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Landlord Newsletter SPECIAL REPORT: #3

The LPA Newsletter, January 2004


HAPPY NEW YEAR !

Dear Fellow Landlord,
I hope you've all had a happy and healthy holiday season and are ready to go forward into an exciting and successful new year. This is a time when we reflect and review and make our plans for the coming year.
Have you made any New Years Resolutions? Well, here is a list of some of the most common New Year Resolutions I have heard from some of our LPA Members:

  1. Evict tenant / Solve tenant problem(s)
  2. Add rental property(s) this year
  3. Lose weight / get in shape
  4. Spend more time with my kids / family
  5. Increase cash flow

This is our 3rd issue of The LPA Newsletter. I hope you will find it informative and enjoyable.
Please email us if you have any questions or would like to add/share any material / information. We have prepared an informative "Special Report" for each of our monthly newsletters that I hope you'll enjoy and benefit from. In this issue, it's "Lease Clause #3: Late Fees".
We also have a Commentary about Essential Forms written by Louis Cinq.

We are working on a number of new special features to equip the LPA site with that I am very excited about. We are making strides in providing landlords with an arsenal of power which is centered around knowledge and organization. I'm hoping to make our new features available more quickly, so please accept my apologies if you have been waiting for them. You can read more about them in The "Coming Soon" area in this issue.
I hope you find this month's newsletter useful, and if you have any questions or comments, please send them in.
We wish you a Happy & Succesful New Year !
John Nuzzolese
John@theLPA.com



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SPECIAL REPORT: #3

LEASE CLAUSE # 3, Late Fees


One of the most important 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." 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. 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 again. Ever.

Many tenants who incur a late fee don't really mind paying it in their own good time. That's why it is important to also charge a Daily Late Charge in addition to the initial late fee. It gives the tenant an incentive to hurry up and pay the initial late fee before it grows into an even more painful hit.

Another item we include in our Late Charge clause is a Bounced Check Penalty. I usually make the bounced check charge the same as the inital late fee. I also prepare the tenant that if the rent check bounces, it will cause the rent to be late and they will be responsible for a late charge too.

I want to stress to you that the landlord protection clauses in our lease or any other lease are there to protect you, but sometimes you will have to enforce the lease. Many landlords are afraid to lose their friendly relationship with the tenants when it comes to enforcing the lease. Remember that this is your money we are talking about. This is your property they are occupying and you deserve to have a tenant who lives up to his or her agreement with you. Send the late fee notices and make the tenants pay the penalties. You have your own bills and you want your rent on time. That's why you rented to them. - John Nuzzolese


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January 2004

Commentary on the LPA Essential Forms


by LPA Member Louis Cinq

There are a number of things I want to praise about the LPA, but for this article I will focus on what has made the biggest impact on my life as a landlord.

If I look back at my life learning the landlord business over the years, I would have to say the Essential Forms have been extremely helpful to me in managing all sorts of tenant problems. They have helped me avoid endless tenant nightmares that previously made me question if I was even in the right business. I would go to bed at night worrying about how to handle my tenant problems. The Essential Forms (mainly the LPA Lease which is what the Essential Forms are written to support) have changed all that.
I have formed a management company along with partners who are also LPA members who share an experience similar to mine. John at the LPA has helped us on many occasions to improve the lease, which also improved the LPA lease as well. Using the LPA forms, we were able to choose excellent tenants and bind them to powerful agreements. And my tenants are happy because they knew the rules and that they wouldn't have a problem living by them. It's not so hard if the tenant is good.
I wouldn't consider being a landlord in this day and age without a system like the LPA forms because they protect me.


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Quotations...



"Success is dependent upon the glands -- sweat glands."
Zig Ziglar

"Success is not a doorway, it's a staircase.."
- Dottie Walters

"You have not lived a perfect day... unless you have done something for someone who will never be able to repay you.."
- Ruth Smeltzer

"True success is overcoming the fear of being unsuccessful. "
- Paul Sweeney

"There never was a great soul that did not have some divine inspiration."
- Marcus T. Cicero."

"Love one another and you will be happy. It's as simple and as difficult as that."
Michael Leunig.

"How much did your last tenant problem cost you?"
- John Nuzzolese


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LANDLORD TIP

Read and explain the LPA Lease (or any other lease you choose to use) to the tenant in person. It is proven to be far more effective that way. Not only will you be able to get to know the tenant better and get a feel of what this tenancy is going to be like, you'll also be able to continue screening the tenant as you cover various sections of the lease. After all, it is an instruction manual for how you want the tenant to behave in your rental property. - John@theLPA.com


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SPECIAL BONUS
for New 2 -5 year LPA Members





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**** COMING THIS MONTH ****


Property Management Software
Free for LPA Members!


The LPA Manager
  • Track Rent Payments

  • Automatically calculates initial and daily late charges

  • Easily generate & print detailed status reports - Helps you stay prepared & organized for tax season

  • Includes detailed ledger

  • Keeps running record of each tenant's past due charges

  • Keeps record of any tenant violations

  • Stores details and inventory of your rentals

  • Unlimited # of tenants and properties for LPA Members!

  • Can Geo code your properties

  • Track Cash flow, income and expenses

  • Can register tenant history with the Deadbeat Database for you

  • Comparable to property management programs over $500.

  • As an internet based system, secure with password, your properties can be managed from anywhere you are




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Coming Very Soon!


Make money as an authorized LPA Affiliate!


We will pay you $10. for each new member signed up with your affiliate code!
How many landlords do you know?
We expect this feature to be operational this month. There will be two types of affiliate partnerships:
1. Affiliate links. That is when you display a coded LPA link on your website that enables the customer to visit the LPA. The system automatically pays you for any purchases made as a result of that visit.
2. Individual Affilliate Code. You receive a special code that referrals from you enter into our checkout system when placing an order. The system will automatically pay your account for any orders palaced using your affiliate code. You choose whether you get paid by check, or have direct bank deposit.


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NEW YEARS FREE BONUS
FOR LPA ADVERTISERS


ADVERTISE ONE MONTH FREE

DO NOTHING if you were a paid advertiser on The LPA site or Newsletter within the last 3 month's. You automatically get a FREE MONTH of running time for your Banner ad link.

Also if you place a new link styled ad on our site or Newsletter at any time during THIS MONTH, we will give you an additional Free Month running time for your Banner Ad Link. (The ads come in a variety of sizes.)



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