Renewing a lease (doing it myself)

[Reya Ripet]

Hi, 

My tenants notified me they would like to extend the lease. Their lease expires in February. I'm thinking about doing this myself this time to save money, but I've never done this and feel unsure.
I used a real estate agent with the current lease (who also found them ).

Do I create a template from the current lease and just change the dates etc ?

How is the best way to do this?   

I'm worried about doing something wrong legally.

Thanks.

[Nathan Gesner]

Originally posted by @Reya Ripet:

Hi, 

My tenants notified me they would like to extend the lease. Their lease expires in February. I'm thinking about doing this myself this time to save money, but I've never done this and feel unsure.
I used a real estate agent with the current lease (who also found them ).

Do I create a template from the current lease and just change the dates etc ?

How is the best way to do this?   

I'm worried about doing something wrong legally.

Thanks.

1. This does not have to be complicated. It could be as simple as taking the existing lease, writing "All parties agree to a lease extension of XX months with a new expiration date of [DATE]"  Everyone signs, everyone gets a copy, and you're done. Pen-and-ink changes to an existing contract are typically acceptable (within reason) as long as all parties initial/sign.

2. Sit down and think about what you're doing. If you are nervous about signing a lease renewal, then you are likely way over your head. What will you do when a tenant fails to pay rent, moves in a couple friends, adds a few animals, trashes your property and refuses to clean it up, etc.? I highly  recommend you start educating yourself on state law and preparing for bad things to happen (before they actually do) or that you consider hiring someone to manage for you before a Tenant eats your lunch.