Rental Lease Agreement
Hello All,
Where can I purchase or find the best lease available?
I would like to have a lease for my tenants that is very detailed and protects my property, the tenant, and myself of course. Thanks in advance for the info.
William
Some years ago I cut back on my work to about half time to pursue real estate interests. I wound up buying a company and running that for a while and had a hard time with cash flow. Eventually, I returned to my profession and it was difficult finding a job after being away from the industry for five years.
Another consideration is that cash flows can change. I have had a vacancy disease in my main rental market and am just now recovering from it. Fortunately, I have kept large cash reserves on hand to cover, but it still makes me uneasy writing mortgage payments etc., and not having rental income that at least breaks even. Some of my friends have seen their rents drop precipitously and have had some difficult times as well.
I would suggest that you might ease out of your job if you can. Working two or three days a week will still keep you in touch with your colleagues and yet give you time to pursue your RE interests.
Thank you all for the insight. I am dreaming of one day doing rehabs full-time. I need the freedom part. Your posts are truly inspirational, especially to me.
Thanks again!
David
[ Edited by LarryNut on Date 02/13/2005 ]
Some more venting about my brief corporate career for those who care to read....This thread has brought back memories; I guess typing it out is cheaper than telling it to a shrink.
When I applied for a transfer to a better position within the company; I was told by a friend in that department, that because of government contracts, they were not hiring white men. I got the message loud and clear. Yes, I have definitely had my fill of corporate life. Now, my success depends upon my talent, hardwork and guts.
Spinwilly- You are fortunate to work for a good company; but even for you something must be missing, otherwise you would not be dealing with stocks and real estate. It is a good feeling to build or restore something, to see it all come together.
Retire? To do what? I like to travel, but I also like to have the resources to live life to the fullest. Plus, I am addicted to that feeling you get when you walk away from the settlement table with a huge check. As Michael Douglas said in the movie "Wall Street", it is better than sex.
Everyone,
This is a topic that has no right answer, nor wrong answer. Most have hit it on the head. If you are uncomfortable at first leaving your full time job, take a leave of absence. You will find no better education than experience. If you feel left out of life or not happy pursuing your dreams full time, you may just have to remain in the workforce (which is very respectable). You will just be in the great position of not having to stay there.
I have tried two such endeavors and they failed, but in my quest to be completely free, I will never give up. I try to educate myself completely (which is impossible) and look for every opportunity to succeed. There are no get rich quick schemes, but there are schemes that need improvement. How you approach them is up to you.
As for not being Professional, it all depends on how you project yourself. I can think of no more Professional career than Entreprenuer. So think of a way that you can do it and shoot.
[addsig]
Spinwilly-
A man in your position should not be installing kitchens and toilets. If you need exercise, try weight training; there is no downside to it.
Did you ever see Donald Trump work with his hands? How will you ever become Donald Trump?
spinwilly-
Do you rehab and rent? or sell? Also, (Is it Intel or Cisco????)...or maybe Qualcomm?
Everyone-
I am just getting into REI and hope to have my first two rentals 3/4 units within the year. Am I setting setting my goals too high to try to be self sufficient (not rich) within 10 years if I only do REI a couple hours a week? In 10 years, I will be 42.
Marc[ Edited by dontaskwhy on Date 02/14/2005 ]
Dan -
It is nice to hear from another independent. Please share how you got there and what you did before. How long after you got into REI did you leave the rest behind?
Marc
Maybe you should ask God what you should be doing on this earth while you are here that makes you really happy. Is it really the money, Real Estate, escape from a full time job, freedom etc
After all He created you with a purpose. All of us are wired for the greatest happiness, when we do one thing. The problem is nobody knows what it is. We spend all our life running like a chicken without a head, trying to figure what makes us happy, but never ask Him directly.