Customize your rental lease agreement in 5 minutes

Rental Lease Agreement | Landlord Simplified

Did you know that you can customize your rental lease agreement in 5 minutes?

Check out this great online resource to customize any legal document, like your rental lease agreement, in minutes!

Your rental lease agreement has a very critical role to play in your rental property business. The lease helps you to define your relationship with your tenant, it sets expectations, outlines the tenant’s responsibilities and provides both the landlord and the tenant with proof of details in the event of a misunderstanding or breach of contract. But for your agreement to be effective it needs to be done right.

You can certainly go to a lawyer and ask them to draft a lease agreement for you, but if you want to save yourself a little cash, A great way to get started in creating or refining your rental lease agreement is to use law depot. Law Depot has been providing quality legal documents since 2001. Law Depot has an extensive library of legal forms that have been developed by their team of lawyers. LawDepot specializes in do-it-yourself legal documents, including real estate, business, financial, estate, and family legal forms and contracts. Their online tool allows you to customize any legal document like a lease agreement, download and print it out on the spot in 5 minutes for a fraction of the cost.

Follow the appropriate link below to get started in creating your rental lease agreement:

Law Depot USA
Law Depot Canada
Law Depot UK
Law Depot Australia

Once you’ve drafted your lease agreement, I recommend that you consult with a lawyer to review it to ensure that you have complied with your local laws and addressed any risks in your own lease agreements.

BTW – if you haven’t already, get my mini-book, “12 Key Terms that will TRANSFORM your rental lease agreements.”


Ali Alidina | Landlord Simplified

Ali Alidina

Ali founded LandlordSimplified.com where he shares his learnings, experiences and his best practices to help rental property owners to overcome the learning curve in their rental property business.
 

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Did you hear about the Landlord that was fined $12K for wearing his shoes in his tenant’s home?

Landlord Fined $12,000 for wearing his shoes in his tenant's home. | Ali Alidina | Landlord Simplified

Did you hear about the Landlord who was fined $12K for wearing his shoes in his tenant’s home?

I came across an article where a landlord was fined $12,000 for wearing his shoes in his tenant’s home.

In this video I am going to share 3 basic rules that every landlord must follow to protect themselves and to keep their tenant’s happy.

Hi, I am Ali Alidina, founder of Landlord Simplified where I share my learnings, experiences and my best practices to help you overcome the learning curve in your rental property business.

Let’s get started!

The article said that the tenants used their bedroom as a prayer space and repeatedly requested that the landlord remove his shoes before entering the bedroom to show the property. The landlord didn’t comply and felt that the tenants were imposing their religious beliefs on him. A Canadian human rights tribunal disagreed with the Landlord and ordered him to pay a $12,000 fine to the tenants on the grounds of religious discrimination.

Now there are 3 basic rules that every landlord must follow to reduce the risk of finding themselves in a similar situation.

I’m going to walk through those 3 rules right now.

The first rule is respect. While the landlord owns the property, the minute they rent out the property it becomes the tenant’s home. As a landlord, you need to shift your perspective once you have rented out the property. That home is now the tenant’s sanctuary. It is a place where you want the tenant to feel comfortable and safe. Many people create sacred spaces in their homes, like the tenants in the article. To keep it sacred the people set boundaries and rules around that space. As the landlord you need to respect the tenant’s space and their wishes and requests surrounding that space.

This leads us into the second rule – operate your rental properties like a business and provide great customer service. You can’t grow a sustainable business without happy customers. For landlords, your customers are your tenants. If you treat your tenants with respect and provide them with great customer service, you will cultivate happy tenants. And most happy tenants tend to turn into good, long-term tenants.

The final rule is to familiarize yourself with the local laws. The laws set boundaries and help you to understand your rights and responsibilities as a landlord. Having a good grasp of the law will guide you and protect you as a landlord and it will better prepare you for setting expectations with your tenants.

  1. Respect your tenants;
  2. Operate your rental properties like a business and provide great customer service; and
  3. Have a good grasp of the local law. These three basic rules will protect you as a landlord and keep your tenants happy.

Now if you are feeling stuck, stressed, or overwhelmed in your rental property business feel free to reach out.

Until next time, I’m Ali Alidina for Landlord Simplified, keeping it simple.

To read the full article on the Landlord that was fined $12,000 for wearing his shoes in his tenant’s home, please click here.


