Landlords?

[tubby_mcgee 691]

I only have 2 properties, so I don't want a subscription based lease agreement form from like "Turbo Tenant" or anything like that.

I want a generic lease agreements with BLANKS ----->  ________________________________ for things like amount, names of renters, start and stop date, etc.   I'd rather fill out 10 blanks with ink and pen rather than fill out every last detail in a program then print it. 

What do you use?  

[Maximum Overkill 770]

6 hours ago, tubby_mcgee said:

I only have 2 properties, so I don't want a subscription based lease agreement form from like "Turbo Tenant" or anything like that.

I want a generic lease agreements with BLANKS ----->  ________________________________ for things like amount, names of renters, start and stop date, etc.   I'd rather fill out 10 blanks with ink and pen rather than fill out every last detail in a program then print it. 

What do you use?  

I use a property management company who does all that for me. I used to manage my properties but it just became too much. 

I like it because they handle everything. I just sit back and get the mailbox money. 

[IGotWorms 3,382]

Unfortunately it’s not that easy. Not if done right, anyway. In addition to all the basics each state and even different cities may have different landlord-tenant laws, so you need something somewhat specific to where you live. You should get a (real) attorney to help but you at least need a good form that’s tailored to your own state and it’s worth paying a few bucks for a good one

[Mark Davis 193]

10 hours ago, tubby_mcgee said:

I only have 2 properties, so I don't want a subscription based lease agreement form from like "Turbo Tenant" or anything like that.

I want a generic lease agreements with BLANKS ----->  ________________________________ for things like amount, names of renters, start and stop date, etc.   I'd rather fill out 10 blanks with ink and pen rather than fill out every last detail in a program then print it. 

What do you use?  

I had a buddy who has rentals and is also a realtor get me my first agreement.  I managed it myself for two years to learn the ins and outs, figure out what legit expenses there would be, then hired a property manager after that.  It's a large headache unless you are in the business full time and have time on your hands to go out and do small repairs or let repairmen in, etc.  

[Maximum Overkill 770]

10 hours ago, Mark Davis said:

I managed it myself for two years to learn the ins and outs, figure out what legit expenses there would be, then hired a property manager after that.  It's a large headache unless you are in the business full time and have time on your hands to go out and do small repairs or let repairmen in, etc.  

Exactly right. Let them maintain the property and let their lawyers worry about the legal BS for you. 

Managing them myself was overwhelming, I was getting nickel and dimed to death, etc. I became a full time babysitter. I have properties scattered all around, there's absolutely no way that I could handle them myself, or care to. 

My advice to anyone who owns more that one property or if it's not local, just hire a management company, sit back and get the mailbox money every month. Let the equity accumulate. 

[Mark Davis 193]

6 hours ago, Maximum Overkill said:

Exactly right. Let them maintain the property and let their lawyers worry about the legal BS for you. 

Managing them myself was overwhelming, I was getting nickel and dimed to death, etc. I became a full time babysitter. I have properties scattered all around, there's absolutely no way that I could handle them myself, or care to. 

My advice to anyone who owns more that one property or if it's not local, just hire a management company, sit back and get the mailbox money every month. Let the equity accumulate. 

I'd also add, if you find a good property manager, don't walk over a 1% cheaper fee elsewhere.  Because I have mine spread out, I have three separate managers.  The local one failed to properly check a tenant they let move in to one of my houses about 2 years ago, we had to evict that tenant and when we finally got in there she had done over $10,000 in damage to a small 3/2.  If you find one who is diligent, it's well worth it. Especially in college towns, you can find companies who do this full time and if you ever have a need for the sheriff to handle anything they usually are well connected and have relationships.

[Maximum Overkill 770]

4 minutes ago, Mark Davis said:

I'd also add, if you find a good property manager, don't walk over a 1% cheaper fee elsewhere.  Because I have mine spread out, I have three separate managers.  The local one failed to properly check a tenant they let move in to one of my houses about 2 years ago, we had to evict that tenant and when we finally got in there she had done over $10,000 in damage to a small 3/2.  If you find one who is diligent, it's well worth it. Especially in college towns, you can find companies who do this full time and if you ever have a need for the sheriff to handle anything they usually are well connected and have relationships.

100%, great advice Mark. 

[Stryker Ryker 182]

20 hours ago, Maximum Overkill said:

I use a property management company who does all that for me. I used to manage my properties but it just became too much. 

I like it because they handle everything. I just sit back and get the mailbox money. 

This. I believe they use the 1% rule & adjust for inflation but I haven’t had to worry too much about it. Working on getting a few more cause I’m trying to secure a monthly passive income of $10K by the time I’m 45 & can essentially retire