The LPA Newsletter October 9, 2012
Dear Fellow Landlord,
I hope you enjoy our 5 Recipes for Landlord Disaster. Correction: Don't cook up those recipes! Avoid them!
In this newsletter:
- 5 Recipes for Landlord Disaster
- Free Landlord Form
- Ask the Attorney, Real Estate Attorney, John Reno
- Quotes for Success
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and an even more successful year ahead.
John Nuzzolese
John@theLPA.com
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5 Trouble Causing Recipes for a Landlord
By John Nuzzolese
Most landlords enter into a rental relationship with a tenant with good intentions and positive expectations. Like a chef who assembles and cooks a gourmet dish, a landlord also must consider the elements of a rental transaction with a tenant and the rental property.
In order to find a good tenant, we need to first understand the qualities or ingredients that a good tenant is made up from. Once we understand what ingredients we are looking for, we can carefully screen applicants with the right ingredients in mind. The LPA has a few tools that can help you determine if your applicant has the desired qualities you are looking for in your screening process.
So What Are the Trouble Causing Recipes for a Landlord?
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Not Pre-Screening
If you have lots of free time and enjoy spending countless hours talking with unqualified tenant prospects and then showing them your rental property, taking rental application after rental application, then don't pre-screen your applicants.
If you value your time and prefer to focus only on qualified prospects, you need to have a pre-screening system in place that will allow you to easily weed out the unqualified, while still attracting the better possible tenants.
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Incomplete Screening / Lack of Credit Report
As a successful landlord, you want to make sure you have done a thorough screening every time you consider accepting a new tenant. If you're like me, your mission is to find something wrong with the applicant. I try my best to disqualify every applicant based on the information on the rental application, past landlord or employment references until I either find something or don't find anything that will eliminate the contestant.
Failing to make a thorough screening check can make you kick yourself later and usually will.
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Succumbing to pressure and Overlooking Red Flags Often newbie and experienced landlords are pressured to get a unit rented in order to make the payment. We find ourselves rationalizing red flags we recognize as danger signs, only to accept a sub-qualified tenant. You and I know that we may have bought ourselves a little time, but it almost always comes back to bite us... in spades.
Click here for the full article.
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Landlord Tip with FREE Form Download
 Tenant's Notice of Intention to Vacate
 This form is used by the tenant give proper written notice to the landlord when the tenant is vacating and states that the tenant will cooperate with showing the property for re-rental or sale. It includes a place for the tenant to give his forwarding address in order to receive any security refund. It is an excellent way to help reinforce proper move-out procedure. We always staple a copy of this notice to the back of the tenant's lease to be used when the time comes for the tenant to give notice to vacate.
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Ask the Attorney
 The Landlord Protection Agency® presents John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.
John Reno also does Mortgage Loan Modifications (Nationwide).
(Mention The LPA for a 10% discount!)
Dear Mr. Reno:
I had a tenant who owes me 6 month rental (total $7800.00); but he already moved out, I don’t have his current address. How can you collect the rental for me?
Thanks
Angela Yang
A: Why did you wait 6 mos? That's a problem because you need a judgment before you can collect. If you can't find him, that complicates it greatly. You need to start there. Let me know when you find him.
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.
Read more from John Reno, Eviction Attorney
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FREE Tenant Credit Reporting
(LPA Members Only)
Have you ever been beaten by a tenant on the rent?
Most of us have and unfortunately, it is one of the costs of doing business as a landlord.
On the bright side, remedies are available. If you have documented your tenancy with the proper paperwork including a rental application, lease agreement, late notices, etc., you may have a chance of collecting.
Credit bureau reporting is an option in which many modern landlords are beginning to participate....
Click here for the full article
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Wealth Secrets and Quotes
"Money will never make you happy if you are an unhappy person." - Robert Kiyosaki
"Everything is changing. People are taking their comedians seriously and the politicians as a joke." - Will Rogers
"You are not paid to work hard. In fact, you are not paid for effort at all. You are paid for results. It's not what you do; it's what you get done." - Larry Winget
"How much did your last tenant problem cost you?"
- John Nuzzolese
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LPA Membership Expiring?
Take Advantage of our low Renewal Prices!
How to Check your LPA Membership Expiration Date:
- Be logged in with your LPA username & password
- On the "Main Menu" (top right), click on "Your Orders" (right below your name)
- The beginning date of your membership will be listed to the left of your membership order # in this format: YYYYMMDD
*Your Membership Expired? No Problem!
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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!
NO sign-up or set-up fees,
NO membership fees,
NO compliance fees
Just lower prices!
Special Tenant Screening Discounts for LPA members.
See our price list!
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