Ali Alidina | Landlord Simplified

Ali Alidina

Ali founded LandlordSimplified.com where he shares his learnings, experiences and his best practices to help rental property owners to overcome the learning curve in their rental property business.
 

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What is Landlord Simplified?

What is Landlord Simplified? | Ali Alidina

What is Landlord Simplified?

Someone asked me if Landlord Simplified is a property management company.

Hi, Ali Alidina here for Landlord Simplified.

Someone asked me if Landlord Simplified is a property management company.

Well, if you are looking for help in managing your properties, I would love to help.

But, I created Landlord Simplified to share my learnings, experiences and my best practices to help landlords, just like you, to overcome the learning curve in your rental property business.

Landlord Simplified helps you to achieve success in your rental property business by showing you how to simplify your processes, maximize your rental profits and cultivate happy and long-term tenants so that you can spend more time doing the things you enjoy with the people you love.

I’m will be launching a series of on-demand eCourses that will allow you to work at your own pace to solidy your rental property business foundation and processes.

I’m also launching my 6-week group coaching program, Landlord Simplified: Keeping it Simple. Throughout these sessions I will be sharing my game changing strategies, easy to implement processes and my best practices that I have successfully tested in my own rental property business. I break it down into chunks so that you can easily pick and choose what you want to implement In your rental property business. Landlord Simplified: Keeping it Simple is the blueprint to How to be a Landlord. This program gives you direct access to me so that together we can achieve success by simplifying and working smarter.

I’ll let you know when I am launching these programs.

In the meantime, if you are feeling stuck, stressed or overwhelmed in your rental property business, feel free to reach out.

Now let’s get started!


Article Author - Ali Alidina

Ali Alidina

Ali founded LandlordSimplified.com where he shares his learnings, experiences and his best practices to help rental property owners to overcome the learning curve in their rental property business.

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What’s the difference between a landlord and property manager?

What’s the difference between a landlord and a property manager?

So, what’s the difference between a landlord and property manager?

There’s a bit of confusion out there so in this video I’m going to try and address this.

There are a lot of people out there that use the terms landlord and property manager interchangeably, so I can understand why there is a bit of confusion out there.

If you are a rental property owner or an income property owner, you’re a landlord.

A landlord is anyone who owns a property that they rent, or they lease. Now that differs from a property manager who is responsible for the management and the maintenance of the property.

A property manager usually takes care of the tenancy vacancies, collecting the rent, dealing with repairs and maintenance and also tenant issues.

Now, that doesn’t mean that a landlord can’t take care of their own property. There’s a lot of landlords out there that wear both hats. Both the landlord hat, so, as the owner of the rental property, as well as the property management hat.

Now, there’s others who tend to take more of a hands-off approach where they’re just strictly a landlord and they hire a property manager to take care of the property, to collect the rent, to deal with the repairs and maintenance, to fill their vacancies, and to deal with tenant issues.

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7 Questions to Consider Before Investing in an Income Property

7 Questions to Consider Before Investing in an Income Property

So should I invest in an income property?

That’s a great question! I get asked this question quite often. I think investing in an income property is a fantastic way to generate passive income and build wealth.

But, and this is a big but, whether it is the right investment for you is dependent on your current situation.

There are 7 questions to consider before you can make the decision to invest in an income property. We’re going to go through those 7 questions in this video.

Question 1: Do you own or rent you current home?

Consider your current housing situation. Do you own or rent your current home? Or maybe you live with family or friends.

If you own, congrats! You get a pass to the next question.

But if you rent or live with family or friends and you’re thinking about purchasing an income property, I would ask you to pause and think about this.

When I bought my first property, I was still living with my parents. The plan was for me to move into the new property, but a relative of mine had just sold her house and her new home was still being built. She asked if she could rent my condo for a few months, until her new home was ready for her to move into. That’s how I accidentally got into the rental property business.

But, where I ran into issues was when I got married. My wife and I needed a home for ourselves, but we struggled in qualifying for a mortgage because I already had two properties. I was still early in my career and my wife was still in school and the numbers just would not add up for us. In order to qualify we needed a larger down payment and a co-signer.

If you are renting or living with family, my recommendation would be to explore buying a personal residence, first. Alternatively, you can also look at buying a personal residence with a built-in income property like a basement apartment.

