Starting a new business is exciting and you want to make sure you have all the tools you need to help everything go smoothly and minimize the risk of something happening that could sink you and your idea before it gets off the ground. The Airbnb entrepreneur needs to know exactly what forms they will need to protect themselves in the day to day running of their home share, hostel, or hotel/motel alternative.
1. Business Plan
A solid business plan will help you when looking for partner and investors into your business. Sometimes you will hear it called an “executive summary” or a “pitch deck” but these are essentially abbreviated versions of a business plan. This is a concrete explanation of your business and how it will make money. You can go here for a free do-it-yourself business plan that you can create in 10-15 minutes.
2. Rental Agreement
This is something you will need for short-term renters that want to continue staying at your property for longer than 30 days. If you strictly take payment through Airbnb, you won’t need it. But for the most part, once you’ve established a relationship with the guest directly, you will want to create a private rental agreement going forward. You can use this form for Craigslist and Facebook rental leads that come in. And if you are a regular buy and hold real estate investor you can use these forms for long-term leases. For a free do-it-yourself rental agreement click here.
3. Loan Agreement
When looking for private financing for your business from friends, relatives, and other potential lenders, you want to have a good lending agreement ready to give them peace of mind when lending money into your business. You can agree on a specific amount, interest rate and term length and create a legally binding contract that will protect both parties and more importantly show that you are a professional entrepreneur that knows what they’re doing and and a good person to place their money and trust in. Click here a free do-it-yourself loan agreement!
4. Joint Venture Agreement
When going into any business with partners where the profits and control of a business is split up, a joint venture agreement is what you need. This will outline what’s expected of each of the partners and who gets what percentage of the profits. It will get everything in writing and create a legally binding agreement so that there’s no disagreements or reneging on the deal later on when the money starts coming in. It’s an absolute must in any business partnership and you can get your do-it-yourself joint venture agreement here!
5. Lease Amendment Agreement
This can be a way to modify a lease between you and your landlord to allow for the Airbnb subletting of your property. It is always best to have your landlords permission in writing before starting an Airbnb on rented property. Because he/she is the owner, they are potentially liable for anything harmful that happens on the property such as fire, injuries, etc. So if your landlord is hesitant about allowing subletting for Airbnb, you can offer them an incentive such as higher rent or a bigger security deposit to make it worth their while. All this can be added in a lease amendment. Get your free do-it-yourself lease amendment agreement here!
There you have it, those are some free legal form you can get from our partner Law Depot. They are a great site where you can get a wealth of legal forms for free. Here’s a video of what you can expect to find below:
If you’d like to learn more about it, click the link below and search for any document you want!