Closing a rental property in a week and need a lease contract

[Ethan Kramer]

After hunting for my first investment property for several months, I've finally secured a townhouse in Baltimore, MD and I will be closing in a week. I am trying to have everything ready, so I can begin renting it out immediately after settlement.

Any insurance companies you guys would recommend for landlord insurance?

Where would be a good place for me to find a good lease agreement? Lawyer?

Is there anything else I should do in the meanwhile to be completely ready?

[Eric H.]

@Ethan Kramer, greetings!!

Congrats on taking action.

Here is my insurance referral: Hillpoint Insurance

You can check the File Place for a lease but definitely have it reviewed by a lawyer.

Not sure if you are in Baltimore County or Baltimore City. I know in the city you will have to get the property inspected and registered as a rental property with the city. You also need to set up your lead inspection. Other things to consider; tenant screening process (will you charge an app fee, how will you process apps, how will you handle showings, what qualifications/criteria does tenant have to meet, etc), how will you collect rent (in person, by check, electronically, etc), how much will you charge for rent, how will you process an eviction, how are you going to handle maintenance issues, and I'm pretty sure I'm missing something but experience is the best teacher!!

I wish you the best!!