I believe that it is important to look out for your personal needs first. Let’s move on to the next question.

Question 2: Do you have a down payment?

The next question you want to consider is Do you have a down payment?

When purchasing an investment property, generally the rule of thumb is that you require at least 20-25% of the total purchase price as a down payment. This is certainly very different from purchasing a personal residence where the minimum down payment generally ranges from 0 – 10%.

A down payment is a cash payment that you provide for the purchase of the property. It usually comes from your savings.

Many traditional lenders follow a regulatory policy that prevents them from lending for an investment property without a 20-25% down payment from you.

There are; however, creative ways around this. Private lenders might not require the full down payment and sometimes your mortgage broker can get creative to help you with your purchase.

This leads us to the next question to consider.

Question 3: Have you been pre-approved for a mortgage?

Have you connected with a mortgage broker and been pre-approved for a mortgage?

This is an important step because it gives you an understanding of what the lender thinks you can afford. The pre-approval will actually tell you the specific purchase price that you can afford.

When looking for a mortgage broker make sure you shop around so that you can find a broker that understands your needs as a real estate investor and is able to explore creative financing arrangements.

As a real estate investor you want to maximize your profits by minimizing your expenses. Your mortgage interest will be one of your largest expense every month. The mortgage interest that you pay is money that you won’t get back, so you want to get the lowest mortgage rate possible.

Arming yourself with your pre-approval will direct you as you move into the 4th question.

Question 4: Have you engaged a realtor?

Once you know how much you can afford, the next question to consider is have you engaged a realtor? Once again, you want to shop around for the right realtor. You need a realtor that understands your needs as a real estate investor. While it isn’t necessary, it is good idea to try to find a realtor that is a real estate investor themselves. You can learn from them and they can guide you in comparing the potential and the risks of the properties as a rental investment.

Realtors can quickly compare what properties are currently on the market that fit your criteria including your budget. Some realtors are well connected and are sometimes privy to available properties even before they are listed for sale.

If you do find a property that interests you, before you sign on the dotted line, there are three more questions to consider.

Question 5: Does it make sense as an investment?

Before you dive in, you need to do some further research on the property to determine if this property makes send as a rental property.

The things you want to look at are (1) Location, (2) Future development plans for the neighbourhood, and (3) Do the numbers make sense?

  1. When you are looking at the location you want to see if it is in an area where people would want to rent? Things to look for are amenities (e.g. shopping, restaurants, schools and parks), crime rates, access to transit, neighbourhood status. All of these factors can impact your ability to rent the property and the long-term growth potential of the property. A great tool to use to quickly rank the property is walkscore.com.
  2. When looking at the development plans for the neighbourhood you may require to visit city hall to understand what may be in store for the community. The plans for the community could either have a positive or a negative impact on your property value.
  3. When looking at the numbers you want to understand if those numbers make sense. Have you identified all the operating expenses, e.g. mortgage, taxes, insurance, maintenance and condo/HOA fees. Are there repairs or renovations that you’ll need to do before you rent the property? Do you know how much you can rent the place for? What’s the going rate for rental properties similar to yours in that neighbourhood. Essentially, this will help you understand if you are going to be feeding money from your own pocket every month or if you are going to actually be making a profit from this rental property.

Question 6: Who is going to manage the property?

If it makes sense as an investment property, then you need to decide who is going to manage the property. Are you going to manage it yourself or are you going to be hiring a property manager?

If the property is easy for you to access and service, you may be able to manage the property yourself; however, if it takes you an hour or two to get to the property or if you just don’t have the time to manage it you may need to hire a property manager. Remember hiring a property manager may have a negative impact on your bottom line.

Question 7: Do you have access to an emergency fund?

Finally, it is important to ask yourself if you have access to an emergency fund. This could either be a separate pool of money that you have set aside for your properties or a line-of-credit. The better option would be to have a savings account. You want to keep enough to cover about 3 months of expenses.

Investing in a rental property is a big investment and it should not be done lightly.

It is also important to note that this is just a high-level outline of some of the things to consider. There are other factors that you may need to consider so it is important to do your due diligence.


Article Author - Ali Alidina

Ali Alidina

Ali founded LandlordSimplified.com where he shares his learnings, experiences and his best practices to help rental property owners to overcome the learning curve in their rental property business.

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