New Landlord, Advice Appreciated

[Rob Randle]

So I am a new landlord and will be leasing my first buy and hold property.  I will be renting in NJ and have done some research on renting in the state.

My plan is to get my lease off of ezlandlordforms.com.  I also plan to use the notices off this site because it sames easy and state specific.  I also plan to use the following addendums:

- receipt of keys
- zero tolerance for criminal activity
- early termination of tenancy addendum (2 months break-lease fee)
- tenant guest policy
- no smoking addendum
- tenant waiver of insurance (if they don't have any)

1. Does anyone know where to find or use a "deposit to hold form"?

2. I have read the NJ "Truth in Renting" guide that outlines landlord and tenant laws.  Is there any other required reading?

3. Dumb question: When I am meeting with tenant to sign the lease, do I have them sign two separate leases and have them keep one? I'm guessing I would have to take this approach with each addendum?

4. In the "How to Rent Your House" sticky in this forum it states that you should get the deposit from the tenant once the they have got accepted (through smartmove) but before you meet them to sign the lease?  What is the best way to collect this deposit before we meet to sign the lease?

5. Any value in meeting an attorney before I start leasing?  I would really like to bypass this expense if I can.  But if so, what type of value do they offer initially?

6.  Any other clauses that I can use to boost profitability? Ex: charging tenants if they lose their keys

I think that pretty much all my questions, thank you!

[Mark Langdon]

Rob;

To answer some of your questions:

1) Keep looking and searching. You should be able to find one. Also I would get a lawyer to get a solid lease. Downloading forms is risky. At a minimum use the NJ Realtor Lease agreeement.

2) NJ Truth is Lending is a good start. Other than that use the BP Forums to enhance your lease and how you perform as a Landlord

3) I do 2 leases. They sign both and send back to me. Then I send both and send and scan 1 copy back to them

4) I like to do both the Deposit and Lease the same time if at all possible. The Lease becomes void if the deposit check and first month's rent bounces

5) Yes; meet with a lawyer. They can help get the lease correct so they can defend it if you ever need it.

6) I don't use clauses for profitability. Lost keys is standard stuff that you always charge for.