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Landlord Newsletter Mid February 2009 |
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 Free Prospect Card "Of all the sites out there, the LPA by FAR has the most extensive resources, the most knowledgeable help, the most expertise, and is quite possibly the best real estate site I've used in my career." Dr. Dani Babb, and Author of "Real Estate v2.0" , "Finding Foreclosures", "Commissions at Risk", "Teaching Online", and "The Accidental Landlord". Fellow LPA Member since 2007. "My LPA Membership has saved me from so many expensive tenant problems, it has already paid for itself many times over." Louis C., LPA Member since February 2001. The LPA not only lets you share your experience with other landlords, but it will also help to answer your questions. Timothy Spangler, Author of "From the Rat Race to Real Estate", LPA Member since December 2003 The Web site was founded by John Nuzzolese, and he is a “nice guy” like we were when we started. He learned many lessons the hard way, like we did, and so you will benefit greatly from his experiences, and from being part of this group. Kind regards, Sandy Midea, Author of "A Fool's Guide to Landlording" "The LPA Lease has become my favorite lease, and enforcing it with the Essential Forms is even better. Managing my properties (tenants) has become much easier." Jack Klein, LPA Member since May 2001. "The question should be ..." "Can you afford not to join The Landlord Protection Agency? I'm very thankful for all The LPA has done for us. At first we were intimidated by our tenants and the whole process of leasing and managing our rental property. Now we have 3 rentals with excellent tenants!" Carol and Jim S., LPA Members since July 2003 "I'd like to thank Mr. Nuzzolese for sharing his landlording knowledge with us. I find it refreshing to be able to get down to earth articles and real life helpful advice on the LPA website. Gary Smith, LPA Member since 2007 "I cannot express how your products have made my job so much easier. I have peace of mind now knowing that I am protected by the verbiage you have in your contracts. Thank you so much." Tony Gramm, Aurora, OH  Renew your LPA Membership at low renewal rates! Expired? No Problem!  |
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 Dear Fellow Landlord, Today, I find myself thinking back to when my oldest son was born, 25 years ago today. That was when ideas of "Landlord Protection" were still a budding concept to me. In my excitement of being a new father, would the idea of "Landlord Protection" even occur to me? Two particular rentals stick out in my mind from that time. Both deals were on rental agreements I wrote up on a single page containing about ZERO "Landlord Protection". One tenant still rents with us. The other had to be evicted and actually said in eviction court, "You deserve it. You never even checked me out." Although she was one of the first to be listed on the LPA's Deadbeat Database, she was also just what I needed to realize the importance of tenant screening. In this Newsletter, we have: Please e-mail us if you have any questions or would like to add or share any material / information. Housing slump is turning some owners into landlordsBy Melissa Kossler DuttonASSOCIATED PRESS
So when they bought a new one, they rented out their old home. "It all depends on the market," said Dave Schudi, who plans to sell the old house eventually. "We've got good renters in there." Falling house prices and a slow market are forcing more homeowners to consider renting properties. It's something Tampa, Fla., real-estate agent Julia Vakulenko suggests to potential clients. "Basically, we ask all the people who contact us, 'Must you sell it right now?' " she said. "Most likely, it will just sit there or maybe sell below the market value." For many, the role of landlord is something they had never considered. If done right, however, renting out a home can help the owner ride out the housing slump, said Vakulenko, of Tampa4U.com. But the process does require doing some research, said Vakulenko, who owns five rental properties. She often refers clients to property-management companies who can determine what their home would rent for and whether there's a market for it. Homeowners are often disappointed to learn that their home would rent for less than their mortgage payment, added John Nuzzolese, president of the Landlord Protection Agency in East Meadow, N.Y. "Whether it's for sale or for rent, it's only worth what people are willing to pay for it," he said. "People have to be realistic and put themselves in the tenants' shoes." Real-estate analyst Danielle Babb often sends people to www.rentometer.com to see what the going rent is in their area. The Web site allows users to see what comparable properties in the area charge. Once you've set a rent range, determine your demographic -- students, families, young professionals -- and