Landlords - first time lessor here

Not sure what's in the "standard lease" you downloaded.

I never have mine notarized.

My original one is old and don't remember where I got it. I got it into an editable version and modified. I beefed up the content around saying I was not liable for injuries. On rentals that have a deck, I added a sentence saying that proper care and supervision required for anyone using the deck.

No need for getting it notarized.

Carry a large amount of insurance. Talk to your agent about an umbrella policy and a general liability policy. We live in sue-happy America, so it can happen. You can try to minimize getting sued by being a good landlord. Treat people the way you want to be treated.

Thank you.

ChatGPT can provide a great lease template if you provide basic information.

One thing I add to all my leases is that tenants are responsible for all repairs under $100. This prevents them from calling for minor issues.

I also conduct a walkthrough when tenants move in, and we both video record everything to document its condition and prove that everything is working.

Regarding plumbing, ensure everything is in perfect working order and have the tenants acknowledge this. If they cause any issues, like pouring inappropriate items down the drain or clogging the toilet, the costs are on them.

Now, I only get calls for major issues like leaks or AC problems, which happen maybe once or twice a year.

That lease looks fine. It does not have to be notarized.
If there are any specifics you want the tenant to know- be sure to spell it out in the additional section. Things I use- # of vehicles, who’s responsible for appliances, utilities, grass cutting.

I own an apartment complex and my best piece of advice is to thoroughly research your applicants. Meet them at the unit so you can get a feel for them. Make them give you a check stub so you can verify stable employment.

Leaving a unit unrented for a couple months in order to find a good tenant is wayyy better than renting to the first person that comes along just so you can make money that month.

All good informative replies. I am leasing to acquaintances so I am not going in with complete strangers. I think I lucked out on this. I have made all repairs that I could see needed, made a few upgrades, and am ready to let it roll. I will take note of all of theses things that need to be spelled out and notated.

That thing is a piece of shite, but you get what you pay for.

Potent - One more thing. Be a reasonable landlord. shite happens right. If you have a good tenant, try to keep them. I had one that is never late, never complains, and she had major car issue.. She is now late on rent, which is ok, she'll catch up. Just be reasonable and fair.