Please e-mail us if you have any questions or would like to add or share any material / information. If you're in cold weather like I am right now, stay warm! If you're in a nice climate, enjoy. I'll be joining you soon.
John Nuzzolese
John@theLPA.com

Time, Money, and Sweat - What Will Rehabbing That House REALLY Cost You?

by Attorney William Bronchick, Legalwiz.com

It takes more than home improvement know-how to make the big bucks in rehab properties. In order to be a successful investor, you need to know what needs to be repaired - in addition to knowing how to do it. You also need to know how to work with others. Even if you fancy yourself the second coming of Bob Vila, you only have two hands and sometimes it pays to have an extra set (or more). This means not only assessing the cost of labor, but also dealing with insurance and tax issues - not to mention city work permits and other legal hassles.

Estimating Repair Costs

TIP: Think in terms of even numbers - $10,000, $15,000, $20,000. Amateurs always guess $12,430.00, which should be rounded to $15,000. Amateur golfers make the same mistake, always missing the green short on their approach shot, ending up in a sand trap. Always take an extra club, so to speak - you're not as good as Tiger Woods!

Determining What Should Be Repaired

Many new investors have the urge to spruce up everything and turn their investment property into a place that they would like to call home. Others are would-be slumlords who want to leave all but the bare essentials unfixed. Which approach is more effective? The answer is, it depends on the home's neighborhood.......

click for the full article...

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FREE DOWNLOAD Move Out Instructions Reminder Letter This is one of my favorite forms because it saves me time and money when tenants move out according to our instructions. It is one of the LPA Forms that is often overlooked, probably because it is not listed on the LPA Essential Landlord Forms page. It is one of our Free Forms, but I consider it an "essential form" just the same. We send this form to the tenants about a week or two before they vacate. It reminds them specifically of certain tasks and cleaning they should perform in order to get a full security refund. This letter instructs the tenants how to lock up and secure the rental until it can be inspected by the landlord/ management, and also where and how the tenants should return all keys. We have found this form to be very effective in helping tenants to be more cooperative when they are moving out.

More Winterization Tips

• Avoid frozen and burst pipes by disconnecting any garden hoses. Be sure to turn off and drain water from the pipes connecting to exterior hose faucets.
• Insulate water pipes that are in outer walls of your home to avoid freezing.
• In unoccupied rental properties, turn off main water supply and turn thermostat down to 55 degrees F. It is best to check on vacant properties regularly.

NEW Feature for LPA Members Only! Alternate Formats of LPA Essential Landlord Forms, Now you can download alternate word processing formats if you don't have MS Word including letter size versions!

"The electric and gas was turned off for over 2 weeks. The place was uninhabitable. UNINHABITABLE!." - The utilities are in the the tenant's name and are the tenant's responsibility to pay. Even if the utilities are turned off I still want my rent. I think the judge is going to laugh at this one. - Monique W., Toledo, OH

"Today will become one of the 'good old days' for your children. Make it special." - Robert G. Allen

"The man will be most successful who confers the greatest service on the world." - John D. Rockefeller

"Imagine yourself the way you want to be. Then live the day as that person." - John Nuzzolese

"The way you treat yourself sets the standard for others." - Sonya Friedman

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

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