Creating a New Lease

[Stephan Precourt]

Hi Everyone!

I'm currently in the process of closing on my first multifamily and will be a first time landlord.  I'm figuring out my options for creating a lease and would like some advice on which route to go.

I know I can download samples from BP and a few other reputable websites then personalize it to cover specific things that I want addressed (such as pet policies, shared spaces, etc.).  I'll then need an attorney to look it over for a fee.  However, I've been finding attorneys in my area that have what they call "lease packages", typically running about $200.  I've also been finding those same attorneys cost about $150-$200/hour for "consultation".

My question is this: Would it make more sense to go right to an attorney for a "lease package" and run the risk of requiring extra "consultation" time on top of the $200 package? OR go the route where I download a sample lease, make adjustments myself and then go to an attorney to look it over?  My main concern is making sure the lease would hold up in court should the day ever come, but I'd really like to save where I can if it doesn't sacrifice quality. Closing costs are adding up quickly and I'd like to keep costs to a minimum wherever possible.

Any info, stories and insight are greatly appreciated.  Thanks in advance!

Stephanie