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Landlord Newsletter June 2008

The LPA Newsletter
June 2008

Dear Fellow Landlord,
Do you ever wonder why some rental properties get rented quickly to good tenants while at the same time other rentals sit without activity? The reasons vary, of course, but like a gourmet meal, you need the right combination of ingredients to make a good tenancy. An important factor is having the rental "rent ready", as Dr. Dani Babb explains in an excerpt of her new book below.

In this newsletter:

  • Article: "Getting Your House Rent Ready!", By Dr. Danielle Babb
  • Ask the Attorney, New Questions & Answers with Eviction lawyer, John Reno
  • Free Landlord Form download: Tenant Finder™ Chart
  • NewEssential Landlord Form: "Purchase Option Addendum"
  • 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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    Sneak Peek!

    The following is an excerpt of Dani Babb's not yet released new book, "The Accidental Landlord"!

    Getting Your House Rent Ready!

    By Dr. Danielle Babb

    Dr Dani Babb You know you want to rent your house, and you need to get it rent ready. But what do you need to do to the home to get it ready for showing? First, be sure that you are ready for your applicants, you know how you’re going to run your credit checks and background checks, and you know what you’re going to be checking for. You may even wish to create a checklist for yourself.

    One accidental landlord in a survey of landlords had this to say, "Thinking about a variety of worst case scenarios and develop back up plans in case any of them happen."

    Get the home in sale-ready form; fresh paint, fresh carpet ....

    click for the full article...

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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:
    My name is Carletta and I live in Ohio. I have been renting my house on a month to month basis for 18 months. I just found out that in Oct. of 07 our house went into foreclosure. I just received a 3 day eviction notice 2 weeks ago. My question to you is Can I sue my landlord for the time he collected rent from me while the bank owned the house? I never had a lease agreement with him.
    Your advice would be greatly appreciated.
    Sincerely, Carletta

    A: The landlord can collect rent up until the date of the actual foreclosure sale when title passes to the bank or a 3rd party. Do you know that date? It may have not happened yet.

    Dear Mr. Reno:
    I have a tenant that broke his lease. He signed a year lease and only stayed in the house for 6 months. He paid his April 1st payment and told me that he would be out by the end of the month. He was not out until May 5th.
    Can I keep his deposit for breaking the lease or can I keep part of his deposit for the May 1st payment or do I have to pro-rate the days?
    Thank you for your help in advance!
    Monica Jolly in Danville, California.

    A: He was there in May, he owes for May (all of May.) Congratulations.

    Dear Mr. Reno:
    I have a 4 bedroom with a 1 bedroom attached to the rear both are rented and have no smoking leases. The family in the front smoke outside but the smoke seems to drift not just in my other tenants windows but also in the surrounding windows of my neighbors. I am getting complaints from everyone. I leased the house for 4 months with an option to renew the lease for 1 year, the lease is up at the end of June. Do I have the right not to renew the lease because of neighbors complaining about the smoke even if they are not smoking in the building?
    Thank you, Anna Evans NH

    A: Yes, because you always have the right to not renew a lease for any reason or no reason (as long as it's not unlawful discrimination.)

    Read more from John Reno, Eviction Attorney




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    FREE DOWNLOAD
    Tenant-Finder™ Worksheet

    Take the Stress Out of the Decision.
    Score Prospects by Their Point Value

    Score your Tenant-Finder™ Worksheet to help you evaluate the prospective applicant. Before making an appointment to show your property to an applicant, examine your findings. The LPA Tenant-Finder™ Prospect Qualifying Chart will help you determine a more accurate score for each applicant.

    The Tenant-Finder™ Prospect Qualifying Chart helps you break down the evaluation of a rental prospect into five main categories.

    Those categories are

    1. Money
    2. People
    3. Credit
    4. Tenant
    5. Timing

    Although the Tenant-Finder™ Prospect Qualifying Chart is designed to work with the scoring of the Tenant-Finder™ Worksheet, it can also be used alone to score prospective tenants.

    FREE DOWNLOAD

    Tenant Finder Chart.Tenant-Finder™ Prospect Qualifying Chart





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    New LPA Essential Form
    The Purchase Option Addendum

    If you are thinking about renting to tenants with the option to buy, (or "Contract for Deed"), you will want to spell out your Option to Purchase deal with The Purchase Option Addendum because it can be used with any lease.

    You may have a prospect who can't buy now, but agrees to secure the option with a down-payment or security deposit.

    When you accept a tenant who doesn't have the money to put towards the purchase price but still wants to buy your property, it is important to protect yourself properly when granting a tenant the option rights to purchase your property. This addendum is made for exactly that.

    If you're not using The LPA Lease with Purchase Option which already includes this full agreement in the lease form, you'll find this addendum very easy to add onto your existing lease agreement form.

    Click here to purchase or to read more about LPA Essential Landlord Forms and descriptions


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    Tenant Excuses

    "Where is your heart? Its Christmas and I either pay rent or buy my kids gifts." I told her that her and her kids would be spending Christmas on the street if she doesn't pay the rent. When I came to the house to demand rent, her kids had a brand new Wii system, and a HUGE plasma TV. Her rent is $850. - Jay Asheville NC

    "I had to go on a company golf outing to schmooze my bosses, which of course meant that I needed a decent new set of golf clubs. Don't worry,next month I'll pay you three months in advance." Now, who is being schmoozed? I think I'm the schmoozie and he's the schmoozer! My attorney now has the file. - S. Trautman, OR

    "I thought if I kept quiet, you might forget about this months rent payment." - Yeah, I see.... the eviction notice got your attention, huh? - Faith, Levittown, NY

    click for more Tenant Excuses

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    Quotations...


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



    "Succeeding is not luck - it is a decision." - J. Garrett

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

    "People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

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



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