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Landlord Newsletter October 2006

The LPA Newsletter
October 2006

Dear Fellow Landlord,

I'm sure you'll agree when I say, "Being a landlord is quite a unique profession." Most people I know who have "regular jobs" do the same thing day in and day out. The real estate and landlord business is an ever changing environment. Every day can be a new set of circumstances and challenges. Just when I feel like I'm in control, and everything is great, a new challenge arises that must be overcome. Sometimes the situation is a past mistake coming back to bite me. Ouch! It can be quite humbling. I am reminded every day that there is always something new to learn about becoming a better landlord and businessman.

The same is true about landlord forms. Just when we think we've invented a form for every landlording occasion, a situation arises that requires a new landlord form. I've included our latest one as a free download in this newsletter.

In this newsletter:

  • Phyllis' Words of Wisdom", an informative article by Phyllis Rockower, President and Founder of the Real Estate Investor's Club of Los Angeles. In her article, Phyllis helps us take a realistic look at the real real estate investing market and what it means to make a good investment.
  • I'd like to introduce a New Essential Form, the Security Deposit Reminder Letter. Download it Free in MS Word and PDF.
  • Landlord Do's & Don'ts
  • Recent Tenant Excuses

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


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    What do I do when...

    The tenant still owes money towards the security deposit??

    The purpose of The Security Deposit Reminder Letter is to help you enforce the terms of your lease; namely the full payment of the agreed security deposit.

    Even though the Lease Agreement clearly spells out exactly how the security deposit is to be paid in full before the tenant takes possession, some of us find ourselves bending the rules to get a property rented.

    What? Allow a tenant to move in without the whole security deposit up front? How stupid! Who would do such a thing? Well, sometimes circumstances require flexibility.

    click for the full article...

    New LPA Form!

    Limited Time Only: Free Download for LPA Newsletter subscribers.(Exp. 10/31/06)

    The Security Deposit Reminder Letter

    Collect your security deposit moneyThe Security Deposit Reminder Letter



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    Phyllis' Words of Wisdom

    by Phyllis Rockower of the Real Estate Investor's Club of Los Angeles

    The difference between investing and speculating.

    Everyone wants to get into the game. Real estate is the new darling topic at cocktail parties and from your hair dresser. People are quitting their jobs and running after real estate riches. This frenzy is being fueled by lenders who are giving anyone who can fog a mirror a loan- with no money invested. Loan requirements are being relaxed to Prozac-like standards. Teaser low rate and negative amortization loans are everywhere. Appraisers are appraising at way over market values. Why buy just one when you can get 5 and make even more money? After all, if my manicurist can do this, why can't I?

    What could possible go wrong?

    After 20 years in this business, I can tell you what can go wrong. Everyone is saying that low interest rates are fueling the market and that when interest rates rise, that will be the end. In my opinion, interest rates don’t have to rise one bit for things to collapse. Millions of people have adjustable rate loans that are just starting to adjust. I just got an increase of $100 on a loan that I took over subject to. This is with interest rates at 5.5%. What do you think is going to happen when interest rate actually do rise? Fed chairman Greenspan has recently expressed his concerns about the loose credit requirements and has hinted that he will try to stop some of the excesses by reigning in some of the lender abuses.

    The real estate market is flooded with newbees who are really speculators-not investors. These are people who are ruining it for the rest of us. They don’t bother to educate themselves. They depend on the advice of people who have ......

    click for the full article...

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    Landlord Do's & Don'ts

    What The LPA says you should do and shouldn't do:

  • DO Sit down with the tenant and go over every important clause in your lease. Emphasize late fees and the various tenant responsibilities.

  • DON'T just let a tenant sign your lease and move in without fully understanding and agreeing with your terms. Most tenants don't even read their lease!



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    Tenant Excuses


    "I just paid a large unexpected tax bill. Now I need trauma counseling."
    I know how that feels. I still can't sit normally, so I'll be lienient, but just this one time. - Steve, NY

    "The rent is the last thing on my mind. I have more important problems right now."
    She wouldn't elaborate and she wouldn't give me any indication of when the rent will be paid. I have no choice but to evict. - Dominic C., IL

    "Why should I pay rent if I'm gonna buy the house next month?"
    Who ever said the house was for sale? - Margo M., ME

    "My son was supposed to pay you."
    She said this each time we tried to collect after the rent was not paid by the 5th. Now it is the 25th and they are not responding to notices and even our attorney's letter. I even left a message stating that if they don't pay this week, they will have to pay the attorney's fee in order to stop the eviction, which will be in court the first week of October. - Mare M., Long Island, NY

    "I can't pay the rent because things are really rough at work."
    This was said as I was looking at their two brand new Ducati motorcycles in the parking lot. They moved out in the middle of the night a few days later to avoid eviction. - Leanne P., Rollinsford, NH

    "I got 3 kids in college. What do ya want from me?"
    I want the rent on time as agreed. Otherwise you can go live with your 3 kids at college. - Larry C., Connecticut

    "I'm not giving half my paycheck to some stupid kid."
    I just bought an already occupied three unit rental home, and the tenants in one apartment seem to have a problem, not only with paying the rent, but with the fact that I'm 24 as well. Hope they like getting evicted by "some stupid kid" a little better. - Kendra F.,

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    Quotations...


    eleanor roosevelt quotes Yogi Berra quotes Thomas Edison quotes Benjamin Franklin success quotes



    "A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain

    "Clothes make the man. Naked people have little or no influence on society." - Mark Twain

    "What you cannot enforce, do not command." - Sophocles

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

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    America's #1 real estate expert is also an LPA Member!
    The Landlord's Troubleshooter and more Real Estate Books By Robert Irwin
    Robert Irwin is the bestselling author of more than 50 books on real estate. His career in the real estate industry encompasses more than three decades of experience as real estate broker, landlord, and consultant to lenders, agents, and investors.
    Robert Irwin Real Estate Books



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    Books by LPA Members

    The Landlord Protection Agency is proud to recommend the following landlord books written by LPA Members, Robert Irwin, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.

    real estate investing, landlord books





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    Report bad tenants to the National Tenant Rating Bureau or Deadbeat Database

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    landlord books, landlording, landlord information, landlord tenant law, evictions



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    Interested in past LPA Newsletters?
    Feel free to view the LPA Newsletter Archive



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