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LPA Newsletter June 10, 2014 - A Fair Management Fee

The LPA Newsletter June 10, 2014

Dear Fellow Landlord,

"If you can have your rents come in as steady as your bills come in, you know you're doing something right."

In this newsletter:

  • How to Determine a Fair Management Fee by Dr. Dani Babb
  • Father's Day Coupon Code
  • 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

PS: Today, the articles are in a large font. Please let me know if you prefer the large font or the normal font. Thanks!

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The following is an excerpt of Dr. Dani Babb's book, "The Accidental Landlord"!

How to Determine a Fair Management Fee
By Dr. Danielle Babb

Dr Dani Babb

If you’ve decided not to rent out a house for yourself, one question you may be asking is, "is the management fee fair?" Remember in many cases you’re going to get what you pay for. You may ask for a multi-property discount if it applies to you. I always ask potential property managers for this; some will give it to you and others won’t. Expect to pay between 6% and 10% of each month’s rent collected, and expect to pay between 50% of one months’ rent to a full months’ rent to find tenants. This usually covers advertising costs, but be sure to ask if you’re footing the bill for those costs on top of the fees. If you are, you might want to consider going elsewhere. Find out how much they charge for finding a tenant, and what their monthly management fee is. Find out if they require you list your property with them if you decide to sell (if they do, I recommend eliminating them from your list).

Find out what the management fee includes. How can tenants deposit funds to them? Do they require a mail-in payment? How quickly do they follow up with late tenants? Will they pay you via direct deposit or do you have to wait for a mailed check? My property manager in Austin not only directly deposits rental payments but also emails out statements in PDF format! Talk about convenient! If you travel a lot look for this option...

Click here for full article



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Father's Day SPECIAL!
$5. or $15. OFF!


The LPA wishes you and your family a Happy Father's Day!
(Go ahead. Take advantage of us!)

  • SAVE $5.00 Now on a 1 or 2 year membership!
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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:
    Hello I have a tenant in my home who stopped paying rent. I know its inevitable that I am going to have to have him and his family evicted. But until I get an attorney. Since this tenant has stopped paying his rent and also ran up my electric bill using electric heaters in his apartment which he is supposed to pay a 1/3 of and has stopped paying for oil that hes supposed pay 1/3 of needless to say, He stopped paying everything. He has verizon cable in his name which I didn't give him permission to put on my home. Can I take the box off my house?
    Christy P.

    A: You can not terminate essential services. So far, that's plumbing, heating, electrical and cooking fixtures. Cable hasn't joined the list yet, so I guess you can take the box, but it's only a matter of time. (By the way, it is HIS BOX, so if you "take the box off", don't take it away.)

    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 for LPA Members!

    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 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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    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,
  • NO membership fees,
  • NO compliance fees
  • Just lower prices!

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



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    Wealth Secrets and Quotes

    "In the landlord business, the cheap way is often the more expensive way in the long run." - John Nuzzolese

    "Keep away from people who try to belittle your ambition. Small people always do that, but the really great make you feel that you too can become great." - Mark Twain

    "Most people struggle financially because they take advice from sales people, not rich people." - Robert Kiyosaki

    "You, me, or nobody is gonna hit as hard as life. But it ain't about how hard ya hit. It's about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That's how winning is done!" - Rocky Balboa

    If you want to survive as a landlord, "You can not run your business from your heart. You have to run it from the head." - Nick Koon, Hard Nose Landlording

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

    What are people saying about The Landlord Protection Agency?



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