Is the lease agreement really that important?

Yes, the rental lease agreement is the single most important legal document you have to protect yourself and the tenant.  If it’s not in writing, it just doesn’t count.  A handshake is difficult to enforce.

I get calls daily from landlords telling me of issues with their tenants.  They say the tenant is doing this or that, and want to know if it’s grounds for eviction.  I always ask them is that issue covered in your lease agreement.

Your lease should spell out terms and conditions clearly for both parties to understand.

Let me show you some of the must have points in your rental lease agreement. 

1. Abandonment: Landlord remedies when Tenant abandons the premises.
2. Alterations & Repairs: Rules governing Tenant alteration of the premises.
3. Assignment and Sub-letting: Terms of leases often apply to the sub-lessees.
4. Default / Breach: Remedies for tenant breach, including failure to pay rent.
5. Inspection & Landlord Access: When, and how, landlords may enter the premises.
6. Lawful Use of Premises: Tenant’s right to possession and its limits.
7. Lead Paint Disclosures (42 U.S.C. § 4852d) Each state-specific residential lease agreement also contains federal lead hazard disclosure statements as required by 42 U.S.C. § 4852d. For a free EPA pamphlet, please visit http://www.hud.gov/offices/lead/disclosurerule/
8. Maintenance: Who is responsible and how maintenance is defined.
9. Parking: Included or not?
10. Rent & Late Fees: When, and how, to collect late fees.
11. Security Deposit: Legal maximums and number of days to return to Tenant.
12. Tenant Hold Over: Landlord remedies for unlawful retainer.
13. Termination of Tenancy: Notice required varies from state to state.
14. Utilities: Who must pay to keep the lights on?
15. Surrender of Premises: How and when Tenants give up occupancy.

Once difficult, now easy. Create your own rental lease agreement
It’s easy to create your own rental lease agreement with Renting Authority. 

Click the link below and follow the simple step by step process. It is stored online for future reference and you can edit it too.www.rentingauthority.com/lease/lease.php

If you need help, you can always call or use the online chat line.  I want to show you how easy it is to create a customized lease.  If you will let me.
Click here to start the process https://www.rentingauthority.com/lease/lease.php
View a sample lease at www.RentingAuthority.com under Rule Number 4

Here are a few of the additional features of Renting Authority’s rental lease agreement

1.  Rent/lease apartments, condos, basements, houses, etc.
2.  Select various fixed and periodic terms
3.  Choose number of tenants
4.  Flexibility with utilities, pets, insurance, parking, rent increases, signing incentives, rent to own, maintenance, and tenant improvements

To your success,
Troy Boldt

888-674-9181
tboldt@RentingAuthority.com

Is the lease agreement really that important?

Yes, the rental lease agreement is the single most important legal document you have to protect yourself and the tenant.  If it’s not in writing, it just doesn’t count.  A handshake is difficult to enforce.

I get calls daily from landlords telling me of issues with their tenants.  They say the tenant is doing this or that, and want to know if it’s grounds for eviction.  I always ask them is that issue covered in your lease agreement.
Your lease should spell out terms and conditions clearly for both parties to understand.
Let me show you some of the must have points in your rental lease agreement.

• Abandonment: Landlord remedies when Tenant abandons the premises.
• Alterations & Repairs: Rules governing Tenant alteration of the premises.
• Assignment and Sub-letting: Terms of leases often apply to the sub-lessees.
• Default / Breach: Remedies for tenant breach, including failure to pay rent.
• Inspection & Landlord Access: When, and how, landlords may enter the premises.
• Lawful Use of Premises: Tenant’s right to possession and its limits.
• Lead Paint Disclosures (42 U.S.C. § 4852d) Each state-specific residential lease agreement also contains federal lead hazard disclosure statements as required by 42 U.S.C. § 4852d. For a free EPA pamphlet, please visit http://www.hud.gov/offices/lead/disclosurerule/
• Maintenance: Who is responsible and how maintenance is defined.
• Parking: Included or not?
• Rent & Late Fees: When, and how, to collect late fees.
• Security Deposit: Legal maximums and number of days to return to Tenant.
• Tenant Hold Over: Landlord remedies for unlawful retainer.
• Termination of Tenancy: Notice required varies from state to state.
• Utilities: Who must pay to keep the lights on?
• Surrender of Premises: How and when Tenants give up occupancy.

Once difficult, now easy. Create your own rental lease agreement
It’s easy to create your own rental lease agreement with Renting Authority.
Click the link below and follow the simple step by step process. It is stored online for future reference and you canedit it too. www.rentingauthority.com/lease/lease.php
If you need help, you can always call or use the online chat line.  I want to show you how easy it is to create a customized lease.  If you will let me.
Click here to start the process https://www.rentingauthority.com/lease/lease.php
View a sample lease at www.RentingAuthority.com under Rule Number 4
Here are a few of the additional features of Renting Authority’s rental lease agreement

•  Rent/lease apartments, condos, basements, houses, etc.
• Select various fixed and periodic terms
• Choose number of tenants
• Flexibility with utilities, pets, insurance, parking, rent increases, signing incentives, rent to own, maintenance, and tenant improvements

Log into your account and see what’s new
www.toolbox.rentingauthority.com
To your success,
Troy Boldt
888-674-9181
tboldt@RentingAuthority.com
www.RentingAuthority.com

Rental License Seminar

October 15th, 2008

Hello Troy,

 

I have given your company name and website to about 25 to 33 people who attended the Rental License seminar requirements for the Village of Glendale Heights, IL.   So if you have an rental application from Glendale Heights, IL. you know for sure it came from me.

