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The LPA Newsletter
Dear Fellow Landlord,
In this newsletter:
Article: Is This the Right Time to Invest? by Matthew Martinez, Author of "2 Years to a Million in Real Estate "
Article: By me, "What do I do When the Tenant Won't Pay the Late Fees?"
Ask the Attorney, New Questions & Answers with Eviction lawyer, John Reno
Free download - Essential Landlord Form: Eviction Information Sheet
Landlording Mini Quiz Multiple Choice
A few Tenant Excuses
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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Is This the Right Time to Invest?
 By Matthew Martinez
Timing the market is impossible, so I never try to do it. Instead, I merely attempt to buy very good value, regardless of the prevailing conditions. Buying outstanding value is the most important factor in your future success as a real estate entrepreneur, no matter what advice is being offered by the so-called real estate gurus on late-night infomercials. Nevertheless, great fortunes in real estate or any other industry are often made during times of economic distress—in particular, when market corrections, like the current one, dramatically undervalue assets....
click for the full article...
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Ask the Attorney
 The 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:
I would like to know if a Landlord can increase security deposit amount with the acceptance of a new lease? Also, can the Landlord ask for security deposit even though in the original long-term lease there was no security deposit put down. Since original commencement date new fixtures such as new gas boiler and new windows have been put in at Landlord's expense.
Thanks!
Gina I.
A: You can increase the security deposit, and it's commonly done, but you can't force the tenant to agree to changes in the lease. If the tenant won't sign the new lease, he becomes a month to month tenant and you can give a notice to vacate, if you want.
Dear Mr. Reno:
I am using an LPA lease with a daily late charge clause. But from what I am reading, here in North Carolina, I can only charge $15 or 5% of the monthly rent which ever is greater. My monthly rent is $675 and my late fee is $35 after the 4th. The daily charge is $10/day for every day after the 4th that the rent is not paid in full. How can I structure the daily late charge into my lease and continue to motivation to pay the rent without violating any laws?
What could happen if I need to enforce the lease to the extent of an eviction, will the judge up hold my lease with this clause in place?
Thanks, Jonathan Cole
A: Your late charges are unenforceable, but its not all bad. A lot of people still pay them. Even in eviction court, we enter into settlements that include payment of these unenforceable late fees. But if push came to shove, the Court would reduce them all to around 5%.
Dear Mr. Reno:
On July 30th, I provided my tenant with a 30-day notice which she signed. Since then no rent for August has been received. She hasn't spoken to me at all and lives 2 houses down. Yesterday, I issued a 3 day notice to pay or quit. One in the door, the other in the mail. If she should not pay can I now keep her deposit? Regardless if she leaves or forces the eviction to proceed. I too received a 30 day notice after 24 years of residency. Which is now a 60 day notice. The coming Monday I plan to start the eviction process. However, I don't want to but cannot find myself without a place to live. My plan is to move into her apartment.
Thank you for your time and advice.
Faye Gregory in California
A: You can keep her deposit. Start the eviction now for non-payment- don't wait. (You can't predict how long an eviction will take.)
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Read more from John Reno, Eviction Attorney
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What do I do when...
the tenant won't pay the late fees?
By John Nuzzolese
Have you ever had a tenant who pays the rent late, but always ignores the late fee? How about when you repeatedly send late fee notices? Are those notices ignored too? Don't you just hate that?
You are not alone. I know the feeling. Many, many landlords experience this frustration.
Because the tenant pays the rent, though late, most landlords are willing to let it slide. You may be tempted to look the other way, reasoning that the tenant isn't so bad. "At least the rent is getting paid", you might think. Why rock the boat, right? "At least I'm not dealing with an eviction... yet."
You might also be thinking that you can collect these unpaid charges from the security deposit. Depending on the particular situation, that might be an excellent idea.
You may be able to stall the inevitable, but sooner or later, things are going to come to a head. Eventually, late charges will accumulate to a level higher than the security deposit.
Is there a better way?
The LPA Lease provides that late charges are classified as "added rent", which means you may legally collect those late fees in all the same ways you are allowed to collect rent, because "added rent" is rent.
In light of the fact that we have "Added Rent" explained in our lease, we have also updated the lease to include another hard hitting sentence....
click for the full article...
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 Sneak Peek!Click on the following 2 links to read excerpts of Dr. Danielle Babb's soon to be released new landlording book!
"The Accidental Landlord"!
Getting Your House Rent Ready!
How to Determine a Fair Management Fee
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Landlord Mini Quiz
- When real estate that is being leased is sold, the lease
- An example of Constructive Eviction is when
- To be binding, a lease must be signed by the
- Before evicting the tenant, the landlord should
- Complete this quote: "95% of tenant problems can be eliminated
For answers and more test questions, click here...
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Eviction Information Sheet
From time to time, we are faced with the unavoidable eviction. Personally, I feel we must project the image to the tenant that we are unafraid of evictions and the costs involved. The tenants must believe we are ready to start the process promptly.
Of course, you will first notify a defaulted tenant with an Urgent Late Notice, then an Eviction Ramifications Notice (PDF Format) along with a Notice to Pay Rent or Quit.
If and when the tenant is unwilling or unable to cure the default within the period state in your notice, the next step is eviction.
How long do we wait to start eviction after the tenant does not comply with our Notice to Pay Rent or Quit? Many landlords wait and give the tenant more time in the hopes that they will raise the money. Often it is because the idea of court or paying an attorney's fee is too scarey. But ! Time is money. Your money! For each day the tenant lives without paying, you are getting deeper in the hole with no rent.
We created the Eviction Information Sheet to save you time and money by making it as easy as possible for an eviction attorney to begin an eviction with all the relevant case information immediately available.
The attorneys who we've used this with loved it and told us how it made it easier and quicker to set up evictions.
Please download a free copy to add to your arsenal of landlord forms!
Click here to purchase or to read about LPA Essential Landlord Forms and descriptions
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Tenant Excuses
"I have the money. I just can't give it to you yet."
- What the hell is that supposed to mean? These people are a riot. They got their eviction notice the next day. - Robert, FL
"I dropped off the check on the 5th. Maybe it was stolen from your mailbox. I'll be by in a couple of days with a new check." Yeah right. The old 'I dropped it off on the 5th' excuse. (I have a locking mailbox- she can't explain why it wasn't there. Maybe because she is lying? In the last 2 years she has never paid before the 9th. It is always a challenge to get the rent from this one. - Mary D., NY
"I paid our movers $4000 and I thought we had enough money to pay the rent. Here is a check for last month and this coming month but I will tell you when you can cash it." - They where sent a 5 day and 30 day notice. Currently they are living rent free for 3 months but our court date is coming soon. - Keith, IL
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Quotations...
"Confidence is preparation. Everything else is beyond your control." - Richard Kline
"If you want to live a happy life, tie it to a goal, not to people or things." - Albert Einstein
"Discipline is the bridge between goals and accomplishment." - Jim Rohn
"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.
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Eviction Information Sheet
Eviction Information Sheet