The LPA Landlord Newsletter 100th Issue

This is the 100th Issue of The LPA Newsletter! I hope you enjoy it. Thank you for your support!

In this newsletter:

• 10 Landlord Mistakes to Avoid
  
• Reporting to Credit and Tenant Bureaus
  
• Free Eviction Warning Form
  
• Ask the Real Estate Attorney, John Reno
  
• Wealth Secrets and Quotes
  

Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and an even more successful year ahead.
John Nuzzolese
John@theLPA.com

"Not everyone understands the "Win-Win" philosophy.
Part of my purpose is to help them understand it... because I just don't do any other kind of deal!"- John Nuzzolese

If I shared all my mistakes as a landlord in one article, you'd get tired of reading it before the first hour, so I'm limiting it to only ten big mistakes that made me want to kick myself. Some of my mistakes are very common to many landlords, but most are the result of me trusting the wrong people. In this business of being a landlord, we eventually learn that trust has to be earned. We just shouldn't trust everyone we meet.

Below I've listed "10 Landlord Mistakes to Avoid" that happened to be important lessons for me in being a better Landlord!
I made most of these screw-ups many years ago, but some are easy to repeat in a bad rental market. That is why I still say, "Nerves of steel- It is better to have NO tenant than a BAD tenant."

1. I failed to check the tenant's ID!
   I knew something was wrong when the rent for the second month was a challenge to collect. After a few months I learned the tenant's real name from a neighbor! I knew God loved me when he was arrested by the FBI for fraud.
2. I skipped the credit report!
   They seemed like they had it all together. Well dressed, nice car, the application checked out...
3. I trusted a fellow landlord and Realtor
   who "vouched" for the tenant! - Now whenever a fellow landlord or Realtor "vouches" for a tenant, I ask them if they will be comfortable co-signing. Trusting a fellow Realtor? I should have known better. No offense to the many hard working honest fellow Realtors out there!
4. I allowed a tenant to do home improvements.
   Just because someone tells you he is "handy", doesn't mean he really is. I still have nightmares about the unauthorized homemade shower stall in the front coat closet... hose...linoleum...holes drilled draining into the basement... aaaaah!
5. I didn't increase the rent for fear of "rocking the boat"!
   Even a small modest rent increase like $10. is better than none at all. In fact, if you are determined to do NO increase, at least send an increase letter to make a point that because of rising carrying costs, there should have been an increase but you are forgoing the increase because of their fine tenant performance.
6. I waived the late fee!
   Just trying to be friendly and avoid confrontations. Build a good landlord tenant relationship... Ha! What a fool I was! You've got to read my article on collecting late fees from tenants who won't voluntarily pay it....

Have you ever been beaten by a tenant on the rent? Most of us have and unfortunately, it is one of the costs of doing business as a landlord.
On the brighter side, remedies are available for many. If you have documented your tenancy with the proper paperwork including a rental application, lease agreement, late notices, etc., you may have a chance of collecting.

Credit bureau reporting is an option in which many modern landlords are beginning to participate.

The LPA recommends tenant and credit reporting to our members.As landlords ourselves, we do not believe tenants should get away "Scott Free" for leaving their landlord with a mess of unpaid rent, damages and other unpaid responsibilities. The prospect of reporting delinquent rent onto the tenant's credit record creates an incentive for the tenant to preserve his good credit, or to clean it up in order to some day qualify for a loan or mortgage.

A delinquent landlord debt is a serious mark against a consumer tenant's credit report for seven years and will likely:

The LPA's other reporting options

For The LPA's Tenant Reporting, click here

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Ask the Attorney

John Reno, Esq., is a highly experienced Landlord attorney on LI, NY. He answers landlord tenant questions of members of The Landlord Protection Agency®.

Mr. Reno also does Mortgage Loan Modifications (Nationwide).
(Mention The LPA for a 10% discount!)

Dear Mr. Reno:
I have a month to month verbal agreement. I have heard that I must serve the 30 day notice on or before the first of the month otherwise I must wait until next month. Is this true?
Thank you
Christian, Long Island, NY

A: Yes! You just missed it! (By the way, it's only the 1st if that's when the rent is due. If they pay on the 15th, serve before the 15th, etc.)

If you have a landlord - tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
Submit a landlord / tenant question for Mr. Reno
Please try to keep your questions as short and to the point as possible.

Read more from John Reno, Eviction Attorney

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Excuses, Excuses

"Didn't I pay you a late fee every month last year? What makes you think you have to keep asking for the rent?"
Well, first of all you agreed to pay each month by the 1st. That was a lie. Secondly, you never ever called me to say the rent will be late, so when I call to find out what the hell is going on, you act offended. That sir, is why I am not handing you just a late notice this month, but also a non-renewal notice too. ( You should have seen his face! For the first time he stuttered and din't know what to say!) - Jeff M., Portland, OR

"You'll have to wait. I'm busy and I don't have time to look for my checkbook." - Stephen, VA

"There are crickets all over the place. Yesterday one was in my soup. I'm not payin till you get rid of the crickets."
This tenant doesn't close doors or windows and is responsible in the lease for pests and exterminating. This silly excuse won't work to get hin out of the late charge. Funny I only heard about the crickets when I asked where the late rent is. - Jack Klein, NY

"I don't have it. My boss said he'll explain it to you if you want."
We have a lease with you, not your boss. Will your boss pay the legal fees and late fees to keep you housed? - Arlene R., IL

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Did You Know...?
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If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money!

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