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You are here: Home / I am a Reluctant Landlord / How to Create a Rock Solid Lease in One Evening!

How to Create a Rock Solid Lease in One Evening!

August 12, 2015 by Elizabeth Bennett Colegrove 6 Comments

This post may contain affiliate links.

Author’s Note: This is not legal advice and I am nothing other than a landlord who owns six houses and self manages a total of ten. This is how I put together my lease and I hope it makes things a little easier for you. This post contains affiliate links.

As an experienced (aka jaded) landlord, I have learned the key to treating my rentals as a business is having a fantastic lease. For me, the key to having a fantastic lease is having a tight one that is very specific and leaves nothing to doubt. This allows me the best possible recourse for going after their skin in the game, (aka the security deposit) should the need arise.

Over the past couple of months I have realized that for many, creating a great lease is an arduous endeavor. Many just don’t know what to put in their lease or they may feel that no matter how much research is done something is still missing.

That’s why I created this step by step guide for you: The self-managing landlord who wants a guide to putting the perfect lease together. Someone who wants someone to teach them all the tricks and share all the secrets, BEFORE they learn the hard way.

The point of this is not for you to copy or follow this exactly because the truth is every area and market is different. You can’t copy another landlord exactly and be successful. My goal is to share all of my wisdom and then for you to pick and choose what works for you. While being a landlord has had its many moments; for us, it has been a HUGE financial blessing! In fact, our net worth is over $400,000 because of real estate. My goal is for others to also experience the same success in real estate too!

How to Create a Rock Solid Lease in One Evening

Create a Rock Solid Lease:

Step 1 – Know Your State Rental Laws

The first step is to read up on what your state requires. I put together this awesome handy guide to look up what your state rules are regarding security deposits and rents. I am a landlord who prides herself on knowing her state’s laws.  For California I bought the California NOLO Real Estate book and found it worth its weight in gold. I read through it once and then kept it for reference.

Step 2 – Buy a State Specific Lease

As you noticed in Step One, each state is very state specific regarding their laws. I take a state lease and download the basic lease. Personally, I have had a great experience with Legal Zoom and I always use Legal Zoom’s lease because it gives me the state-specific language or as I call it to my tenants, state “mumbo jumbo.”

Step 3 – Add Addendums

Although it’s great, I do not find the Legal Zoom lease specific enough. Over the years I have added all of the following addendums to my leases. Being this specific has prevented debate over maintenance questions, and eliminated expenses (landscaping) while preserving my home in the best repair and expectations.

37 Addendums that I add to my lease

  1. Appliances included with the Rental
  2. Month to Month 
  3. Direct Deposit
  4. Late Fees
  5. Pet Fees
  6. Utilities
  7. Assignment and Subletting
  8. No Smoking
  9. Maintenance
  10. Entry By Landlord
  11. Extended Absence By Tenant
  12. Termination on Sale of Premises
  13. Lease Termination Provision for Military Personnel
  14. Tenant Assumes Responsibility for Maintenance
  15. Battery Operated Device(s)
  16. Filters
  17. Steam Cleaning Carpets
  18. Professional Cleaning
  19. Landscaping
  20. HOA
  21. Keys, Garages/Gates
  22. Damages
  23. Renter’s Insurance
  24. Break Lease Option (Buy Out)
  25. Alterations
  26. Pest Control
  27. Home Businesses
  28. Attic Storage
  29. Renting Site Unseen
  30. Appliance Maintenance
  31. Fees/Violations
  32. Duct Cleaning
  33. Plumbing
  34. Changing Locks
  35. Play Structures, Trampoline, Pools and Other Large Outdoor Equipment
  36. Roommate
  37. As-Is Appliances

Step 4 – Leasing Tips

Now that you have your lease all completed here are nine tips that I have learned the hard way when it comes to leasing:

  1. I Do Not Hold
  2. I Typically Do Not Do Multiple Year Leases
  3. Base the Lease Length on Moving Season
  4. Treat Landlording as a Business
  5. Put Everything in Writing
  6. Rent By Direct Deposit
  7. I only Negotiate before a Lease is Signed not After.
  8. Keep Your Lease Handy
  9. Think Twice If a Landlord is not Returning Your Call

Do you love this post? Do you wish you could have all the wording for your addendum without searching? Do you wish you could peek, or better yet, just cheat and copy an experienced landlord’s lease? Do you wish you could truly finish your lease in one hour; let alone one evening?

Then you will love my new book.

The Everything Lease Addendum: How-to For Landlords

I have not only included all of my wording that I use but also give a detailed explanation to why I include these addendums. My goal is to share with you everything I have learned over the years to save you some of the ulcer-inducing moments I have learned and experienced the hard way.

Am I missing anything? What do you put in your lease?

8

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, Lifestyle, Self Management

Comments

  1. Jean says

    August 14, 2015 at 7:36 am

    A very well written and thought out book. Definitely recommend buying it even for an experienced landlord. Even us old dogs can learn a new trick or two – ie break lease clause. As a landlord who has had rentals for over 30 years there were tips in the book that never occurred to me. If I had had this book when I first started I would have saved myself thousands of dollars over the years.

    Reply
  2. Authority Property Management says

    December 18, 2015 at 7:15 am

    Thank you for posting this as I found it useful. I will share it with my fans.

    Reply
    • Elizabeth Bennett Colegrove says

      December 18, 2015 at 2:40 pm

      Glad you liked it! Thank you for sharing it!

      Reply
  3. John says

    January 9, 2016 at 10:25 pm

    The CA NOLO book you linked has the lease in Appendix B. What was the reason you used Legal Zoom and the added amendments?

    Reply
    • Elizabeth Bennett Colegrove says

      January 12, 2016 at 4:53 pm

      Honestly I did not realize that the CA NOLo had a lease. I started years ago with South Carolina and was able to find a lease backbone. I used Legal Zoom because I wasn’t able to find a backbone for that state.

      Reply

Trackbacks

  1. 80 Questions to Consider When Interviewing Your Next Property Manager | Apartment Management Magazine says:
    December 18, 2015 at 8:03 am

    […] property manager my lease is my bible that has 38 addendums and is 16 plus pages long (https://www.reluctantlandlord.net/create-a-rock-solid-lease/). Your property manager should be treated the same way. You, the owner, are ultimately the one who […]

    Reply

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I love my family, my country and real estate. My goal is to retire early through frugal living and real estate investment. I am making great strides and want to share the information I've learned through the process. Read More...

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