 

Thanks for your time,

 

Maria

Glendale Heights, IL

Top 50 Landlording Rules

1. It takes a special kind of courage to pour your money into investments in an economically depressed area. Most people, including me, aren’t that brave. So if you live in a part of the country where people aren’t doing that well, you’ll probably find better properties elsewhere. On the other hand, there are special risks involved in real estate investments far from your home.
2. If you decide to look for investments elsewhere, your first problem is finding the right area. Your second task is to learn the area well enough to make a smart buying decision. Finally, you have to pick the right property or properties for you. You only have so much money to spend, and you want to maximize your return on investment. Of course, the worst possibility is that you could lose all your money, or more (which would mean filing bankruptcy).
3. There seem to be two ways to do long-distance real estate investing. The first way, which I don’t recommend, is by talking to a salesman marketing investments in what he says are a hot area. It’s possible that some of these are good deals. I guarantee that many of them are terrible. In any case, it makes a lot more sense to be methodical; pick your area first, your city next, your property last.
4. There are also a couple of different ways to pick your area, and as usual, the harder way will give better results. The easy way is to find a newspaper story: “Hottest Real Estate Markets in America.” The problem with these areas is that they are usually at the halfway point, at least, of their growth trend. They may be near the peak of their growth trend; the next few years will bring a stable real estate market at best, or a declining market at worst. Read the rest of this entry »

Customer Support

Thank you for your timely response and explanation of the difference!
As new Landlords, we were excited about finding this site. The electronic application process was wonderful as it allowed us to simply enter the applicant’s name & email address then sit back and wait to view the three reports (Employment, Background & Credit). The applicant paid the fees and your service handled the consent forms & other authorizations.
The contract was nice too but we did run into some glitches:
First, it doesn’t have option to pull any information from rental application. We tried to find the applicant’s address & phone numbers to get started but they were not viewable so we had to call them.
Once entered we were moving along well but it didn’t pull any information set up originally with applicant such as Pet Deposits, Non smoking, state variances, etc.
Once finished, we purchased the contract download. The download could not be saved. We even tried copying it into MS Word and had difficulty saving the soft copy. There were several typos, spacing issues and grammatical & punctuation errors.
We had to add property description, correct verbiage to state house rather than apartment, insert missing paragraph on Inspections (copied from sample), delete repeated paragraph, etc.
Overall, I believe the terms of the contract will serve as protection to us but I thought you might like the feedback.
We have already told several people about your site (Realators, Investment Bankers, Insurance Agents and other acquaintances).
Thank you again!
Eugene
Kellyville, OK

Before You Buy Renter’s Insurance

Renter’s insurance is something every renter should have. It is inexpensive, depending on the amount you take out and your area you will likely pay between ten to twenty dollars a month for the coverage. It will protect you from theft and loss from fire. Most people have been robbed or know someone who has been robbed. This policy will protect you from paying for everything out of cost.
What Does Renter’s Insurance Cover?
Your renter’s policy will protect you if you are robbed, or if your apartment burns down. Additionally renter’s insurance includes liability protection. This protection will cover medical expenses if someone is hurt inside your apartment. This insurance will help you to replace items that are damaged or stolen. The liability insurance is also nice, because it will protect the assets and savings that you have acquired.
What Isn’t Covered by Renter’s Insurance?
It is important to realize that a renter’s insurance policy does not cover everything. Most insurance policies will not cover a flood. You will need to purchase an additional policy to cover flooding. This is especially important if you live in a flood plain area. Many apartments will let you know if they are located in a flood plain.
How Much Coverage Should You Purchase?
You need to determine the amount of your insurance policy. When you do this, you should carefully consider the costs of everything you have. If you are robbed, you will likely only need to replace jewelry and electronics. If you are the victim of a fire, then you will need to replace your clothing, your furniture and other personal effects in addition to your electronics.
Read the Fine Print for Limits and Exclusions
It is important to read your policy carefully. Some insurance companies put a limit on the amount that they will cover in different areas. They may limit the total amount that they would pay in electronics to $500.00. If this is the case, then you would need to purchase an additional policy to cover those items. If you work from home, you need to consider the cost of the equipment that you use. You may need an additional policy to cover your liability in relation to your job.
Take Advantage of Discounts for Your Policy
When you purchase your renter’s insurance, it is important to shop around. You can receive a discount when you get it through the same company as your car insurance. You should check for discounts through your job, professional associations, and alumni associations as well.
By Miriam Caldwell, About.com Guide

