Landlord Newsletter - April 22, 2015 - Credit Disclosure
The LPA Newsletter April 21, 2015
Dear Fellow Landlord,
In this newsletter:
Did You Forget to Use your Credit Reporting Disclosure?
Tomorrow! Live Easy Money Webinar: Mobile Home Schooled
Ask the Attorney - John Reno Eviction Attorney
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month!
John Nuzzolese John@theLPA.com
***********************************************
Did You Forget to Use your Credit Reporting Disclosure Notice?
Rent Should be Your Tenant's TOP PRIORITY, Right?
You're sitting down with your new prospective tenants. They have the money. You've run their credit checks. Everything looks good. You are about to sign the lease with them. You take out your Lead Paint Disclosure and your Credit Reporting Disclosure Notice, because before proceeding, you always have these signed before going over the lease.
What do you think happens next?
When you tell your prospective tenants that you report to the credit bureau?
We have found that when a qualified prospective tenant is warned that the landlord reports positive and/or negative information affecting the tenant's credit, the rent quickly becomes a priority. We let all applicants know that if they value their good or clean credit, they must make the rent a top priority. We ask the tenant not to sign a lease with us unless he or she is absolutely sure that paying the rent in a timely manner will be no problem. We tell him that we would not want to see him ruin his excellent credit standing and damage his future creditworthiness when it comes to applying for a mortgage or other credit. Once a tenant knows that his own actions will determine what information will go on his permanent record, the importance of paying the rent and honoring the agreement will be seen in a whole new light.
The Credit Reporting Disclosure Notice informs the tenants that you intend to report positive and negative payment history to the credit and tenant reporting bureaus. You are not obligated to report, but you may. The form points out that the tenants' history will be affected by their
rent payment record,
cleanliness and
upkeep of the rental and the tenants overall performance.
I prefer to discover tenant problems before actually signing the lease, so that's why I show them the Credit Reporting Disclosure Notice when I begin our lease signing session. A quality tenant normally sees it as an opportunity to maintain a great rent record. On the other hand, a slow paying tenant might voice some objections at that point. I learned that the easiest and cheapest eviction is the one when the tenants never get possession of your property!
I hope this form helps you keep your tenants paying on time or early!
Credit Reporting Disclosure Notice to Former Tenant
A Collection Form that has brought positive results to many Landlords!
If tenants leave owing you money and care about their credit, this warning notice that their credit is about to be impacted usually gets results, but doesn't always depending on the people and the situation.
If it doesn't, use your LPA membership's Credit Reporting feature to actually post the debt on your former tenant's credit report.
I'm happy to report that we have been contacted by some of our LPA members asking us to mark their collection accounts PAID. That's what I like to hear! Some Ex-Tenants really do care about their credit!
All LPA Forms (Over $1,000. if purchased individually) are included FREE with membership.
***********************************************
WEBINAR WEDNESDAY - April 22, 2015 8:00PM EDT
"Why THE HECK Aren't I Making Easy Money with Mobile Homes?" A Overlooked Niche with Serious Potential
I had the pleasure of meeting Paul Brazie in Fort Myers at our "Landlord Protection Agency - Collect Back Rent Convention" in March. Besides being a great guy, he also had something exciting to share with us. His presentation opened my eyes to the possibilities of investing in Mobile Homes and how easy and inexpensive it is to do it.
I think you'll find this fun this and interesting! More importantly, you now have another way to make money! A new stream of income!
Ask the Attorney (Ask the Attorney with John Reno is a Free Feature for LPA members!)
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 have tenants who said they want me to apply their Security Deposit to April's rent, and they said they are making a good faith effort to move out by the end of April ... No assurances, though.
I am furious. They have been hostile and insulting.
I hold myself back from calling them, but no lawyer in my area wants to represent landlords. I've sent them two consecutive emails saying that they must be out by April 30 or sooner. I've also advised them that late fees are accruing and that their insulting and hostile emails have me concerned about possible malicious intent.
What should my next step be?
GK
A:So today's the 16th. Two weeks to go. You can start the eviction now for no pay April- or wait 'til 5/1 to see if they leave. That's your call. Good luck.
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.
