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Landlord Newsletter September 18, 2012 |
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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 and an even more successful year ahead. by Vena Jones-Cox. Free subscription available at  www.regoddess.com
It is a major regret of my youth that no one ever bothered to tell me that working for a living was a drag, or that depending on a job to make you rich was a fantasy. I guess I was aware on some unconscious level that my dad's real estate investor friends were able to go to Europe for months on end while my friends' parents—even the ones with great jobs— were lucky to put 2 weeks of vacation time together each year, but I always assumed that my dad's friends had so much spare time because they were unemployable, never having been told that, despite their paint-spattered overalls and 15-year old pickups, they were multimillionaires. In short, when I entered the “real” world after college, my education was sadly lacking in some very important areas. In the ensuing years, I've learned some lessons about the world of real estate—some painful (never give a big earnest money check to a seller until you know he actually owns the property), some pleasant (it is possible to hire other people to do the jobs you hate). Each time real estate investing teaches me something new, I wonder why somebody didn't just sit me down and tell me about it years ago. How much easier my life would have been if only someone had told me these things early on... 1. Real Estate Isn’t About Properties, or Deals, or Financing.Now, while this was my first actual deal, I had made approximately 100 offers up to that point that went nowhere. Like many first-time investors, I hadn't fully absorbed the lesson that real estate was about people, not properties; as a result, I had made all of my offers on houses where I thought the seller should be motivated to sell for some reason. I never once asked whether or why the seller wanted to sell cheap, because, hey, the house was ugly right? Who wouldn't be ready to sell cheap? It was this lady that taught me the all-important lesson that people don't necessarily want what you think they should want. Her house was in pretty good shape; she could have sold it for full value in 60 days or so. But what she wanted wasn't top price, it was speed. She wasn't motivated by money, but by a desire to put the property behind her. As a result, she was pleased as punch to take about 2/3rds of the value of the property at the closing a week later. And if someone had bothered to tell me right from the beginning that not every owner of a junker house or a house in a questionable neighborhood automatically wanted to sell cheap (even though it was the logical thing to do!) perhaps I could have saved my time in making the previous 99 offers. People are funny, and the only way to really know what they want out of a deal is to ask them. So if you're making offer after offer and getting rejection after rejection, you might want to think about talking to sellers about what they want, instead of assuming you know. 2. Never, Ever Rent to Anyone You Know.click for the full article
Sponsored by the Ohio Real Estate Investors' Association Protect yourself and your property with a Mold Addendum Educate your tenants about mold and mildew maintenance and care. Most tenants don't think about mold or mildew until it becomes a problem to complain about. There are different types of mold and mildew and can usually be avioded with proper climate control and cleaning. The Mold Addendum will emphasize the importance of avoiding mold and mildew and also places the responsibility and liability on the tenant for damages and expenses resulting from mold and mildew neglect. Signing this form in addition to the lease will place a duty upon your new tenant to protect your property from mold.  FREE DOWNLOAD EPA MOLD Booklet "A Brief Guide to Mold, Moisture, and Your Home", for Landlords and Tenants
A Brief Guide to Mold, Moisture, and Your Home. This booklet from the EPA tells you and tenants what you need to know about mold and how to treat it. You can view the entire booklet here through Adobe Acrobat Reader. You can also print it on normal letter size paper and put the booklet together. After printing, you can also reproduce larger quantities of it on a copy machine in color or in black and white. Click here for Spanish version 
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno: A: You're in a grey area. I could go either way on this. You've already got a bad situation, this will only exacerbate it. On the other hand, sharing the W & D will increase your contact and chances of confrontation. On the law, it could also go either way, depending on if the court finds the W & D were (or became) part of the deal. I vote for whichever way reduces the risk of violence. It's your call. If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
(LPA Members Only) 
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.
Credit bureau reporting is an option in which many modern landlords are beginning to participate.... Click here for the full article
Landlord Success Quotes
"You, me, or nobody is gonna hit as hard as life. But it ain't about how hard ya hit. It's about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That's how winning is done!" - Rocky Balboa "Keep away from people who try to belittle your ambition. Small people always do that, but the really great make you feel that you too can become great." - Mark Twain "Believe you can and you're halfway there." - Theodore Roosevelt "Failure is simply the opportunity to begin again, this time more intelligently." - Henry Ford "No one ever excused his way to success." - Dave Del Dotto "How much did your last tenant problem cost you?"  Take Advantage of our low Renewal Prices! How to Check your LPA Membership Expiration Date:
 
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! What are people saying about The Landlord Protection Agency? |
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