Resources Needed Please
Does anyone have any recommendations as to where to go to get all of the necessary paperwork to rent out a single family home or duplex. I do not want to use a management company for the first couple of properties. I would like to educate myself, and develop a "forms cabinet" with all necessary paperwork. Does any have any input for where to go and what is needed? There seems to be many landlording websites--are any of these worth my money/time? Or, should I go in a totally different direction, sacrifice cash flow and hire a management company?
In terms of education, you can probably find what you need on this site. Otherwise, I would suggest checking out a book on landlording. In terms of forms you will want a residential lease and a rental application, at the least. With those in hand, you are ready to roll.
Without going to a lawyer, the management company is probably the best place to get the forms/contracts that you need that are state specific. The mgmt company should provide these to you if they think that you will use their service, either now or the near future.
Most newbies want to save money (and who doesn't) but usually look in the wrong places to cut costs. Find a good attorney to review your contracts and make them landlord friendly. This will save you much more down the road than the couple hundred that you save now using generic forms. Also, it may pay you to let them mgmt company take over your first couple properties from the start. They are already experienced landlords and you can learn from them while they manage your property. Very cheap learning, IMHO.
Good luck
Roger