintenance and treat your rental property like a business and not a hobby.
Networking with other investors in your area can be very, very helpful. That is how I got started and it made a big difference.
I am actually in the middle of a turnaround for a rental property and I will be posting on that soon, so stay tuned. I also have some case studies on my rental properties here:
Real Estate Investing Guide
Rental House Case Study
Before Purchasing Rental Property
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