Rental Lease Contract

[Roy Gutierrez]

I paid a lawyer to create a least contract for me to use when renting my properties, to make a long story short, the contract had typos all over and I don't want to deal with him anymore so basically I'm stuck with a document that I'm not sure if it's a good contract or not. I've been using it but now I'm about to rent to a couple of lawyers (the irony! and one works doing real estate!) and I know I need to have a bullet proof contract if not they will eat me alive!

I had to send what I had for them to review but now I'm thinking, maybe I need to talk to another real estate lawyer to review my lease contract. What do you guys think are the biggest mistakes that investors make when doing contracts?

Thanks.

[Rob K.]

Originally posted by @Steve Babiak:

Calling @Rob K to give this landlord the reasoning behind not having lawyers - especially real estate specialists - as tenants ...

If you have ANY issues whatsoever with these lawyer/tenants, you will be in for big trouble. They know the law way better than you will ever know it. They've been indoctrinated to solve problems in the courtroom. I would run from them.

I do not rent to the following occupations:

Lawyers, bail bondsmen, bounty hunters, strippers, prostitutes, drug dealers, or landscapers (too seasonal). I try to avoid hairdressers. (I might rent to one f super qualified). Self employed need extra scrutiny as they often have highs and lows in income, and are much harder to collect from after the fact.

My best tenants have been machinests (high pay and lots of hours), warehouse workers, IT professionals, auto workers, teachers, and retired people with fixed, but steady incomes. I currently have two different tenants that both sell used cars and have been great.