Landlord Newsletter Mid-May 2007

The LPA Newsletter
Mid - May 2007

Dear Fellow Landlord,

In this newsletter:

• "Read Before You Sign!", by Real Estate Attorney William Bronchick. Have you ever signed a contract without reading the fine print?
  
• FREE Download BRAND NEW LPA Essential Form:
  Rent Deficiency Notice
• If you missed last newsletter, you can download a copy og the Carbon Monoxide Addendum too.
• Recent Tenant Excuses
• Success quotes

I hope you find this LPA Newsletter useful. Please e-mail us if you have any questions or would like to add or share any material / information. I'll be debuting another new Essential Form in the June '07 newsletter. See you then!
John Nuzzolese
John@theLPA.com

"READ BEFORE YOU SIGN!"

Too many investors go to closing and sign documents without ever reading them, taking the word of the "professionals" involved in the closing. This is a huge mistake, unless that professional is your lawyer, and he or she has read and understood the loan documents. Don’t presume that the lawyer you are paying represents you. Many banks have lawyers that represent them and charge that fee to the borrower.

Mortgage brokers and lenders are not by their nature dishonest but there are enough shady characters that try to slip things by on borrowers. In some cases, it is a mistake by the lender or a miscommunication between the mortgage broker and the lender, both of which result in the borrower getting a different loan than what was promised.

The most common things that are incorrect on a loan are:

Prepayment Penalty—The most common "hidden" clause is a prepayment penalty that the lender does not disclose or that was supposed to be omitted. The only way to know for sure is ....
click for the full article

Some tenants insist on paying the rent in bits and pieces. Unfortunately, getting the rent paid in full is not as important to some tenants as it is to us landlords. That is why we have to make this lifestyle of partial payments a thing of the past.

Like a late rent notice, the LPA Rent Deficiency Notice will inform the tenant that the rent was not received in full. It will ask for the balance due along with any applicable late fees, reminding the tenant of the growing balance thanks to our daily late charges in your lease.

Rent Deficiency Notice
Rent Deficiency Notice

(You can download this form free till May 31, 2007 in MS Word or Adobe PDF)

Carbon Monoxide Addendum

Carbon Monoxide Addendum

"Well the "lease" is valid and I have 30 days to leave."
Unfortunately for the tenant, his "lease" was in default since May 2006, the judge read him the default paragraph...and told him that his 30 days to leave was back in March, judgment for the PLAINTIFF, be out in 10 days.!! - Amy Kalkaska, MI

"I will have to check with the people who live here with us and have a meeting tonight (who are not on the lease of course) to see how much money they have towards rent, we'll get back to you after I find out."
(10 days late already!) - Natalie Sterling, Charles Town, WV

"I don't know why I'm here, he's just trying to get money for when I lived there."
It's not really an excuse but it was a good one. The judge actually gave me a little more than twice what I was asking for. Pennies from heaven or what? Now I just have to collect. - Kerry from Michigan. LPA member.

"My nephew is law student and he tells me that this lease is illegal."
I knew it was just another excuse, so my lawyer served them the next day. They did wind up paying the late fee, a partial attorneys fee and the rent. - Jack Klein, NY

"I believe you make your day. You make your life. So much of it is all perception, and this is the form that I built for myself. I have to accept it and work within those compounds, and it's up to me." - Brad Pitt

"I think of doing a series as very hard work. But then I've talked to coal miners, and that's really hard work." - William Shatner

"Think like a man of action, act like a man of thought." - Henri Bergson

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

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