DO IT YOURSELF INVESTOR WAS BETTER OFF BUYING A GENERIC RESIDENTIAL LEASE FROM OFFICE MAX OR STAPLES
Everybody wants to invest in real estate. I am seeing the real estate education classes pop up on the radio and television saying "No money down. Make a million dollars. Sign up for a FREE work class this Saturday." Are they visiting your local real estate area? I am not against education. Heck, I have a graduate degree. However, I would advise investors to partner up with a investor friendly Realtor like myself. I provide the following services to my real estate investors
- Acquisition including bank owned, short sales, wholesale deals and trustee sales
- Buy and hold with property management
- Phoenix Fix and Flip
Now, the Phoenix real estate market has many foreign real estate investors from Canada, Australia and Europe. Some of them are managing their own properties while they go back to their perspective countries. Everything works fine except when the tenant stops paying the rent. Then, what is the next step? There is a saying "While the cat is away, the mice will surely play."
There are some real estate investors that draw up their own residential lease agreement because they do not want to spend money for a lawyer to review it. This is when things start going wrong. My lease agreement is known to cover all circumstances when renting a home.
Does your Do It Yourself lease have the following 3 areas covered on the lease
- Who maintains the pool? If it is not in the lease, then it is open for judgment in court
- Who maintains the landscaping? Again, it must be specifically explained in the lease
- Who is in charge of pest control? Finally, this area is covered in my residential lease
It is better for a person to stick with what they are good at and not venture into the unknown without wise counsel. I have seen it all when it comes to real estate. Property management is not easy but the great ones make it look easy like myself.
I took on an investor a few months ago that was going to court because the tenant was not maintaining the pool. The judge reviewed the lease and informed the owner that this responsibility is not covered in the lease. Hence, the owner is legally responsible to maintain the pool. This investor had to waste a half day in court when this could of been avoided.
Properties R Us LLC $60 per door per month-Best Deal in Town-Great to be Covered