Residential Property Management/Lease

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Question
Good day
With reference to the rental of a townhome that I rented through a realtor last year and would like to rent it on my own to the same tenant without a realtor this year I have the following questions:
1. If renting out the property on my own (without an agent), the lease stated that I had to have a new lease. Someone mentioned to me that I could probably type over the old lease with the same clauses etc. but have a typist change rewrite in own words. Is this acceptable and a normal practice?
2. When having the lease signed should the tenant or landlord sign first, if the lease has to be mailed to the other party to be signed?

Answer
You can definitely use the old lease.  You can copy and write in the changes or retype the entire content.  As long as the writing is legible, there are no rules on how the lease must look - the content is what is important.  As far as sending a copy, you should send 1 original with no signatures, have the tenant sign and return.  That way there are no changes made with your signature on a copy that you might be unaware of.  Once you have received the signed original, you sign and make sure you send a copy to the tenant.  Also, you will probably receive the original back in a quicker time period if you enclose a self-addressed stamped envelope so all they have to do is sign and return.  Stefani

Residential Property Management

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Stefani Nachatilo

Expertise

I can answer basic beginner questions like "How do I get started buying my 1st rental property" and "What to look for when taking an application on a tennant." "Here`s what capital I have to work with -- what are my options?"

Experience

I started purchasing rental properties in 1995 with my husband, part-time, while working a full time job. We started with very little seed money. One year we purchased 11 single family units. Recently we bought 5 properties in 2 months. We purchased our 1st small apartment building in 2004. I am now managing our units and doing property investing and management full time.

Publications
My Husband and I have written a book for the new real estate investor, "Weekend Warrior's Guide to Real Estate Investing", published by Tate Publishing. Can be purchased from TatePublishing.com or Amazon.com. Have been published in Real Profits by Carlton Sheets and Discount Buyer's Association monthly magazine.

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