|Landlord Newsletter August 2008|
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The LPA Newsletter
Dear Fellow Landlord,
I was talking to another landlord (Jim) about his tenant problems when I mentioned that I was experiencing a similar problem with one of my tenants. He was surprised that the founder of The Landlord Protection Agency is experiencing a tenant problem just like he was. The difference between his tenant problem and mine is that his tenant was 2 months behind in the rent. Jim wasn't prepared with the right forms to deal with the tenant professionally when the rent first became late. It turns out that he didn't even have a late payment clause in his lease! Jim's situation brings to mind one of my favorite idioms: "Fail to prepare, prepare to fail."
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!
Renters and Landlords - The New Marketby Cecilia Sherrard
More renters will be looking for rental properties across the country and of course in Cleveland Ohio area with the increase of foreclosures. It's inevitable that with supply and demand, rental property will be critiqued by renters and landlords will be critiquing tenants. There has to be a sort of happy medium in this equation. Many new renters will have tarnished credit and rental history as they're just entering or coming out of a foreclosure. Most landlords these days require good credit, past recommendations and references from previous landlords.
So what do you do? How do you ensure getting selected as the new tenant and how do you select good tenants? For both property owners wanting to rent and previous home owners needing a new place to call home, there are things to remember and guidelines to follow.
Landlords: It may be time to scrap your previous application form and make some needed changes for the changing times. Ask if their previous place of residence ended in a foreclosure. If it did, you can contact the current listing brokerage about the condition of the home when they first listed it. This may give you a good indication of how they kept the property and if there was major damage to the home when they left. You can also find out online using your county auditor website if the rental applicant had previously owned a home and what happened to it.
Ask the Attorney
If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
Sneak Peek!Click on the following 2 links to read excerpts of Dr. Danielle Babb's soon to be released new landlording book!
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.
"I'm having a bad month. I'll have This month and next months rent by the middle of next month." - Well its going to cost you an attorneys fee too and you'll have to make the payment in court next week if you want to avoid an eviction judgment.- Steve S., NY
"The internet went out. Why should I pay rent if I don't have any amenities like other places have." - When they rented the apartment, they were able to tap the wireless internet from the neighbor. Now the neighbor secured the network. That has nothing to do with me. I told them to start paying for their own internet or be evicted. - Joyce, Holbrook, NY
"You want the rent? The basement has been flooded for a week. How are we supposed to live like this?" - The tenant's son (9) inserted the garden hose into the basement window and left it running for a day or 2. The tenants were required to have renter's insurance, but after they didn't need it the first year, they decided to save the annual $120.00. Now they think I should bail them out. (No pun intended!)- Evan, R., CT
"Fail to prepare; Prepare to fail." Anonymous
"Never let the fear of striking out get in your way." - George Herman "Babe" Ruth
"You think you know someone? You don't really know them until they've rented from you." - John@theLPA.com
"Your chances of success in any undertaking can always be measured by your belief in yourself." ó Robert Collier
"How much did your last tenant problem cost you?"
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