|
The LPA Newsletter March 10, 2015
Dear Fellow Landlord,
Have you ever had a tenant pay the rent late, and are you a landlord who wants to collect the rent? OK, that's 2 silly questions!
In this newsletter:
- Late Rent and Late Fees
- Ask the Attorney, Real Estate Attorney, John Reno
- Do's & Don'ts Returning Security
- 4 more Days till my "Mini Landlord Convention"
- Wealth Secrets & Quotes
Please e-mail us if you have any questions or would like to add or share any material / information. I hope to see you soon!
John Nuzzolese
John@theLPA.com
"Tenants with good credit take pride in paying rent on time or early, especially when they know the landlord can report to the credit bureau!"
- John Nuzzolese
***********************************************
Have you ever had a tenant pat the rent late?
Late rent is the most common lease violation landlords experience. One of the key elements of modern residential leases today is the Late Fee clause. In order to encourage timely rent and discourage late payments, I highly recommend you have a solid late charge clause. Having the clause in your lease is only part of protecting yourself against late rent.
The first step is to explain and warn the tenant about the late fee when going over the lease before signing it. I'll even ask the tenant not to sign the lease if they think that late payments are in their future. I also inform the tenants that I belong to a national tenant reporting bureau and have the power to adversely affect the tenant's credit, so.. "Don't mess up with your rent. It's not worth it to ruin your credit." If the tenant values his credit and plans on buying a home someday, I remind them that it is very important to prioritize the rent payment and keep their credit clean.
How much should the late fee be? I feel late charges should hurt enough; not to be so comfortable an amount that the tenant continues paying late fees every month. I don't want to make it so high that a struggling good tenant will fall even further behind, but it should be a painful enough fee that the tenant will not want to pay late again. Ever.
Keep in mind that some states have limitations on how much a late fee may be. Although Late Charges higher than the state limitation are unenforceable in court, most landlords are more interested in evicting the tenant than collecting late fees by the time they are in court ...
Read the complete artice
***********************************************
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.
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.
***********************************************
Super Charge your Real Estate and Landlording Career!
Next Weekend in Fort Myers!
We Still Have Seats Available
FREE GIVEAWAYS FREE GOODIE BAGS!
the other speakers have even more stuff to give you!
(I'll be giving out Free Forms Disks and the other speakers have even more stuff to give you!)
Upcoming "Mini Landlord Convention"
March 14 & 15, 2015 - Fort Myers, Florida
The Landlord Protection Agency & Collect Back Rent Convention
For Real Estate Investors and Landlords in South Florida
Click to watch my video
Nationally known real estate speakers share powerful experiences and knowledge to propel you to your success!
***********************************************
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:
We have been taking care of properties for 9 years inherited and to be 1/2 by my late husbands brother. He has not contributed any thing to the help or upkeep to the properties for 9 years only called 2 times and ask for money. My husband just passed away in Sept and in moms trust I was named after Rex for the inheritance them Jay then his wife Barbara. He has now hand delivered notes to the tenants to have all rent to be paid to him. Has told tenant that he could have the shed that is on the property and that was not the deal in our contract that was signed by tenant which contract ends in July of this year. Tenant could not afford to pay what we were asking so Husband lower rent that they could afford less the use of the shed which was agreed upon. Tenant is now insisting he wants the shed which I have for storage. Shouldn’t my contract be good till it runs out in July at which time I will be able to sell all stuff. Appreciate your advice. Thank You.
Lila, CA
A: You have a problem, but there is a solution. The problem is that you have a part owner with what is called "apparent authority" to act on behalf of the landlord. The solution is a certified letter to the tenant. "He is not the trustee- he has no authority. Consult your attorney to confirm this. Listen to him, at your peril." Problem solved.
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
***********************************************
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!
NO sign-up or set-up fees,
NO membership fees,
NO compliance fees
Special Prices for LPA members.
See our price list!
***********************************************
Landlord Wealth Quotes
"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
"One of my biggest fears is having a tenant with more landlord - tenant knowledge and expertise than I have." - John Nuzzolese
"It is better to have NO tenant than it is to have a bad tenant." - John Nuzzolese
"How much did your last tenant problem cost you? It was a lot more than your LPA membership, wasn't it?"
- John@TheLPA
------------------------------------------------------------------------
LPA Members, Interested in past LPA Newsletters?
Feel free to view the LPA Newsletter Archive
What are people saying about The Landlord Protection Agency?
Home |
LPA Membership |
Landlord Q&A Forum |
Free Forms |
Essential Forms |
Credit Reports
|
