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The LPA Newsletter May 26, 2015

Dear Fellow Landlord,

In this newsletter:

  • 10 Signs Your Tenants Are On The Way Out
  • HOT WEBINAR Tomorrow Night! Larry Harbolt
  • Ask the Attorney with John Reno

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

"Knock the "t" off the 'can't'" - George Reeves (Superman)

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10 Signs Your Tenants Are On The Way Out

Are Your Tenants On Their Way Out?

Out!Have you seen the signs?

It happens all the time. You have a great tenant, things have been fine... up until certain things start happening and all of a sudden, you realize that this isn't the great tenancy you once thought it was.

Recognizing the signs that a tenancy is beginning to sour is helpful, especially before making plans to renew, increase rent, or non-renew the lease agreement.

What Are "10 Signs My Tenants Are On Their Way Out?"

Sign # 1: Rent is getting later and later!

Is your rent becoming later and later each month? Although late rent is usually a sign of a deeper problem, it sometimes is merely a matter of the landlord failing to have a proper late rent procedure in place. Does your lease agreement provide for a late payment penalty fee? If so, do you enforce the late fees when tenants pay late? If not, see my article on Late Fees.

Late rent can also be a sign that personal or financial circumstances in the tenant's life my have degraded in some way. If this is the case, the problem may not be as easily remedied as it might by enforcing late fees and a rent collection process. You may have to plan on ending the tenancy before problems worsen to a point beyond repair.

Click here for the full article


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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.
    *(In California, tenants have a right to a walk-through with the owner before move-out. See California Pre-Move-out Inspection

  • 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.

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    Do Your Tenants’ Rent Checks Bounce?


    Bounced Check One fact of being in the landlord business is that rent checks will occasionally bounce. When that happens, you, the landlord will probably not find out the rent check was returned until 3 or 4 weeks later, depending on how efficient your bank is.
    How does that concern the tenancy? It means the rent is approximately 3 -4 weeks late, plus you’ve incurred bank charges on top of it.

    Like a late rent notice, the LPA Dishonored Check Notice will inform the tenant that the rent check was returned for insufficient funds. It will ask for the balance due along with any applicable bounced check charges, late fees, and daily late charges as agreed in your lease.

    Remember, a bounced check can cause the rent to be extremely late, thereby placing you at a point in time where you may normally begin eviction proceedings, so it is important to jump on this immediately. The LPA recommends that you check your bank account often to discover bad checks as soon as possible.

    FREE LPA Form Download!

    Collect your rentLPA Dishonored Check Notice

    See more Essential Forms


    The LPA Dishonored Check Notice also contains a checkbox for the option to inform the tenant that personal checks will no longer be an acceptable form of rent payment and that they must now pay the rent in the form of postal money order, certified bank check or cash (cash only if you collect rent in person).

    The LPA also recommends that when you send a notice like this to the tenant, it is a good idea to copy and paste the late fee and bounced check clause from your LPA Lease to the bottom of the form to show the tenant the penalty fees they agreed to in their lease.

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    "Getting Your Real Estate Money Machine Started"

    How would you like to know what seasoned investors look for and require in every investment property as a must have?
    "Getting Your Real Estate Money Machine Started" is your very own personal GPS road map to take you step-by-step through your journey of becoming a successful real estate investor.

    Are you having trouble finding the right properties at the right price? Are you struggling to find properties that you can buy even if you have less than good credit and little or no money like I did when I got started over 35 years ago.
    It took me years of struggle to learn what to look for and what to do to create profitable deals.

    "Getting Your Real Estate Money Machine Started" is a system that will answer the questions every real estate investors needs to get answers to. Without knowing what to look for, it will be far more difficult to be able to buy more property and make more money from the deals you do. I will be sharing with you information you need to be able to make intelligent buying decisions faster and easier and make more money. If you are just getting started as a real estate investor or if you have been investing for some time this webinar is what you need to take you through the steps to be successful. Tomorrow night's webinar will show you exactly what you need to focus on if you want to accelerate your learning curve and get you to financial freedom and real estate wealth quickly! - Larry

    Larry Harbolt is extremely knowledgeable and inspiring! I just know you'll gain a lot from this webinar! Don't miss it! - John Nuzzolese


    Join us Wednesday (May 27th at 8:00 PM EDT) for the Free Webinar



    Register for Tomorrow's (May 27th at 8:00 PM EDT) Free Webinar!



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    Ask the Attorney
    (Ask the Attorney with John Reno is a Free Feature for LPA members!)

    The Landlord Protection AgencyReal 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 and own my home with a mortgage cosigner, and in the home are also two other adults and two minors (all siblings). One of the adults is not paying anything to the house, but the other is. A verbal contract exists with the one who pays, but there is no written lease.

    After a long period of trying to live amicably, I would like to eject the four lodgers, but the cosigner would not. This is after over a year of damage to the house by the four lodgers, including bed bugs, wall damage, water damage, damage to and unauthorized removal and disposal of my furniture, and more. The cosigner, while part of these problems, is not employed and is borrowing to pay her bills, and would likely follow them out when they leave.

    I have others who can move in as soon as July 1.
    What is the proper legal process to rid myself of the lodgers?
    David F, Austin TX

    A: When you say you have a "mortgage cosigner" I am assuming that she is a co-owner- and so your master plain will fail. The lodgers have her blessing, and she is a owner.

    Your only remedy, sell the house. As an owner you have that right, although it may take court.

    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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