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Landlord Newsletter - 10 - 15 Rentals Free and Clear |
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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 and an even more successful year ahead.
Quickly Get 10 to 15 Good Rental Properties, Paid For - Free and Clear  by Real Estate Educator, Larry Harbolt I recently had a conversation with one of my students who wanted to know how to create wealth in the shortest possible period of time. The following is my idea how wealth for any real estate investor can be created in the shortest period of time. Here is an example of how you can quickly achieve financial freedom and then wealth investing in real estate. For instance, the first thing you need to do is buy 10 to 15 well selected income producing properties you are willing to keep long term as your retirement program and the base of your future wealth. I personally love the thought of someone else having to go to work every day to earn money they give me in the form of rent each month that pays for my properties without me having to have a job or have to go to work every day. Then once you have bought your 10 to 15 keeper rental houses in good neighborhoods, with tenants who are paying on time, every month, let’s say, $1,000 each month of which $520 goes for the monthly loan payment, and after monthly expenses of property taxes, property insurance, a maintenance fund and a vacancy fund leaves you from the $1,000 gross rent approximately $150 each month to put into your pocket. Let’s say for each of your keeper rental properties you paid $88,000 with very little money down and were able to get seller financing terms for 30 years... More often than not, tenants leave the rental with some sort of damage or cleaning that needs to be done before the landlord can have the unit ready for the next rental. It is quite common for tenants to ask for an early return of their deposit (Yes, before they even move out) or an immediate return of the deposit money the day they move out following a walk through of the rental. This kind of security deposit return is often the practice of amateur landlords who feel forced to do it this way because they either don't want a confrontation with the tenant or they just don't know any better. There is a better way. As the LPA Lease says, "all deposit refunds shall be refunded within 30 days from the date possession is delivered to Owner" (The number of days may vary depending on state limitations.)
This gives you an opportunity to inspect the rental property more carefully without the pressure of someone rushing you to give them money on the spot.
DEPOSIT REFUNDS The balance of all deposit refunds shall be refunded within 60 days from the date possession is delivered to Owner or his authorized agent together with a statement showing any changes made against such deposit by owner. Tenant agrees to provide Owner/Agent with the address of his new residence and include it in the Notice of Intention to Vacate form. Tenant also agrees that endorsement of a security refund settlement check shall constitute full acceptance of settlement, agreement and waiver of any claims against owner/agent.
The Security Deposit Settlement Statement gives you the opportunity to professionally itemize deductions and charges you need to make against a security deposit. It has a section that lets the tenant know the property was video taped prior to move-in and immediately following move-out. That evidence is very difficult for the tenant to argue with. The tenants rarely question the form because they know that you've covered yourself well. Repairs, cleaning, lease violations, past due charges are all legitimate deductions you should make. Sometimes, the Security Deposit Settlement Statement turns out to be a bill to the tenants for a balance due...
Exactly What You Need for your Investing and Landlording Career!Upcoming "Mini Landlord Convention" |
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Real Estate Attorney John Reno, an expert in landlord tenant legal matters, has specialized in landlord tenant law for many years. Mr. Reno answers questions asked by LPA members to help solve all kinds of landlord tenant problems.
Dear Mr. Reno:
I live in Rancho Cucamonga, California. I live with a married couple who signed a 7-month lease to rent two bedrooms in my condo where I also live. They paid only half the rent in January 2015, and they paid 22 days late on 1/29/15. The grace period on lease is 7 days. The lease expiration date is March 1, 2015, less than 30 days away. As of 2/5/15 they have not paid rent for February 2015.
QUESTION: Since I took the half rent, can I still send a NOTICE TO PAY FULL RENT OR QUIT? I did not give them a receipt. I called the wife on 1/30/15 and asked about the full rent but she became argumentative so I remained silent and eventually hung up the phone.
Thank you for your time. Sincerely,
Fritzi T., CA
A: Yes you can Fritzi. She paid half, which means she's in default, so pay (ALL RENT DUE) or quit!
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.
If you haven't already, please take the opportunity to get your LPA Member Discount on all Quick Check Credit Reports! Quick Check is a fast, easy way to access online credit reports!
"You don't save a pitcher for tomorrow. Tomorrow it may rain." - Leo Durocher
"Genius is one percent inspiration and ninety-nine percent perspiration." - Thomas Edison
"How much did your last tenant problem cost you? It was a lot more than an LPA membership, wasn't it?"
- John@TheLPA
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