Harvey Realty, Inc.

If you are thinking about managing your own rental property consider the following tips:

1. Instead of using an all-purpose lease available at office supply stores consider drafting a more specific lease for your property type and location. State laws differ from state to state so try purchasing your lease contracts from your local assocation of Realtors or state bar association.

2. Make your lease as specific as possible by spelling out exactly what is expected of the tenant and owner. For example, who calls the handyman if there is a problem?... One suggestion for repairs is to have the tenant responsible for repairs up to a certain dollar amount and the owner responsible for the rest.