Writing my First Lease

[Paul Lovely]

Hi everyone!

I’m excited to say I’m closing on my first deal (a house hacked duplex in Concord, NH) after four years of studying books, podcasts, and forums through this awesome website! So thanks to everybody who takes the time to contribute and share their experiences, it’s very helpful.

I’m writing my lease for the upstairs tenants, and was hoping for some insight. Currently, the tenants are paying about $200/mo below market value and on top of that get access to a detached garage and 2 additional off street parking spaces. I will be parking on the street. Would it be reasonable for me to increase their rent right off the bat $50-$100 and/or ask them to be responsible for snow removal (they currently don’t have to maintain the driveway)? I’m looking to be as fair as possible so please let me know if I’m out of line. It’s a year to year lease so it would be nice to lock in better terms right away. Thanks again to everyone for reading!

-also the tenants have been very compliant so far and really want to stay, so they seem pretty reasonable

[Tim Delaney]

If you know they have been good tenants I think it is reasonable to offer them a slight discount under current market rates. But I would maintain control over the snow removal unless you build in sold controls into the lease. I know in our area towns can issue tickets if the sidewalks aren't clear which would be the owner's responsibility, it doesn't matter if the tenant was supposed to do it. Also, definitely have a lawyer look at your first lease or get a template from a local attorney - it may cost more up front, but it's worth it.