Landlord Newsletter & Tips July 2006
The LPA Newsletter July 2006
Dear Fellow Landlord,
July is the month for celebrating our country's independence. We celebrate our freedom and our limitless possibilities for success. We are also building financial independence through owning and managing profitable real estate. A successful landlord is a financially independent landlord.
One of the important traits successful landlords have is the ability to select tenants wisely. That is why I created a special chart to make the selection process of tenants a little easier. It's called the Tenant-Finderô Qualifying Chart. You can Download it Free in this newsletter.
Another trait of a successful landlord is the ability to evict bad tenants quickly and legally. To do that, you need to be knowledgable of local landlord tenant laws and the eviction process, or you must have a relationship with a skilled eviction attorney. In this July newsletter is a short article with tips on obtaining an eviction attorney.
Also in this newsletter:
I hope you enjoy the July LPA Newsletter. Be on the lookout for a part 2 of this newsletter with another Free Form Download coming later in the month! Please e-mail us if you have any questions or would like to add or share any material / information. Have a safe & great month.
Rating a prospective tenant can sometimes be difficult for even the most experienced landlords depending on the circumstances. Wouldn't it be wonderful to be able to take all of the emotion out of the decision making process and rate your prospect by a factual system? The LPA's new Tenant-Finder™ Tenant Qualifying Chart takes the guesswork out of choosing a new tenant.
Before jumping to the next step of signing a lease prematurely, or even worse- handing over keys (Cardinal Landlord Rule:never do that without a fully screened tenant, signed lease and all the money up front)
I feel very strongly about strict tenant screening because I've suffered the consequences of my mistakes many times. I want you to learn sound screening techniques so you won't have to experience the dark side of landlording; namely the nightmares of tenant problems and evictions.
After completing your Tenant-Finder™ Pre-Screening Telephone Worksheet, and meeting with the tenant, you can use the Tenant Finder™ Prospect Qualifying Chart to evaluate your new prospect.
Renting your property should never be a total gamble. You must have a reliable system of selecting quality tenants in order to be a successful landlord. - John@theLPA
A plumber needs wrenches to do plumbing properly. A carpenter needs a hammer to be able to drive nails properly. Can you imagine a roofer banging in the nails in your new roof with a monkey wrench or a pipe instead of a hammer? How ridiculous! With that in mind, do you know how many landlords get legal advice on landlord tenant matters from unqualified family members and aquaintances? Some landlords even ask their other tenants for advice. The sad fact is most landlords DO NOT even have an eviction attorney to turn to when tenant problems arise. They'd rather ask their friends, neighbors, and auto mechanics for advice. Most are too afraid to employ a lawyer because of the expense. The courts are full of novice landlords having their cases thrown out in favor of the tenant because of some minor mistake in the paperwork, all because they were trying to save the attorneys fee. Well, I have news for those landlords: Bad tenants who don't pay rent can be more expensive than paying an attorney to do an eviction.
A real estate attorney experienced in landlord tenant law is an essential element of your landlord tool-kit if you want to be successful as a real estate investor / landlord.
If you are searching for a good landlord attorney, there are a few ways to narrow down your search.
If you are going to interview eviction attorneys, I suggest you ask a few key questions.
An "on the ball" eviction attorney will have the answers to these questions on the spot. Pay attention to # 4- because that should be an easy one to answer if the attorney is familiar with the Landlord Tenant Court schedule.
I can't stress enough how important it is to develop a relationship with a good landlord attorney. It will be an empowering and liberating feeling to know you are prepared to do what must be done in order to run an efficient landlording business.
"Retain an open mind. Even if you think the experience of your years, regardless of their number, makes you wise, do what has to be done with a disposition open to change or chance. Sometimes what seems to be a detour will turn out to be the fastest way to your goal." - Chuck Norris
"All that is required is the will, and the courage, to do it." - Homer H. Hickam, Jr., Author of Bestsellers "October Sky" and "Back to the Moon".
"We are what we think: All that we are arises with our thoughts- With our thoughts we make the world." - Budda
A Way of Being
- Gary Link, Attorney at Law
"How much did your last tenant problem cost you?"
- John Nuzzolese
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