Best place for forms

Thanks everyone for the answers to my questions so far. Besides the possible sub2 deal, I am also looking at a lease option / sandwich lease. My next question is simple, if this deals ends up being good, is there a place where I can download the necessary forms for a lease option? I’ve seen some forms on the internet but I’m not sure which ones are good. Do they differ from state to state? Is it a good idea to buy them at Staples or Office Depot? Thanks in advance.

Matt, if you’re serious about this business, the last place you want to cut corners is with $5 contracts from Staples. That’s an invitation for trouble.
You’re starting a business, and that means you need to invest in yourself. You an either contact a local attorney to draw up the documents for you, (probably expensive), or you can find quality docs from any number of sources online.
I’d recommend Carbonare’s over at The Naked Investor. Claude Diamond and Bill Bronchick also offer quality paperwork for your needs.

Thanks for the advice. I’ll steer clear of the Staples 5 dollar special and check out the site you recommended. Does the paperwork differ by state quite a bit?

Every state has its own specifics, but they may not be as different as you think. It’s probably a good idea, once you have your paperwork in hand, to run them by an investor friendly real estate attorney for review. Shouldn’t cost too much.

Go to your local(or nearby) REIA and chat up a few other investors that are doing what you’re doing and ask them for their contracts. You’ll be surprised how willing other investors will/can be.

Also, most REIA have a sponsoring attorney that you can have review to make sure it clears current laws.

Go to your network or Wendy Patton all the way!!!

Thank you REITVshow! I also just wanted to say to not cut corners with your contracts. You will definitely want to have them reviewed by a local attorney to make sure they are kosher for your area. I recommend pre paid legal for the review, it is inexpensive and covers you for lots of different things.

I agree with Wendy, always have an attorney review documents that you use… As for getting them from other small investors… There are reasons a contract is 10 plus pages long… I know a lot of new investors using a yellow pad or a two page agreement that isn’t worth writing on…

Check out NUPP Legal. Just Google it to find it. Their paperwork is assembled by a legion of Attorneys (scary thought) and its cheap. I bought a whole package of Rental Forms for my state for like $50 several years ago. The problem with some of the “Gurus” paperwork is they say their “Legal” in all 50 states which is almost always TRUE. However, LEGAL and ENFORCEABLE are totally different issues. You will find many clauses in these “catch all” contracts that are not enforceable in your state.