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Landord Newsletter January 28, 2014 |
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January 28, 2014 Dear Fellow Landlord, In this newsletter:
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month!
Target the Cause of the LeakBefore you can fix your cash flow problems, you need to figure out where the leaks is. Are tenants refusing to pay the rents or are the rents too low? Look at other rentals in your area and make sure that your prices are comparable. Keep in mind, however, that a responsible tenant can be worth more than a couple of hundred dollars each month, and try not to drive away any stable tenants with aggressive rent increases. Are your buildings only half full? Vacancies are your worst enemy, and if your building is harboring a lot of empty space, it may be time to mix up your advertising strategy. Perhaps maintenance issues are causing the issues. Can you save costs by doing some of the work yourself? Do you need to spend more on routine maintenance so you can spend less on repairs? Tighten Your Application ProcessWhen you rent a property to a tenant, you are essentially offering them credit. If they fail to make good on that arrangement, you are left holding the empty bag...
With current sub zero and way below average freezing temps sweeping the United States the first thing that many homeowners suffer from is frozen water pipes. The best way to deal with this is to prevent them from freezing in the first place. But if the freezing takes place, you'll have to act fast to minimize the damage and thus, the costs of repairs. Scott tells you how you can prevent and fix freezing pipes on the shows main blog here at: 
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno:
Question: Can the tenant respond with some story and delay this longer and still be in the house without paying, or is the 10 days after the serving (on 1-19-14) the day the court order from the judge will be given to the sheriff to dispossess the tenants? Any other advice? Yes, there is damage to the house, and there are at least 5 sections of the lease agreement, aside from nonpayment of rent, that the tenant's have violated. A: Looks to me like your eviction is moving along smoothly. There's always a possibility the tenant will go back to court & try to reopen it, but even then, it will only be a temporary delay. If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.  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? |
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"Poor cash-flow management is causing more business failures today than ever before," declares Philip Campbell at Inc.com. These failures are often attributed to a lack of cash flow, but Inc.com claims it is the mismanagement of the cash flow that poses the real threat. This is an especially salient issue for property managers who, in spite of a full building, may be facing empty bank accounts in the middle of each month.
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By Scott Binsack
