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Landlord Newsletter - Building Credit by Paying Rent |
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Dear Fellow Landlord, In this newsletter:
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month!
Paying Rent and Building Credit
Experian, the leading global information services company, announced that it has extended its capability to accept rental payment data from individual landlords and property managers through its new collaboration with ClearNow®. ClearNow offers a low-cost and easy solution for collecting and making payments electronically and automatically. Experian, through its RentBureau business, currently receives rental payment data from more than 3,000 apartment communities, most of which are managed by large property management companies. Whether a renter lives in a large apartment complex or rents from a landlord that only manages one property, Experian now will provide an opportunity for all renters to build credit history through rental payments. "We’re thrilled to offer a simple way for many responsible Americans to get the credit they deserve by making their rental payments as agreed," said Steven Wagner, president, Experian Consumer Information Services. "In the past year, we have led the industry in helping renters build credit history, and with the latest collaboration with ClearNow, we are achieving another major milestone." ClearNow allows landlords and property managers to electronically collect rent from their tenants via an automatic bank account debit. This relationship will allow renters to enjoy the convenience of automating their rent payment, which can help avoid late payments, and opt in to reporting their rent payment history to Experian RentBureau. Experian currently includes rental payments on its credit reports which helps many responsible renters build credit history. LANDLORD TIPDon't Give In to Desperation!Provided by Ann Kaprat of TheLPA.com
You are most vulnerable as a landlord when you are in dire need of a tenant. Your mortgage payment, utilities and other operating expenses are relentless and still must be paid, even while your rental property is not paying you. You may have just suffered a loss of rent through an eviction. You may have had a tenant just up and leave. DON'T LET MURPHY's LAW WIN! Stick to your guns! Don't lower your standards. That's how we get hurt...badly. Every time I felt forced to lower my screening standards and take a chance, I lived to regret it. Believe me, John Nuzzolese is right when he says, "It is better to have NO tenant than a Bad tenant." 
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno: A: This is tricky. In some states (like NY) you can't utilize the landlord tenant court for a charge like this, even if it's in the lease, unless your lease says this charge is a type of "rent", like "added rent" in The LPA Lease. (I don't know about Michigan.) You can always use small claims court, but a threatened eviction has much better shock value. Please see LPA Forms: Eviction Ramifications Notice and the Attorney Fee Warning Notice If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question. Wealth Quotes"Time is more valuable than money. You can get more money, but you cannot get more time." - Jim Rohn "If the window of opportunity does not open by itself, YOU must open it." - John Nuzzolese "Act The Way You Want To Be And Soon You'll Be The Way You Act" - Les Brown "The best way to avoid tenant problems is to avoid problem tenants." - John Nuzzolese
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! See our price list!  Take Advantage of our low Renewal Prices! How to Check your LPA Membership Expiration Date:
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It happens all the time for many landlords. You face a vacancy at just the worst possible time of the year. Or your circumstances just aren't right to weather a vacancy. Well, in this business, I've come to accept Murphy's Law. You know, the old saying that "Whatever can go wrong will go wrong"? 