My First Rental Property-Questions

[Kole Kingslien]

Hello everyone,

I just purchased my first rental, made it through the screening process, have a move in date set for a qualified tenant, and am wondering about what kind of documentation I should be preparing, and in what order? My plan is to put together a PDF folder, with every PDF document that I will need for every time a tenant moves in, listed in order, including things like a minimum qualifications list, rental application, denial form, acceptance form, and so on, all the way through the lease, and handing over the keys. There will be two sections, the move in, and the move out section. I am not worried maintenance forms and such, they will be in a separate folder.

I have no idea as to what things will need to be on this list, or in what order, and was hoping that others had some sort of similar system, and can share a list of all the documents I should start putting together. Do they all need to be purchased from a state website that provides legal forms? Either way, I am sure I can find the docs online, if I know what I'm looking for. I want to make this as legal, and professional as possible, as I want to heavily scale next year, and want to build a strong foundation and system now, to make that easier down the road!

Any and all help is greatly appreciated!!!! 

Thank You,

Kole 

[Bettina F.]

I have a move-in packet;  It is presented in folder with our business card.  All forms are printed with our company's logo and contact info.  Packet consists of: 

2 copies of our rental agreement,

SD and first month's rental receipt.  We prorate the second month, so this first receipt also states when the the second month's rent is due and the amount.  It states "The third month's rent, and thereafter, is due on the first for $XXX."

brochure on renter's insurance

maintenance request forms

move-out notification form

Form with code to common laundry room

"how to get your security deposit back" form that details how the apartment should be cleaned upon move-out and our charges for common damages

Move-in/move-out checklist.  We have the move-in condition filled out, tenant is allowed to make comments (they never do), then we both sign.  Tenants gets a copy mailed to them.  (move-in photos have already been taken)

We also put a magnet with our logo and contact info on the metal cover to the electric box.

Having this packet allows us to sit down and go over a number of things with the tenant at the lease signing. We set our expectations for rent to be paid on time, property to be maintained, that we will have yearly rent increases (but that we try to keep them reasonable), and that we want residents to be good neighbors. 

Even if you are using a pre-made lease, I strongly advise you to re-type the form into your computer.  That way you can add your company's logo and contact info.  You can type in the tenant's name on the forms.  It looks so much more professional.  It conveys to the tenant that you know your business.  I believe this heads off many problems down the road.