Landlord Newsletter - Free Late Rent Notice

Dear Fellow Landlord,

Once again, I thank you for supporting The Landlord Protection Agency!

In this newsletter:

• 5 Landlord No Nos to Avoid
  
• 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 Quotes for Success
  

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

5 No Nos for a Landlord

Most landlords enter into a rental relationship with a tenant with good intentions and positive expectations. Like a chef who assembles and cooks a gourmet dish, a landlord also must consider the elements of a rental transaction with a tenant and the rental property.

In order to find a good tenant, we need to first understand the qualities or ingredients that a good tenant is made up from. Once we understand what ingredients we are looking for, we can carefully screen applicants with the right ingredients in mind. The LPA has a few tools that can help you determine if your applicant has the desired qualities you are looking for in your screening process.

So What Are the Trouble Causing No Nos for a Landlord?

1. Not Pre-Screening If you have lots of free time and enjoy spending countless hours talking with unqualified tenant prospects and then showing them your rental property, taking rental application after rental application, then don't pre-screen your applicants.

   If you value your time and prefer to focus only on qualified prospects, you need to have a pre-screening system in place that will allow you to easily weed out the unqualified, while still attracting the better possible tenants.

2. Incomplete Screening / Lack of Credit Report As a successful landlord, you want to make sure you have done a thorough screening every time you consider accepting a new tenant. If you're like me, your mission is to find something wrong with the applicant. I try my best to disqualify every applicant based on the information on the rental application, past landlord or employment references until I either find something or don't find anything that will eliminate the contestant.

   Failing to make a thorough screening check can make you kick yourself later and usually will.

3. Succumbing to pressure and Overlooking Red Flags Often newbie and experienced landlords are pressured to get a unit rented in order to make the payment. We find ourselves rationalizing red flags we recognize as danger signs, only to accept a sub-qualified tenant. You and I know that we may have bought ourselves a little time, but it almost always comes back to bite us... in spades.

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 have given my tenant and her two kids verbal notice to move one yr ago. I have proof she was looking in nov. I then had my neighbor give a 30 day notice. I didn’t know not to accept rent after. She was given another 30 day notice. She has always paid her rent on time. I did not accept it this month. They have been a problem since they moved in six yrs ago. I have a lot of proof. My neighbor gave an eviction notice yesterday. I overheard her talking with someone about getting her daughter into a program for mental health. She is on a wait list. I don’t know what to do. I obviously need a lawyer, a strong lawyer who will get them out. Thank You,
Jamie, NY

A: The hardest thing to do is evict a tenant that's current. You should give us a call 667-RENO

Dear Mr. Reno:
Have a uyer in Mo.that is purchasing his double wide on a Contract to Deed. Can I upon accelerating the total balance due me upon the Buyers default,expect to still pursue the balance due me even though I have received possession of the property back? If so shall I language that that option in the agreement and if not,can I pursue damages after return for periods of time to find another buyer or renter?
Lou F.

A: Whenever a contract is breached, like when the buyer defaults, you have the right to sue for damages. The question is, once you recover possession, what are your damages? It's complicated. While it helps if the contract says you can still sue even after taking possession, if it says you can get the property back and all future payments due, that would be excessive.

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.

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 bright side, remedies are available. 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....

Click here for the full article

"It is better to have NO tenant than it is to have a bad tenant." - John Nuzzolese

"Losers live in the past. Winners learn from the past and enjoy working in the present toward the future." - Denis Waitley

"Success is how high you bounce when you hit bottom." - General George Patten

"How much did your last tenant problem cost you?" - John Nuzzolese

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