Beg a tenant NOT to sign lease?

To my LPA friends,

In this update:

• Why I Beg Tenants NOT to Sign the Lease
  
• Bounced check form
• How I get my tenants to pay the rent early
  

Please e-mail us if you have any questions or would like to add or share any material / information.
John Nuzzolese
John@theLPA.com

Getting the rent paid before it's due date on a regular basis can be a tremendous help to the landlord in a number of ways. I enjoy a certain peace of mind knowing that my monthly expenses are covered when I receive the rent early. It also helps to be on schedule with the many financial obligations we have each month.

If you use your imagination, you can come up with plenty of ways to encourage earlier rent payments. I have been successful using the "Early Rent Discount" clause in The LPA Lease.
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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.

Download free ... LPA 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.