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Landlord Newsletter Do's & Don'ts on Returning Deposits

The LPA Newsletter January 29, 2013

Dear Fellow Landlord,

In this newsletter:

  • Returning the Security Deposit Do's & Don'ts
  • What about Tenant Credit Reporting?
  • FREE Landlord Form!
  • Ask the Attorney, Real Estate Attorney, John Reno
  • Wealth Secrets & Quotes

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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Landlord Do's & Don'ts
Returning the Security Deposit

What The LPA says you should do and shouldn't do:

  • DO wait until the tenant has moved completely out before returning any deposit money.
  • DON'T have a "walk-through" with the tenant before move-out to determine the condition of the rental. Tenants like to do this to reassure themselves that they will get all their security deposit back. Instead of calling it a "walk-through", I like to call it the "AMBUSH" because that's really how it is when you are put on the spot. The tenant is still in possession of the rental and is insisting on getting the full deposit back.
    *(In California, tenants have a right to a walk-through with the owner before move-out. See California Pre-Move-out Inspection

  • DO Obtain the tenant's forwarding address to send any security refunds or bills.
  • DON'T allow the tenant to leave without first giving you a forwarding address. We usually obtain this with the Tenant's Notice to Vacate form.

  • DO Prepare a Security Settlement Statement to send to the tenant as soon as you've assessed the condition of the property and charges against the security deposit.
  • DON'T wait until the tenant calls you demanding the return of the security deposit before sending your prepared settlement package.

  • DO be prepared with your Security Settlement Challenge Crusher letter in case the tenant wants to try to pursue the deposit money.
  • DON'T feel you have to keep explaining the findings to a tenant who doesn't agree with the written settlement.

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    FREE Tenant Credit Bureau Reporting
    (LPA Members Only)

    Tenant Reporting

    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 brighter side, remedies are available for many. 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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    FREE DOWNLOAD
    Tenant-Finder Worksheet

    Take the Stress Out of the Decision.
    Score Prospects by Their Point Value

    Score your Tenant-Finder™ Worksheet to help you evaluate the prospective applicant. Before making an appointment to show your property to an applicant, examine your findings. The LPA Tenant-Finder Prospect Qualifying Chart will help you determine a more accurate score for each applicant.

    The Tenant-Finder™ Prospect Qualifying Chart helps you break down the evaluation of a rental prospect into five main categories.

    Those categories are

    1. Money
    2. People
    3. Credit
    4. Tenant
    5. Timing

    Although the Tenant-Finder™ Prospect Qualifying Chart is designed to work with the scoring of the Tenant-Finder™ Worksheet, it can also be used alone to score prospective tenants.

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    Tenant Finder Chart.Tenant-Finder™ Prospect Qualifying Chart





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    Ask the Attorney

    The Landlord Protection AgencyThe 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:
    My tenant has given notice and moved after three years of always paying on time.The walls and trim were filthy and had to be completely reprinted. The window seals were chewed off by a dog . He did not disclose that he had a pet. The carpet had to be removed and replaced. The expenses go on to the tune of $6000 dollars. He says he will pay in monthly payments but if he doesn't , can I attach his wages ?
    Carla, Alabama Landlord

    A: You'll need a money judgment for that. Start the suit for $5000 (small claims limit). In court, sign a settlement, he pays monthly, or a garnishment. If he defaults, you wont need his permission or another court order. you'll already have it.

    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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    Excuses, Excuses

    "My landlord told me to forget about the rent." My ex-tenant told this to the judge. I almost spit out my teeth! I won the judgment. - Sunny1 from Angola, NY

    "You'll have to wait. I'm busy and I don't have time to look for my checkbook." - Stephen, VA

    "I was in jail for 30 days and wasn't even there this month! Why should i pay if i wasn't there? Only my dog was there so maybe i will pay a small portion of the rent since he is a small dog!" -David L. Kona, Hawaii

    "There are rust stains developing on the toilets and they won't come out. My plumber says you need to replace these two toilets, so I will hold back the rent for the two new toilets." Uh, sorry. Not gonna happen. I issued an LPA Urgent Late Notice Eviction Status Warning| The rent was paid the next day. Haven't heard another word about the toilets. - Steven, Naples, FL


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    LPA Membership Expiring?
    Take Advantage of our low Renewal Prices!

    How to Check your LPA Membership Expiration Date:

    1. Be logged in with your LPA username & password
    2. On the "Main Menu" (top right), click on "Your Orders" (right below your name)
    3. 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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    Quick Check Credit Reports, Inc.

    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,
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    Special Tenant Screening Discounts for LPA members! See our price list!



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    LPA Members, Interested in past LPA Newsletters? Feel free to view the LPA Newsletter Archive

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