Choosing the Right Rental Property and Creating a Lease

For those entrepreneurs and businesses seeking to make profits on real estate other than outright sales, leasing or renting property is one of the most potentially rewarding types of income.  Whatever the niche, residential, commercial or industrial, there are profits to be made all over the country.  When choosing the best type of property to invest in, it’s best to know the demographics of where you choose to invest in.  If you’re looking into a town that is seeing all around growth, such as Bolingbrook, and Naperville, Illinois, there is opportunity in many types of investments ranging from town homes, single-family homes, and business property.  However, when you take a look into Downers Grove, Illinois, it’s been increasingly seen that many older homes are being rebuilt, bigger and better.  

This type of demographic draws in those looking to purchase old properties, looking for an increase in value in order to sell to a private buyer or contractor looking to do a tear down and making a profit.  That’s not to say that their aren’t opportunities to buy and rent homes, and apartment complexes, but needless to say you will typically expect to pay more of a premium on real estate.

How Important is Creating a Lease?

Once you have found the perfect property to invest in to lease or rent, one of the most important things you can do is create an almost airtight lease in order to protect you from potential monetary losses. Your lease is what will ultimately help you cover losses, and potential liability if anything goes wrong. Any expectation, whether payment, additional costs, number of residents or repairs, MUST be defined in your rental agreement.

Many new owners make the mistake of making their contracts imprecise. Their tenants crush them and find themselves in long and expensive legal disputes. When creating your contract, be sure to have a trusted and experienced representative to help you craft an agreement that covers and mitigates as much risk as possible.

Who are Your Tenants?

This should be apparent but often times many owners don’t think to specify this in their contracts.There are often some tenants who want only one person's credit in the lease, but you need to ensure that any adult located or involved in the property includes their name in the lease. In case of problems or issues that come up, you then will be able to contact anyone with their name on the lease.  

If you have multiple adults living on your property but only one name on the lease,you can only legally sue a person for any outstanding rents and fees, this alone should drive the point home. This is the first of many short but relevant articles to help you make the most out of your rental property.

For contract review, and negotiations, contact us and we'll help you get the guidance you need whether your a lessor or lessee


Troy Golden

May 2, 2019

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