Landlord Newsletter Mid March 2009

Please e-mail us if you have any questions or would like to add or share any material / information.
John Nuzzolese
John@theLPA.com

How to Determine Property Values in Today's Market

In today's market where there are so many foreclosure and bank REO sales, figuring out the real value of a property can be difficult. The comparable sales method is the most commonly used -- and still the most accurate one -- to determine the value of single-family homes, condominiums and smaller rental buildings (two to four units).

Start by researching information about sold properties on your local government Web sites for your target area. Many tax assessor’s offices and county courthouses offer searchable online databases that allow you to view the prices for properties within a specific area. They usually list full details about the properties, including square footage. Plus, subscriber Web sites such as Electronic Appraiser (www.electronicappraiser.com) give you detailed information, particularly in areas where online data is scarce. Free Web sites such as Zillow (www.zillow.com) also offer property data, but the information is less detailed than for the paid sites. For example, the seller’s name may be missing, which could be relevant if the seller was a bank, as in the case of a foreclosure sale. If that’s the case, it can’t be considered a comparable sale because the property was sold in distress...

Oh boy, here we go again -- with appraisers...

Home appraisers played a very big role in the build up and subsequent tear down of the housing bubble. I can tell you some stories from the trenches that would make you cringe and may even take the blame off of the Bush Administration (for awhile) on this whole "housing mess".

So let's look at how appraising works, and what role it has played (so far) in the housing business. Appraisers are generally retained by brokers or lenders. There are shady people in every business (mortgage brokerage companies are full of them) and these brokers (in particular, but lenders too) seemed to find people who would support numbers that they wanted to get deals done. Many of these numbers were overinflated. Appraisers are one of many on the long list of real estate food chain that get paid for a service that really either isn't needed, or could be done online very easily. Some have found Zillow to be more accurate than their local appraiser because Zillow isn't freaked about getting sued...

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
Please try to keep your questions as short and to the point as possible.

We provide our tenants with a pre-printed payment book and pre-addressed envelopes in which to send their monthly rent.

We have noticed an improvement in early payments since we began using this idea. It helps tenants take paying their rent a little more seriously.

Each tear-off slip displays for the tenant some of the key terms agreed in their lease. I like that because the tenant is reminded of these key items every month when they fill in the amount of their payment before sending it.

First is the tenants name and Social security Number. Many people find it a little intimidating and a little more official when their Social Security # is on a document. If you prefer, you can use the last four digits.

On the top right is the rent amount. A tenant should know what his rent is, right? So many forget especially after a rent increase or if it is an odd amount.

Next is the rent Due Date. We certainly want them to remember when their rent is due and when it will be late.

Below that is the Late Fee. For example: After the 5th , tenant shall pay an initial late fee of $_____ I also include an optional early payment discount. We use it for peace of mind. You'd be surprised to see how many people go out of their way to save $5. or $10. It's a great incentive to get rent paid early.

Of course they may need to be reminded of how to make the rent payable and where to send it. These slips make it much easier for the tenant to get your rent to you.

FREE ESSENTIAL FORM DOWNLOAD The LPA Payment Slip Template (You can download this free till March 31, 2009 in MS Word)

"Come see what I did for you. You won't want the rent when you see this!" Oh my God! She painted everything fire engine red --- glossy! All my beautiful crown moldings and wood work. Her deposit will never be enough to restore it. - Louis, Tustin, CA

"It is so hard to get the rent together every month! I have so many expenses." I asked what expenses. They were mainly the bar every night, lap dances, pay per view movies, take out food and hookers. He's got to go. I gave a termination notice. - Antonella, NJ

"You're going to evict me anyway so how am I suppose to pay you and have enough money to pay for another place? When I went to collect the rent and the tenant didn't have it. My reply was yes you are being evicted but you still have to pay rent. Needless to say we are in process now. Bad part she lives 2 doors away. - Marcia - Saint Petersburg, Fla

"Always do thing right. This will gratify some people and astonish the rest. - Mark Twain

"You think you know someone? You don't really know them until they've rented from you." - John@theLPA.com

"A mind stretched to a new idea never goes back to its original dimension." - Unknown

"Your chances of success in any undertaking can always be measured by your belief in yourself." - Robert Collier

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

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