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Landlord Newsletter February 2008

The LPA Newsletter
February 2008

Dear Fellow Landlord,
In these uncertain times, many people are confused about the real estate market. Should I buy? Can I sell? Will I be able to find a good tenant?

GOOD NEWS! These times are not as uncertain as the media would have you think. I have a few solid ideas you can hold onto.

First of all, yes, the market has dropped and is still dropping from it's already artificially inflated state.
Second, don't worry too much because as investors we can only hope the prices dip more, which I think they will. It seems to me most of the homes for sale are by sellers still holding onto the idea that their property is worth far more than it really is. Those who actually sell realize that we live in the real world and have to present a reasonable price and even flexible terms, evidenced by the rising tide of bank approved short sales.
Thirdly, people still need to rent, including the people who are losing their homes in one of the biggest tides of foreclosures the country has ever seen. (Screening through their credit reports will be another story.) But the main idea is that there will not be a shortage of tenants for us landlords. We'll just have to screen, screen, screen!
In this newsletter:

  • Ask the Attorney, with Eviction lawyer, John Reno
  • Article: By LPA Member, Dr. Danielle Babb on Abandoned Homes
  • Landlord Tip, by me. Rip up that lease! (Read why)
  • Truth & Lies. A look at what tenants may say and mean.
  • Free Form download
  • 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 great month!
    John Nuzzolese
    John@theLPA.com



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    Abandoned Homes cause BIG problems

    Dr Dani BabbWith the wave of foreclosures hitting lenders, there is a new problem on the rise - houses abandoned by banks AND homeowners, and people left on the block getting hit with substantial value decreases as a result. An intense amount of crime sweeping into these suburban neighborhoods as vandals, thieves, drug dealers, prostitution rings, etc move into abandoned houses.

    This is a forgotten, misunderstood component of foreclosure. Fights and legal battles are ensuing all across the nation about just who is responsible for these homes in limbo, being left to vandals and worse.

    There are obvious signs that a home has been abandoned....

    click for Dani's full article...


    Read Dani's latest Real Estate Blog on "Babb's Babble "

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    Ask the Attorney

    The Landlord Protection AgencyThe Landlord Protection Agency® is proud to introduce John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.

    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

    Dear Mr. Reno:
    Dear Mr. Reno: I have a tenant that pays on time but she insists on using a fire place heater for emotional reasons. This heater has interrupted the circuit twice so far; this heater pulls 12.5 amps on its own. I have asked for her not to us this heater. I have now put this in writing. The question is can I charge her for the bills in getting this problem fixed since it was not in writing before I call in the electrician?? - Barbara, Or. (Property Manager)

    A:
    That's problematic. Your lease probably doesn't provide for this charge, and you can't unilaterally change the terms of your rental arrangement, even though you "put it in writing". Remember your ace in the hole: there's no law that you need to renew their lease. Or if there is no lease, there's nothing preventing you from terminating the rental. In your next letter, make it clear what the ramifications could be if they continue this conduct.

    Read more from John Reno, Eviction Attorney




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    Free Form Download

    Tenant's Notice to Landlord

    Tenant's Notice of Intention to Vacate
    Informs the landlord of the tenant's intention to vacate while instructing the tenant of the proper procedureTenant's Notice of Intention to Vacate
    This form is used by the tenant give proper written notice to the landlord when the tenant is vacating, that the tenant will cooperate with showing the property for re-rental or sale. It includes a place for the tenant to give his forwarding address in order to receive any security refund. It is an excellent way to help reinforce proper move-out procedure. We always staple a copy of this notice to the back of the tenant's lease to be used when the time comes for the tenant to give notice to vacate.
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    Tenant Truths & Lies

    You'll Never Hear your Tenant Say ...

  • "I'm probably the dirtiest tenant you'll ever rent to."
    Click here to read what they really say!

    Click here to read more Tenant Truths & Lies




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    LANDLORD TIP
    Lease Agreement Cancellation

    What Do I Do if the Tenant Doesn't Agree to Sign My Lease?

    This really isn't an article as it is more of a simple answer to the title question. If the tenant doesn't want to sign your lease, or wants to make unsatisfactory changes in it, rip it up. That's right. RIP IT UP in front of the tenant and tell him that this is not the right home for him and he is not the right tenant for you.

    Then go on to the next qualified tenant. That is the quickest headache relief ever. Faster and more satisfying than 3 Advils! - John@theLPA.com

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    Tenant Excuses

    "I’m afraid if I catch up my rent you’ll evict me." They haven’t paid any rent in 3 months and are now $3000 behind.. Janet T, Tontitown, AR

    Amber responded to the unlawful detainer notice by arguing that I owed her money, not the other way around. When I asked her why she lied to the courts, she said:
    "I talked to my friend in the homeless shelter and she said I had to respond to the notice even if it was a lie." Even funnier, after the eviction, she was still using me as a reference. I guess she's still in the homeless shelter. - Brenda Rumball, Everett, WA

    "I can't talk to you about this now because I am having a panic attack." You are three weeks behind on your payment in an attempt to get current on the $2000 + you are behind in rent. Wonder if the mortgage company would give me an extension because I am having a panic attack about paying my bills???? - Mark and Marlene Smith, New Hampshire

    "I'm probably moving at the end of the month anyway and you still have my security." I said Probably? Where's your 60 days written notice as agreed in the lease? I'm sorry, but if you don't pay the rent, an attorney fee will be added to what you owe. - Kelly, CO

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    Quotations...


    eleanor roosevelt quotes Yogi Berra quotes Thomas Edison quotes Benjamin Franklin success quotes



    "Nothing is particularly hard if you divide it into small jobs." - Henry Ford

    ""Tenants show their true colors in pressure situations." - John Nuzzolese

    "Never let the fear of striking out get in your way." - George Herman "Babe" Ruth

    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat." - Theodore Roosevelt

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

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    Books by LPA Members

    The Landlord Protection Agency is proud to recommend the following landlord books written by LPA Members, Dr. Dani Babb, Robert Irwin, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.






    real estate investing, landlord books





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    Report bad tenants to the National Tenant Rating Bureau or Deadbeat Database

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    landlord books, landlording, landlord information, landlord tenant law, evictions



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