market the house to them, said Babb, author of The Accidental Landlord. Babb, who owns 27 rental properties, wrote the book after watching friends and colleagues trying to rent out houses they couldn't sell. "You've got to think like a renter. There's lots of availability," she said. "They're going to choose the most exciting option." Babb, Nuzzolese and Vakulenko offered these suggestions for homeowners considering renting their home. • Familiarize yourself with local laws dealing with rental properties. It's important to understand the eviction process, how to handle security deposits and what type of access you have to the property once it's rented. • Determine whether you want to select the tenant and handle property issues or hire a company to do it. If you take on the responsibility, you are obliged to fix any problems (leaky faucets, broken furnace, etc.) or find professionals to do it. • Develop a rental application. Ask questions on the application that will help you quickly determine whether you want this person for a tenant. Consider asking about pets, smoking and employment, for example. • Ask for references. Call former landlords and ask about the person's rental history. Verify that the references listed are really landlords and not the applicant's friends posing as landlords. • Screen potential tenants. Once you've narrowed your field of potential tenants, hire a service to run a criminal and financial background check on the applicants. Be wary of tenants with previous evictions or bankruptcies. • Consult with a lawyer or The Landlord Protection Agency ( www.thelpa.com) before writing a lease. A well-written lease is crucial to protect your property. It will help you evict a tenant or hold him accountable for damage if necessary. • Collect a security deposit equal to one month's rent. This will help cover any damage to the property and protect you if a tenant moves without paying rent. • Perform a walk-through of the property with the tenant before he or she moves in. During the walk-through, make notes and take photos of any property damage such as chips in the tile, spots on carpeting, etc. You and the tenant should sign the paper as an acknowledgment of what condition the property was in at the start of the lease. • Check on the property. Drive by at least once a month and look for signs of trouble such as garbage in the yard or excessive wear and tear. Make arrangements to walk through the property three months into the lease to see how well the tenant is caring for it. (Make sure you give the proper notice required for entering the property.) • Don't accept partial rent payments. Accepting money from tenants who are not paying the full rent can make evicting them more difficult. "Whether it's for sale or for rent, it's only worth what people are willing to pay for it," says John Nuzzolese, landlord adviser Once you've set a rent range, determine your demographic -- students, families, young professionals -- and market the house to them.  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.
Who is responsible for them? LPA Appliance Agreement With Repair Clause
This document includes a complete appliance checklist at Move -In, signed by the tenant, it also protects the landlord from costly repairs and maintenance by putting the responsibility of the appliances onto the tenant where it belongs. We are not in the appliance business! We like the Appliance Agreement because it covers the landlord completely for those annoying appliance repairs that seem to always crop up. This agreement is clear and easy to understand. The more rentals you have, the more appliances you have that will need repairing and replacing over the years.
Tenant Excuses"How can you expect to get your rent on time in this economy?" I asked if he lost his job or had to take a pay cut. He said no and I gave him his pay rent or quit notice. - Jim in GA "I ain't paying no rent. You got black mold!" When the tenant showed me the "mold", it turned out to be a stain on the garage floor where her car has been leaking oil. She still didn't have the rent when I explained that it's not mold and she's responsible for the cleanup of the oil. - Thomas, Golden Gate, FL
Quotations...
"Action is the antidote to dispair." - Joan Baez "Always do things right. This will gratify some people and astonish the rest. - Mark Twain "You must learn from the mistakes of others. You can't possibly live long enough to make them all yourself." - Sam Levenson "Careers like rockets, don't always take off on schedule. The key is to kep working on the engines." - Gary Sinise "How much did your last tenant problem cost you?" Books by LPA Members  
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The Appliance Agreement with Repair Clause explains in simple terms to the tenant that if the tenant wishes to use the existing appliances, he is responsible for maintenance and repairs on them.
LPA Appliance Agreement With Repair Clause