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. I hope to see you soon!
Are Your Tenants On Their Way 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?"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
Landlord Do's & Don'ts
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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.
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!
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 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
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