CHAPTER 6 Get it in Writing
This is one of the most important steps in ensuring the overall success of your rental property management business: the lease. It can also be the most time-consuming, but trust me when I say you’ll want to spend the time to make sure every possible area is addressed. It’s not enough to have any old lease; you need a rock-solid, iron- clad lease that ensures your protection and the protection of your property. Think of the lease as your protection . A good lease is your protection against any potential issues with tenants. Even if you’ve done your due diligence in every other matter, and even if you think you “trust” your tenant, a rock-solid lease is essential.
LOCATION, LOCATION, LOCATION
You’ve likely heard this phrase in real estate before, but I mean it differently here. When it comes to drawing up a lease, you must consider your location—where you live. Every area, county, municipality, state, etc., may have differing rules and regulations when it comes to leases. Every part of the U.S. is different. Do your research, and hire the best attorney in your area—an attorney who’s intimately familiar with the area, as well as an expert in rental property management. Consult with your attorney for clarification and confirmation on all location-specific laws about everything that you can and can’t—and everything that you should and shouldn’t—include in your lease. Your attorney should come highly recommended and 44
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