First ever tenant, first ever lease and need help

[Heather Alte]

This is my first tenant ever, and my first lease ever. Does anyone have a package of all the docs they typically use for a lease of property, and a typical run through of the procedures they follow and the steps taken from start to finish of the process. As well as examples of fees that are included in the lease for late rent and etc. 

I want to do this right. I have made mistakes of renting to family and I am confident that I can have a great experience renting to strangers. 

Thanks in advance.

[Marcia Maynard]

I suggest you join a local rental association, they typically will offer documents that will be a match for your locale. Don't be shy about paying for something that took others many years of time and experience to develop. There are many excellent books available that will guide you in do-it-yourself landlording. I recommend "Landlording" by Leigh Robinson. Also, find yourself a local mentor to help shorten your learning curve. Good luck!

[Robert Adams]

Honestly (I hope this doesn't offend you because I am definitely not trying to), it sounds like you are very new to being a landlord and it may be in your best interest to have a licensed property manager handle it for you. The 8-10% of the rent that they charge can save you from costly court costs if you don't dot you "i"s and cross your "t"s. They can also save you from loss in rental revenue by listing it too low, over paying vendors, poor record keeping, etc.

It is possible to do yourself but you just want to make sure you know what you are doing to limit liability and risk.

Best of luck!

[Dawn Anastasi]

@Heather Alte  you may want to consider using the "Networking" feature on Bigger Pockets to introduce yourself to local landlords in the area.  Maybe buy someone lunch and grab a notebook and pick their brains for an hour or two about everything there is to know about landlording in the area.

[Ben Leybovich]

You are asking for legal advice.  Go see an attorney!

[Bryan N.]

@Heather Alte 

I sat down with a local property manager from one of the major real estate firms in my area.  They handed me a folder with all the paperwork they use :)

Also, Google works wonders.  But, as others suggested you need to educate yourself prior to listing your rental.  I had several people "test" me to see if they could get away with crap.  They failed and SURPRISE they didn't submit an application. 

[Colleen F.]

Your state tenant laws govern your lease so before you do anything look at them.  For example in RI we can only take one month security.   It is important you know those kind of provisions upfront so you don't use terms that are not legal in your state. Lots of landlords get away with it but you don't want to have terms that aren't allowed and find yourself in a bad spot. Look up the landlord tenant  handbook for your state.  There may also be a lease from your state relator association you can look at.

Don't forget security, late fees,  early termination fee, and prohibited provisions (no smoking, no pets, no painting, etc...), also lead disclosure.  Consider putting together what you want to include and then getting  a legal review.

[John Thedford]

Here you go

http://www.in.gov/legislative/ic/2010/title32/ar31/

these are the state laws. Print them out. Read and understand them. Even if you hire a PM you really should know the ins and outs. Some PM are not good at what they do and in the end you could be liable because they are your agent. If you do hire a PM, be sure and check with other landlords that use them.

[Carol Venolia]

I second Marcia Maynard's recommendation of Leigh Robinson's Landlording book. The latest edition not only has print versions of all his recommended forms and contracts, but he'll send you free digital versions as well. Landlording will launch you with confidence!

[Justin Fraser]

When I was getting started I frequently referred to the book "Landlording on AutoPilot" by Mike Butler. It has a ton of great information on setting up your processes to be a successful landlord.