The LPA Newsletter
Mid - August 2007
Dear Fellow Landlord,
As our summer enters it's final weeks, we are preparing for the coming months. The media is telling us about how the economy is taking a bad turn. A rough economy affects everyone. It can be an opportunity for real estate investors, while it can be rough for others. As a landlord, the important thing is to be alert and ready to enforce the terms of your leases before things get out of hand. Screen tenants carefully and be prepared with your arsenal of forms for landlord tenant matters.
In this newsletter:
Free Download: LPA Essential Form, Late Charge Due Notice
Landlord Tip
Recent Tenant Excuses
Recent Success Quotes
Please e-mail us if you have any questions or would like to add or share any material / information. Have a safe and successful summer.
John Nuzzolese
John@theLPA.com
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How many times have you received late rent without a late fee?
FREE DOWNLOAD
Notice of Late Fee Due
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
(You can download this form free till August 31, 2007 in or Adobe PDF)
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!
(You can download this form free till September 15, 2007)
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Landlord Tip:Don't EVER stop the eviction if the tenant can not give you ALL of the following:
ALL past due rent
ALL legal fees and court fees
ALL past due late fees
ALL other past due charges such as utilities or maintenance costs that can be a liability for the landlord.
It's very tempting to be a nice guy when the tenant is crying and begging for another chance, but do you really think they will become good tenants after they've ignored all your attempts to collect the rent and forced you to go to court?
Yes, I'm embarrassed to say, I've broken this simple rule, and regretted it. - John@TheLPA
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Tenant Excuses
"I have to eat TOO." - Barb, Pa
"Didn’t we pay for both first and last month rent when we signed the lease?" Tenant just signed a lease renewal for another year. Did not pay August rent and told me - Todd, CA
"Well, we can't pay our rent right now because my wife went to Toy's R US to buy a new crib." - Cristin, New Mexico
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Quotations...
"Too many of us are not living our dreams because we are living our fears." - Les Brown
"Those who think they have not time for bodily exercise will sooner or later have to find time for illness." — Edward Stanley: Former Prime Minister of the United Kingdom.
"Ambition is a dream with a V8 engine." - Elvis Presley
"How much did your last tenant problem cost you?"
- John Nuzzolese
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America's #1 real estate expert is also an LPA Member!
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Robert Irwin is the bestselling author of more than 50 books on real estate. His career in the real estate industry encompasses more than three decades of experience as real estate broker, landlord, and consultant to lenders, agents, and investors.
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Books by LPA Members
The Landlord Protection Agency is proud to recommend the following landlord books written by LPA Members, Robert Irwin, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.
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Interested in past LPA Newsletters?
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LPA Newsletter Archive
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