First Duplex Under Contract. Now what?

[Matt Connolly]

I recently got my first duplex under contract and close on it mid December. Both units are 2/1 and about 800 sq ft. One unit is vacant and just needs a coat of paint. The other unit is occupied on a month to month section 8 lease for about $400 under fair market rent if not more. I plan on not keeping the section 8 tenant and cleaning up that unit as well. This duplex is located right behind a college and a big military town. All the numbers come out great. My next big hurtle is getting all my rental documents and leases in order. My question is, is it worth it to buy state specific documents online and then have a lawyer review them, or just sit down with a lawyer and start from scratch? Any other advice for this about to be new landlord is also greatly appreciated!

[Joe Gracyalny]

A recent value add from BP is the state specific forms. You can become a pro member and get them for free or purchase them as you go.

You might find value in starting with these and seeing what works for your specific situation.  A starting launch pad with these and you can edit/or your lawyer can edit them from there.

Another option: Find a local REI meetup and see if anyone is willing to let you use their documents as well. Offering some free Demo work or other labor to learn and provide value is also a good place to start to help gain these docs as well as a networking opportunity.

Best of luck and crush it Matt!