Susan Ormont - RISK VERSUS REWARD: A SIMPLE GUIDE FOR INVESTING IN REAL ESTATE

One last (and potentially most economical) option is if you use or have access to property management software. Some have lease agreements built into the software p rogram. A gain, e nsure the lease is state-specific, up-to-date, and not a copycat.

25 ITEMS EVERY LEASE SHOULD HAVE

No matter where you get your lease, it’s absolutely imperative that it has the following items below. As always, be sure to talk with an attorney for guidance.

1. Monthly Rent Due

The first detail to include in the lease is the monthly rent that’s due. You’ll need to take some time to figure out a fair amount for both yourself and for your tenants, using your mortgage payment plus a percentage on top as a baseline.

2. Instructions for How the Tenant Should Pay

Next, have exact instructions on how the tenant should pay you their rent. If they’re going to be mailing you a check, give them the exact address. Don’t allow them to make up excuses for why the rent is late because they don’t have the right address (or claim that they don’t) to send the payment to you. You might also want to include online options to make it as easy as possible for tenants to pay you.

3. Rent Due Date

Include a clause on the exact due date for the rent. The date should be the same date every month to avoid confusion — even if the date falls on the weekend some months.

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