Risk with using personal names in lease agreements

[Anurag Pulla]

Hi guys,

Rookie investor here. I was wondering if there is a risk in taking over from property management and having a new lease agreement with the tenant. The property is on my name and that would mean the landlord section of the lease would hold my details vs the property management company currently. Is there anything I need to be aware before I make this call?

Thank you so much in advance!

[Danny Polanski]

Why would there be a risk?

To have a valid contract, you need proper identification of both parties. 

Not only do I use my real name, I let the tenant know before the lease is signed that I will be taking a picture of their valid government issued picture ID.  And they are welcome to take a picture of mine. 

I dont have an LLC and would never waste the money or time for one.

Have good property insurance with an umbrella policy, don’t be a slumlord, and you're set.