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Updated over 4 years ago on . Most recent reply
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Drafting my first lease. Anyone have recs for specifics to add?
My first SFH BRRRR project in Chicago west burbs is finally wrapping up. I'm working with an attorney who provided boiler plate "Illinois Residential Lease Agreement" and "Mainstreet Board of Realtors Residential Lease". I've also used the Brandon Turner Book on Managing Rental Properties "Rules and Regulations" sheet that is included with the book as a guide to add pet, smoking, parking details, etc that the lease will refer to, once approved by the attorney.
Does anyone have any specific points they've added to leases that they have found helpful down the road? I'm hoping to get this as close as I can to right the first time around and any advice would be greatly appreciated.
Thank you
Mike
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- Investor
- Youngstown, OH
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1) We don't allow parking on the lawn. Driveway or street parking only.
2) We don't allow cigarette butts on the lawn or driveway. They have to be disposed properly.
3) Tenants must have an active phone number at all times and must alert us if the phone number changes.
4) If we snake a drain and find diapers, feminine hygiene products, or anything else that shouldn't be in there, the tenant pays.