|Landlord Newsletter September 27, 2011|
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September 27, 2011
Dear Fellow Landlord
I hope you are in the mood to take a Landlord Test! I've put together some "situational" type questions in this version of the "Landlord Test". In today's newsletter is part 1. Part 2 will be in next week's newsletter. Please let me know what you think of the questions... too easy? too hard?
In this issue:
Please e-mail us if you have any questions or would like to add or share any material / information.
Answer the following multiple choice questions by selecting the most correct answer for the situation.
Instructions: Click on the answer(s) of your choice to see if you are correct.
1. Most landlords are more than happy to start off on a good note with their new tenants and will gladly grant them early possession when asked. The Early Occupancy Addendum:
b) breaks down the daily and total value of the extra days' rent.
c) requires that the tenants transfer the utilities they are responsible for into their own names before occupancy instead of using and/or abusing them while under the landlord's account.
d) all of the above
2. Four college students, Joe, Tom, Nathan and Pete signed a lease to rent a house for 2 years. The landlord collected a security damage deposit of $2,000.00 After 10 months, Pete decides to move out and finds James to take his place. Pete collects $500. security deposit from James and asks the landlord to let James sign the lease in order to take himself off the contract.
At the end of the term, the home is returned extremely damaged. The damages far exceeded the deposit. Except James was a model tenant and left his room absolutely perfect.
c) $250.00, because his room was perfect, but he was still partly responsible for other areas
d) $100.00 because James' room was small and James did spend most of his time in the rest of the house.
3. What 3 things are most important when screening a tenant? ....
Rental Binder - Deposit Receipt
Many landlords and real estate agents across the US use a basic Rental Binder to secure their rental deals. Although the Rental Binder is often used as a basic rental agreement, it is not and should not be used as a rental agreement or rental application. It is a pre-contract form, a binder receipt, proof that an offer has been made with an earnest money deposit.
Upon written acceptance of the offer by the owner/agent of the rental, it becomes a binder, whereby it is agreed that the rental will not be rented to anyone else before the agreed lease signing date. It is a good idea to use a rental binder form as a first step to solidify your rental deal with a non-refundable deposit, while also settting up the proposed details of your pending lease agreement, such as time, place, date and what the tenant will be expected to bring to the meeting.
Although the binder receipt is included in the LPA Rental Application, this form is especially helpful to rental agents who collect their real estate commission from the tenant because it also provides for a written agreement of the rental commission.
John Reno also does Mortgage Loan Modifications (Nationwide).
Dear Mr. Reno:
A: It depends on your lease. Do you have any restrictions in there? If it's a detailed lease you probably prohibit any unlawful activity. If so serve a Notice of Default and demand to cease and desist. Who knows... Maybe they'll stop the business.
If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
"95% of tenant problems can be eliminated in the screening process."
"It is better to have NO tenant than it is to have a bad tenant."
"Many of the best successes are directly related to failures. Don't be afraid to fail because every failure is a lesson, a stepping stone on your way to success."
"You think you know someone? You don't really know them until they've rented from you."
"The best way to avoid tenant problems is to avoid problem tenants."
"DON'T RENT!! if you're not willing to screen tenants carefully. It's just not worth it."
"Believe so strongly in your future that you won't allow timidity to stand in your way."
"If the window of opportunity does not open by itself, YOU must open it."
"He who wants it most and is willing to do what it takes, will get it."
"You know it's possible, so why not really do it?"
"Screening tenants- My motto: 'Guilty until proven innocent.'"
"How much did your last tenant problem cost you?"
- John Nuzzolese
John's 50th BIRTHDAY SPECIAL!
2 FREE BONUS ITEMS with a NEW 5 Year Membership
Receive a copy of "The Accidental Landlord" by Danielle Babb + a NEW LPA HAT!
Offer valid until midnight September 30th, 2011!
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