|Landlord Newsletter August 10, 2010 - Quick Quiz|
August 10, 2010
Dear Fellow Landlord,
In this issue:
Please e-mail us if you have any questions or would like to add or share any material / information.
Landlord Hard Times
By Lambert Munz MPM, RPM, Arbour Real Estate Mgmt, Inc.
Author of House Investor's ManualWe are asking our tenants to be more understanding with our landlords. Most are reluctant landlords. What is a reluctant landlord vs. an investor landlord? An investor landlord is in the landlord business. They understand the rental business. Most want to maintain their properties because when the market will allow good prices they may wish to sell their investments for a profit. Other investor landlords are long term holders and may be enjoying a cash flow that is positive.
The reluctant landlords are renting only because they canít sell or the prices in the current market wonít allow them to recover their costs or make a profit. They plan to continue until the market improves and then they will be gone.
The majority of our landlords are not enjoying a positive cash flow. The mortgage payment is greater than the rent they are receiving, plus they have taxes, insurance, maintenance, and management fee costs...
Landlord Quick QuizYou know this stuff, don't you?
Answer the following multiple choice quiz questions and find out.
Instructions: Click on the answer(s) of your choice to see if you are correct.
1. What should I do if the Tenant doesn't agree to sign my lease because he disagrees with my very reasonable late fees?
b) make the changes the tenant wants as long as they are legal
c) reduce the late fees
d) reduce the rent but keep the late fees
2. What 3 things are most important when screening a tenant?
b) The LPA Rental Application
c) LPA Prescreening Prospect Card
d) authorization to run a credit report
3. A security deposit is primarily to:
b) hold the rental until the tenant decides to rent it or not.
c) secure the tenant's performance according to the terms of the rental agreement
d) collect bounce check bank charges that are past due
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.
Wealth Secrets and Success Quotes
"When you change the way you look at things, the things you look at change. - Wayne Dyer
"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale
"Too many of us are not living our dreams because we are living our fears." - Les Brown
"One of my biggest fears is having a tenant with more landlord - tenant knowledge and expertise than I have." - John Nuzzolese
Quick Check Credit Reports, Inc. is proud to announce its affiliation and partnership with The LPA in helping landlords protect their interests by better screening tenants at lower costs!!
FREE LPA Gift with Book Purchase!
Not only is Danielle Babb one of our county's most knowledgeable real estate analysts, she also shares excellent landlord information and advice in her book, "The Accidental Landlord". Plus she's a super nice person! - John Nuzzolese
comes with all 2 - 5+ year LPA Memberships
Be a more powerful landlord - able to handle just about any landlord / tenant situation in a professional way, saving you time and money.
ALL FREE with LPA Membership!
Yes, this offer also applies to LPA membership renewals!
Having all the forms all on disk is a handy time saving convenience.
Worth A Thousand Words!
The LPA's Rental Advertising division,"Landlord's Corner" allows you to include up to 6 pictures (thumbnails and full size pictures) in each rental ad.
LPA members: FREE!
LPA Membership Expiring?
LPA members have been asking me for a while now about how to set up automated rent payments with their tenants. I'd like to bring your attention to ClearNow, the leader in electronic rent collection. ClearNow enables you to have your rent automatically withdrawn from your tenant's bank accounts and directly deposited into your bank account.
If you haven't done so already, please check out
Tips & Advice
Landlord Tenant Law
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