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Landlord Newsletter - Rent Paid Addendum |
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February 6, 2014 Dear Fellow Landlord or Property Manager, Your lease specifies when rent is to be paid, right? Why then do some tenants pay late anyway, after they agreed to pay by a specific date each month? The LPA has two forms to go along with the lease that have been successful for me in getting tenants to pay early or on time. As LPA Members, you can download the following forms any time. They are included in your membership. Non-members can elect to buy instant downloads (but I think think a membership is far more cost effective and will pay for itself over the year!) 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! You have to run it from the head." - Nick Koon, Hard Nose Landlording
Rent Paid On Time Addendum
This form contains a potent cocktail of ingredients: Because the prompt payment of rent is a top priority in most lease rental agreements, additional emphasis with the Rent Paid On-Time Addendum with the tenants signatures can only help keep the rent as a top priority in the tenants mind.  Good Tenants Want You to Report Credit Reporting and Tenant Performance  One increasingly common question I hear from prospective tenants is, "Do you report our payments to the credit bureau?" Sometimes this question is asked because the tenants are interested in building a good credit rating. Other times, the tenants don't want you to report because they are used to enjoying the benefits of paying the rent late without any derogatory feedback on their credit report. We have found that when a prospective tenant is warned that the landlord reports positive and negative information affecting the tenant's credit, the rent becomes a priority. We let all applicants know that if they value their good or clean credit, they must make the rent a top priority. We ask the tenant not to sign a lease with us unless he or she is absolutely sure that paying the rent in a timely manner will be no problem. We tell him that we would not want to see him ruin his excellent credit standing and damage his future creditworthiness when it comes to applying for a mortgage or other credit. Once a tenant knows that his own actions will determine what information will go on his permanent record, the importance of paying the rent and honoring the agreement will be seen in a whole new light. The Credit Reporting Disclosure Notice informs the tenants that you intend to report positive and negative payment history to the credit and tenant reporting bureaus. You are not obligated to report, but you may. The form points out that the tenants' history will be affected by their I prefer to discover tenant problems before actually signing the lease, so that's why I show them the Credit Reporting Disclosure Notice when I begin our lease signing session. A quality tenant normally sees it as an opportunity to maintain a great rent record. On the other hand, a slow paying tenant might voice some objections at that point. I learned that the easiest and cheapest eviction is the one when the tenants never get possession of your property! I hope this form helps you keep your tenants paying on time or early!
John Reno also does Mortgage Loan Modifications (Nationwide). Recent Courtroom VictoriesThe attached is copy of the court's actual trial decision on one of Mr. Reno's recent cases, a holdover proceeding to recover possession.It is about a landlord who was losing his house to foreclosure and decided to make a special long term, low rent lease for his tenant's benefit once the property was foreclosed. Because leases remain binding on the new owner in real estate transfers, this owner thought he could tie up the property with a low rent tenant for a long time. The new landlord hired Mr. John Reno for the eviction ...
If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.  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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The Rent Paid On-Time Addendum is an effective tool for landlords who feel the need to emphasize the importance of rent being paid on schedule. Although the LPA Lease already contains the key ingredients of this addendum, many landlords feel that having the new tenant sign a special addendum to the contract in addition to the lease will help drive home the point.
Trial Decision, District Court of Nassau County, First District, L&T Part, Index No. LT-005630-13