Setting up first deal

[Lee Jones]

Hi,

I just purchased my first rental property and am trying to get all my ducks in a row. First I'm working on the lease agreement. Does anyone have tips for St. Louis real estate lawyers or setting up the first lease in general? 

Also, I've come across a website called cozy.co which seems really helpful for screening and collecting rent. Any downsides to it?

Thanks!

Lee

[Paul Caudell]

Hi Lee,

For about 12 years, I've used a slightly modified version of the lease from the landlord's guide on St. Louis City's website. My iPhone isn't letting me paste here, but just Google "St. Louis city landlord lease" and the first hit is "Inforent: A Landlord's Guide."  Click that and there's a list of helpful docs including a lease, rental application, lead paint disclosures, etc.  Also check out the Missouri Landlord-Tenant Law booklet in the same Google search. 

I've never used cozy.co but have been happy with TransUnion SmartMove for screening -- I think there's an affiliate link on Bigger Pockets. For rent collection I've just started giving my tenants deposit slips for a deposit account I set up at Bank of America. That way, I get an instant record of payment, the tenant gets a receipt, and they can make the deposit at any Bank of America branch. 

Hope this helps. 

Paul