Rental Questions

[Edward Falco]

I am a new rental/landlord investor trying to acquire rental properties.  Does anyone have any good rental or lease contract sites? Any recommendations on books to being a landlord?

Thanks,

[Michael Totman]

Ed, have you ever rented an apartment for yourself? As for how to be a good landlord, I like to remember good and bad landlords I had when I was younger and learn from those experiences.  The books mentioned in posts above me are good, and here are some tips I have for your lease.  These should be legal in all states, but check the laws in your particular state.  You can probably find a standard lease applicable to your state from some of the larger RE groups or rental advocates:

1. Include pictures of the color code tags for all the paint you use in the apartment that belongs to that lease.  Paste these right into the document before you print.  You'll know what to buy for touchups and the tenants will know what to paint anything back to. 

2. Include a list of common damage items and what you will charge if they occur while that tenant rents the apartment. I have fixed fees for removing smoke detectors, breaking doors/windows/screens, large holes in walls, and trash/junk left behind. 

3. Make your tenant initial their understanding that they have read some of the important individual clauses within your lease.  I make them initial the clauses that deal with utilities, loud parties, basement storage, trash removal, damage, and the clause that tells them they are required to continue paying the lease even if they move out before the lease term ends.  These are some common ones that you'll always hear them say "I didn't realize that I was responsible for...."