DO IT YOURSELF INVESTOR WAS BETTER OFF BUYING A GENERIC RESIDENTIAL LEASE FROM OFFICE MAX OR STAPLES

By
Real Estate Agent with Precision Real Estate Inc. SA535849000

DO IT YOURSELF INVESTOR WAS BETTER OFF BUYING A GENERIC RESIDENTIAL LEASE FROM OFFICE MAX OR STAPLES

DO IT YOURSELF INVESTOR KNOWS 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
  • Rehabbing
  • 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

  1. Who maintains the pool? If it is not in the lease, then it is open for judgment in court
  2. Who maintains the landscaping? Again, it must be specifically explained in the lease
  3. 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.

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Wallace S. Gibson, CPM 04/14/2012 03:07 AM
Location:
Alberta
Groups:
Property Management
Tags:
phoenix real estate
phoenix fix and flip
phoenix property management

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Ambassador
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Lynn B. Friedman
- - - Concierge Real Estate Services for YOU - - - Providing SERVICE for Sellers & Buyers is our BUSINESS - Atlanta, GA
REALTOR ATL BuckheadMidtownWestside 404.939.2727

Dear Harry -

Especially due to all the TV shows about how "easy" it is to make money on rentals, many people find themselves in hot water after a purchase.

Things always look easier from the outside - don't they? Folks think because they have purchase a home or two for themselves that they are RE experts. 

The sad part is that no REALTOR likes to hear about folks suffering - we just wish they had taken care to protect themselves from the beginning of the purchase process.  

Have a happy day - 
Lynn 

Apr 13, 2012 10:43 PM #1
Rainmaker
1,088,106
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I have said this for 2 decades.  As a frequent contributor to Jeffrey Taylor's MrLandlord website, the willingness for DIY landlord to take any lease form is INCREDIBLE

Apr 14, 2012 03:07 AM #2
Rainmaker
995,836
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Unless the do it yourself is a professional in a specific area, hire a professional to get the lork done correctly the first time. It is much less expensive in the long run.

Thank you for sharing the post with all of us.

Apr 14, 2012 03:19 AM #3
Rainmaker
754,807
Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ
Broker/Owner

GOOD MORNING HARRY!  These fix and flips and fix and rent "info-mercials" are starting to pop up all over Tucson.  I am a DIY landlord with my own properties - but I am also a professional property manager -- and just so NO to generic leases!

Apr 14, 2012 06:15 AM #4
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

It is best to work with a professional Realtor and property management company from the beginning.

Apr 14, 2012 07:37 AM #5
Rainmaker
965,824
Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

Suggested.

 

lol, loved it!

Apr 14, 2012 09:23 AM #6
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

only in America

Apr 14, 2012 11:14 AM #7
Anonymous
oficina Virtual

This site is great. i visit here evaryday.

 

http://www.corporativosach.com/
Apr 14, 2012 01:54 PM #8
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