Investing in rental property can be a great way to earn a second income or even to build a legacy. While renting out property can be lucrative, it can also be a great source of stress if it isn’t handled like a business. Like any business venture, it’s important to get a lawyer involved early. A Real Estate Lawyer in St. Peters MO could help an investor draft lease agreements to protect their business interests. There are many other ways having an experienced attorney could be valuable to a real estate investor.
Benefits of Hiring a Lawyer
Every new business owner should consult an attorney who focuses on their type of business before opening for business. This could ensure the entrepreneur chooses the most effective business structure and has all of the correct documents filed with the state before they accept a dime from new clients. This is especially important for real estate investors because they have to deal with both state and local laws.
Some aspects of a lease agreement are mandatory, and others are discretionary. Every successful landlord customizes the terms of their leases to meet the needs of their business. For example, a landlord may require rent to be paid on or by the first of every month rather than giving a grace period. The lease should clearly, explain what happens if rent isn’t paid on time. It should also tell a tenant what their responsibilities are and any reasons why they might be evicted. A Real Estate Lawyer in St. Peters MO could look over a client’s draft of the lease to ensure it complies with relevant laws.
While a real estate investor could wait to hire a lawyer until they need one to evict a problem tenant, that could be much more expensive than hiring one before renting out the home. An attorney who has already reviewed the lease may be in a better position to defend their client in court.
Hiring a lawyer is just one of the necessary expenses a real estate investor will incur as they plan to get their new business off the ground. Like other business investments, this one may prove to be well worth the money. Click here to set up a consultation and get started.