Good Lease Agreement?
Anyone know where I can get a good lease agreement? I'm about to rent my first property and want to make sure I write it up right. I'm in Tampa, FL
Thanks
Howard :-?
Anyone know where I can get a good lease agreement? I'm about to rent my first property and want to make sure I write it up right. I'm in Tampa, FL
Thanks
Howard :-?
If you click on the Products and Services section of this web site, you'll find some companies that offer legal forms. They are a great source for a small cost.
IMO, whatever you choose to use, you'll want your attorney to take a peak prior to actually using it.
Good Luck, Mark
Thanks for the response Mark!
Howard, you can PM me and I will share mine, it's a combo from a few different sources.
[addsig]
Call a couple of property management companies in your area. Ask about their services, their fees, and ask for a copy of both the lease agreement they use and the property management agreement you will be asked to sign.
Ask about market rents in your area, and what rental income you should expect for your property should you place it under their management.
You accomplish three things. You get market rental comps, you get a blank lease agreement that conforms to the state laws, and you get an orientation to the services offered by the management company should you decide to engage their services.
I am just north of Tampa. I went to a couple of apartment houses, asked if I could have a copy of their lease. They were really friendly about it, and I just made minor adjustments to it as I felt necessary for my properties.
An airtight lease is really important - we found out the hard way, and used the one my dad has used for 10 years. Well, we got a tenant who knew how to be super devious and knew how to play the law. A real doozie. Now my dad is aware of all the holes in his lease and has adopted ours.
[ Edited by jasonwilliamson on Date 11/29/2004 ]
Quote:
On 2004-11-29 14:51, jasonwilliamson wrote:
Help. I'm looking to my first rental investment property. My requirements are a 3 bedroom SF home under 100k in the Dallas or Houston, TX areas using 100% financing while also acheiving a postive cashflow. Here's my question, is a new home vice a resale home better for positive cash flow because of the new appearance and low maintenance or, is a resale better due to it being a little less expensive. Last question. Investors with properties in TX, how is the rental market in Dallas and Houston (ie. vacancy rate) concerning a 3BR bread and butter home. I need all the advice I can get. Thanks to all.
<font size=-1>[ Edited by jasonwilliamson on Date 11/29/2004 ]</font>
Ouch. Well, first off, zero down on your first investment property is going to be quite the hurdle. If you had a track record of landlording and holding real estate profitably, it wouldn't be as bad. Also, the amount is high (in my book, anyway, I don't know much about Houston RE) for a rental.
I have friends who tried to invest in more expensive/newer homes as rental property. But 100,000, at 7% interest on a standard investment 15 year loan, will cost you $900/month. Now add in taxes, and insurance costs, and make sure you have money for repairs (your positive cashflow) and you will need to rent for about $1,200.
Can you demand that kind of rent in your area, and get it and keep it? What do comparable 3BR homes rent for in your area?
Also, what heppaned to my friend and the reason she will not invest in rentals ever again, is because she did just this. And the people would rent for three months, six months, and be gone in favor of a cheaper home or one they could build/buy themselves. So then she had a month of vacancy each time to clean up and re-rent the property -- meanwhile having to cough up that $900 herself.
If your income is such that $900 won't hurt you, then I guess go for it. I know a lot of people do invest in new construction and get good tenants and good rent, and the tenants stay for a long time. It works for them. Hopefully someone like that can advise you better than I (I'm one of those 'buy em for $30,000 or less' people who then go and fix it up for $10,000 with my own labor and then rent it. I like it b/c I like fixing up houses, and I like the immediate sweat equity and the rent is then plenty high, and my mortgage low. It's beautiful)
100% fin and pos. c/f is as rare as a "dodo" bird. kenmax