Landlord Newsletter - Late Fees March 20 2013

In this newsletter:

• LPA Lease Clause #3: Late Fees
  
• State Late Fee Limitations?
• Free Download - Notice of Late Fee Due
  
• Ask the Attorney, Real Estate Attorney, John Reno
  
• Wealth Secrets and Success Quotes
  

Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month!
John Nuzzolese
John@theLPA.com

click for the full article...

How many days should pass before I charge my tenant a late fee?
And is there a limit on how much I can charge? The LPA State Lease Clause Index will allow you look up your state requirements and limitations if any concerning late fees.

This simple form reminds the tenant that the rent was paid late and that a late fee is still due.

Some tenants may honestly forget their agreements in the lease and need to be reminded. Many tenants like to test the landlord, especially in the beginning of the lease term- just to see how far they can go. This is when we must be vigilant and notify the tenant immediately of overdue rent and the late penalty. It is very common for the tenant to pay the rent a few days late and conveniently forget the late charge. They may think that we'll conveniently forget also, or be embarrassed to ask about the late fee.

Most tenants feel that we should appreciate the very fact that they paid their rent at all. They may be hoping we're too timid or afraid to enforce our agreed lease terms. It is imperative to notify tenants immediately of penalties due.

Past due penalties can become added rent, which can put their lease in default status. We want to help them keep their lease in good standing. We want to help them keep their word and their signatures in good standing, too.

FREE DOWNLOAD Notice of Late Fee Due Late fees are an incentive to pay rent promptly. They are an excellent way to train a tenant to prioritize the rent payment. Never hesitate to collect your late fees!

Have you ever had a tenant who pays the rent late, but always ignores the late fee? How about when you repeatedly send late fee notices? Are those notices ignored too? Don't you just hate that?

You are not alone. I know the feeling. Many, many landlords experience this frustration.

Because the tenant pays the rent, though late, most landlords are willing to let it slide. You may be tempted to look the other way, reasoning that the tenant isn't so bad. "At least the rent is getting paid", you might think. Why rock the boat, right? "At least I'm not dealing with an eviction... yet."

You might also be thinking that you can collect these unpaid charges from the security deposit...

Click to read more about How to Get Your Late Fees PAID!

The Landlord Protection Agency® presents John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.

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

Dear Mr. Reno:
I had someone sign a 1 year lease, moved in at the end of June, and broke her lease and moved out at the end of November, she also has not paid her last month's electric bill. What can I do? I know where she works, but I do not know where she lives, moved in with her brother. Thank You,
Cindy Teeple, State of Ohio

A: Your first stop is small claims court. Usually you can put down as the address her last known address. if she's not forwarding her mail, that's her problem. You'll get a default judgment. Try that, and get back to me.

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.

The Babb Group and The Landlord Protection Agency have teamed up to provide you with a new service - REPreferred, a premier, subscription-based service to provide you with real-time advice on the markets, analysis of reports, listings of properties that are not on the MLS (commonly referred to as pocket listings) as we get them, introductions to others in the industry, landlord forms and advice from the Landlord Protection Agency, VIP-access to our team and other experts, HYPERnetworking with other people interested in real estate, daily challenges, and techniques to position yourself for long-term investment in real estate.

Our goal with this Elite forum is to provide you with insights, information, and specific daily instruction and participation that directly relates to your interest in real estate whether it be investing, being a landlord, buying or selling a home – including one on one coaching and a highly participatory group!

"Beliefs have the power to create and the power to destroy." - Tony Robbins

"Screening tenants- My motto: 'Guilty until proven innocent.'" - John@TheLPA

"You think you know someone? You don't really know them until they've rented from you." - John@theLPA.com

How to Check your LPA Membership Expiration Date:

1. Be logged in with your LPA username & password
   
2. On the "Main Menu" (top right), click on "Your Orders" (right below your name)
   
3. The beginning date of your membership will be listed to the left of your membership order # in this format: YYYYMMDD
   

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!

Look-up Associations
Attorneys
Businesses
Rentals Available
Rentals Wanted
Classifieds
Tips & Advice
Realty Brokers
Tenant Histories

Other Areas Q&A Forum
Landlord Tenant Law
Essential Forms
Free Forms
Credit Reports
About Us
Help