|
 |
 |
 |
 |
Landlord Protection Newsletter - 11/08/11 |
 |
LPA Discounts!FREE Sign Up LPA Discounts! FREE Sign Up "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, Author of "The Accidental Landlord" 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  Ask the Attorney For LPA Members |
 |
November 8, 2011  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. by Vena Jones-Cox. Free subscription available at www.regoddess.com It is a major regret of my youth that no one ever bothered to tell me that working for a living was a drag, or that depending on a job to make you rich was a fantasy. I guess I was aware on some unconscious level that my dad's real estate investor friends were able to go to Europe for months on end while my friends' parents—even the ones with great jobs— were lucky to put 2 weeks of vacation time together each year, but I always assumed that my dad's friends had so much spare time because they were unemployable, never having been told that, despite their paint-spattered overalls and 15-year old pickups, they were multimillionaires. In short, when I entered the “real” world after college, my education was sadly lacking in some very important areas. In the ensuing years, I've learned some lessons about the world of real estate—some painful (never give a big earnest money check to a seller until you know he actually owns the property), some pleasant (it is possible to hire other people to do the jobs you hate). Each time real estate investing teaches me something new, I wonder why somebody didn't just sit me down and tell me about it years ago. How much easier my life would have been if only someone had told me these things early on... 1. Real Estate Isn’t About Properties, or Deals, or Financing.Now, while this was my first actual deal, I had made approximately 100 offers up to that point that went nowhere. Like many first-time investors, I hadn't fully absorbed the lesson that real estate was about people, not properties; as a result, I had made all of my offers on houses where I thought the seller should be motivated to sell for some reason. I never once asked whether or why the seller wanted to sell cheap, because, hey, the house was ugly right? Who wouldn't be ready to sell cheap? It was this lady that taught me the all-important lesson that people don't necessarily want what you think they should want. Her house was in pretty good shape; she could have sold it for full value in 60 days or so. But what she wanted wasn't top price, it was speed. She wasn't motivated by money, but by a desire to put the property behind her. As a result, she was pleased as punch to take about 2/3rds of the value of the property at the closing a week later. And if someone had bothered to tell me right from the beginning that not every owner of a junker house or a house in a questionable neighborhood automatically wanted to sell cheap (even though it was the logical thing to do!) perhaps I could have saved my time in making the previous 99 offers. People are funny, and the only way to really know what they want out of a deal is to ask them. So if you're making offer after offer and getting rejection after rejection, you might want to think about talking to sellers about what they want, instead of assuming you know. 2. Never, Ever Rent to Anyone You Know.click for the full article
Like a late rent notice, the LPA Dishonored Check Notice will inform the tenant that the rent check was returned for insufficient funds. It will ask for the balance due along with any applicable bounced check charges, late fees, and daily late charges as agreed in your lease. Remember, a bounced check can cause the rent to be extremely late, thereby placing you at a point in time where you may normally begin eviction proceedings, so it is important to jump on this immediately. The LPA recommends that you check your bank account often to discover bad checks as soon as possible.
The LPA Dishonored Check Notice also contains a checkbox for the option to inform the tenant that personal checks will no longer be an acceptable form of rent payment and that they must now pay the rent in the form of postal money order, certified bank check or cash (cash only if you collect rent in person). The LPA also recommends that when you send a notice like this to the tenant, it is a good idea to copy and paste the late fee and bounced check clause from your LPA Lease to the bottom of the form to show the tenant the penalty fees they agreed to in their lease.
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno: A: If its "month-to-month" you don't need a reason. You can end it, anytime now. But I have one question: Why are you evicting these people? If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question. "One of my biggest fears is having a tenant with more landlord - tenant knowledge and expertise than I have." - John Nuzzolese "Some men have thousands of reasons why they cannot do what they want to, when all they need is one reason why they can." -- Willis R. Whitney. "There is but one cause of human failure. And that is man's lack of faith in his true Self." - William James "Poverty is when large efforts produce small results. Wealth is when small efforts produce large results." - David George "How much did your last tenant problem cost you?"
- John Nuzzolese
Pick One! 1 FREE BONUS ITEM with a NEW 5 Year Membership  
Receive a copy of "The Accidental Landlord" by Danielle Babb or a NEW LPA HAT!Please email us your new LPA Membership order # and we will send your book and hat! Offer valid until November 11, 2011! (11/11/11 ) Did You Know...? If you ordered any LPA forms in the past 60 days, the LPA will credit back to you the cost of those orders when you email us your new LPA Membership order #.  Take Advantage of our low Renewal Prices! How to Check your LPA Membership Expiration Date:
 
If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money! What are people saying about The Landlord Protection Agency? |
|
  
|
||
|
||||||
© 2000-2023 The Landlord Protection Agency, Inc.
One fact of being in the landlord business is that rent checks will occasionally bounce. When that happens, you, the landlord will probably not find out the rent check was returned until 3 or 4 weeks later, depending on how efficient your bank is.
LPA Dishonored Check Notice