10 Inexpensive Ways to Spruce Up Your Rental or Rehab Property

This was the one useful thing I have ever received from your company so far. Thanks and keep it up.
Adele
10 Inexpensive Ways to Spruce Up Your Rental or Rehab Property
by Bill Bronchick
It’s easy to fix up your properties if you have unlimited cash. However, you need to keep your repairs to a minimum to stay profitable. You also need to keep your properties in good shape to attract tenants or buyers. There are the basic improvements, such as carpet and paint, but these can still costs thousands of dollars. The following are some inexpensive ways to improve your properties with very little cash.
#1) New Electrical Switch Plates
This is such a minor, yet overlooked improvement. Most rental owners and rehabbers paint a unit and leave the old, ugly switch plates. Even worse, some even paint over them.
New switch plates cost about 50 cents each. You can replace the entire house with new switch plates for about $20. For the foyer, living room and other obvious areas, spring for nice brass plates. They run about $5 each – not much for added class.
#2) New or Improved Doors
Another overlooked, yet cheap replacement item is doors. If you have ugly brown doors, replace them with nice white doors (you can paint them, but unless you have a spray gun it will take you three coats by hand).
The basic hollow-core door is about $20. It comes pre-primed and pre-hung. For about $10 more, you can buy stylish six-panel doors. If you are doing a rehab, the extra $10 per door is well worth-it. For rentals, consider at least changing the downstairs doors.
#3) New Door Handles
In addition to changing doors, consider changing the handles. An old door handle (especially with crusted paint on it) looks drab. For about $10, you can replace them with new brass finished handles. Replace the guest bathroom and bedroom door handles with the fancy “S” handles (about $20 each).
#4) Paint/Replace Trim
If the entire interior of the house does not need a paint job, consider painting the trim. New, modern custom homes typically come with beige or off-white walls and bright-white trim. Use a semi-gloss bright white on all the trim in your houses.
If the floor trim is worn, cracked or just plain ugly, replace it! Home Depot carries a new foam trim that is pre-painted in several finishes and costs less than 50 cents per linear foot. Create a great first impression by adding crown molding in the entry way and living room.
#5) New Front Door
You only get one chance to make a first impression. A cheap front door makes a house look cheap. An old front door makes a house look old. If you have nice heavy door, paint it a bold color using a high-gloss paint. If your front door is old, consider replacing it with a new, stylish door. For about $125, you can buy a very nice door.
#6) Tile Foyer Entry
After the front door, your next first impression is the foyer area. Most rental property foyers are graced with linoleum floors. Consider a nice 12″ Mexican tile. An 8′ x 8′ area should cost about $100 in materials.
#7) New Shower Curtains
It amazes me that many landlords and sellers show properties with either no shower curtain or any ugly old shower curtain in the bathroom. Don’t be cheap – drop $40 and buy a nice new rod and fancy curtain.
#8) Paint Kitchen Cabinets
Replacing kitchen cabinets is expensive, but painting them is cheap. If you have old 1970′s style wooden cabinets in a lovely dark brown shade, paint them. Use a semi-gloss white and finish them with colorful plastic knobs. No need to paint the inside of them (unless you own a spray gun), since you are only trying to make an impression.
Americans spend 99% of their time in the kitchen (when they are not watching TV). A fancy modern faucet looks great in the kitchen. They can run as much as $150, but not to worry – most retailers (Home Depot, Home Base, etc) often run clearance sales on overstocked and discontinued models. I have found nice Delta and Price Pfister faucets for about $60 on sale.
#9) Add Window Shutters
If you have ugly aluminum framed windows, consider adding wooden shutters outside. They come pre-primed at most hardware retailers and are easy to install. Paint them an offset color from the outside of the house – (e.g., if the house is dark, paint the shutters white. If the house is light, paint them green, blue, etc.).
#10) Add a Nice Mailbox
Everyone on the block has the same black mailbox. Stand out. Be bold. For about $35 you can buy a nice colorful mailbox. For about $60 more, you can buy a nice wooden post for it. People notice these things….and they like them!

What type of property should I invest in?

June 24th, 2013

What a great question. We get this one a lot and the answer really lies completely in the middle class. What do I mean by that? What I mean is that the best place to purchase for an investment property is the property that most people in the country are looking for, 3 bedroom and 2 baths.
The 3bed/2bath home is the single most sought after property type in the country. How big? 1200-1800 sq feet. Very average middle american home. Why is that the best investment type? #1. Most people are looking for it. #2. Historically it has shown to increase in value over time. #3. Newer families want it and families that have kids leave the home want it. #4. Affordable. Most every city has an affordable market and this home is what sets the standard for everything else.
If you don’t want a home then that is fine also. Many people invest in ‘units’ or apartments and go that route and it has proven to be a very successful way to go about things. When people ask me about this I am always curious what their long term strategy really is. Do they want to make money month to month or do they want some long term equity? If someone wants month to month money then I tell them to go ahead and go for the units but if they want long term equity they really need to look at the land the units are on. IF the units are in a good area with good growth around them then go for it, but if the units are in a slum or somewhere else then i tell them to run away because over time they won’t make real money on the equity of the property.

How to Screen a Tenant